When healthcare practices have good revenue cycle management systems, they have good cash flow and, in business, “Happiness is good cash flow.”. The Medical Consultants Group has several different services and products that will help practices in Atlanta and across the Southeast improve cash flow and increase practice profitability.
Improving practice cash flow takes a combination of billing both insurance companies and patients quickly and correctly and collecting balances more quickly. The Medical Consultants Group offers several solutions to help speed up the billing/collection process so your practice can have more cash on-hand. Below are some of the ways our team can help you increase your practice’s cash flow.
Outsourced Medical Billing
Medical practices often don’t realize their capacity to increase their cash flow through their medical billing. Let the professionals at Medical Consultants Group review your current plan and give suggestions for saving time and money on medical billing and collect more money in less time.
Practices that work with us can expect 90% of insurance dollars collected within 60 days and over 90% of your claims accepted on first pass. These statistics can change your practice’s cash flow and help you create more revenue.
You may even be able to decrease your cost of billing. If you are paying your biller(s) $14.00 per hour or more, it is in your best interest to check and determine how your cost of billing internally would compare to outsourcing.
Accurately Estimate Patient Balances And Eliminate The Cost Of Patient Statements
Our system can accurately predict what a patient will owe over and above their co-pay at the time of service. We make this prediction based on two factors: treatment provided and the current state of the patient’s deductible. Patients can then choose to pay in-full before leaving the office, or to set up a payment plan both you and the patient can live with. The plan is managed by the patient’s credit card company so your practice avoids the cost and work of sending out patient statements. This system not only lowers the cost of collecting from patients, it increases the efficiency of the process. When a practice collects at the time of service before the patient leaves the office, They are successful 70% of the time. When a practice waits to send statements, they are only successful 40% of the time.
Call Medical Consultants Group for Increase Cash Flow for Your Practice
The Medical Consultants Group is ready to help you save time and money. Contact our team at (404) 272-4883 to schedule a free demo of any of the requested products.