As a medical billing company, you make more money as you collect more for your practices. Ultimately, your success is tied to your ability to collect quickly and profitably.
With today’s higher patient deductibles, up to 30% of practice revenue can come from patient balances. Sending out statements to collect this money is time consuming, costly, and, based on national averages, only successful 40% of the time. You need a better strategy for collecting patient balances.
Revenue Cycle Management for Independent Practices
The good news for medical billing companies is there is a better way to collect patient balances—and it doesn’t include spending valuable time and resources on phone calls and patient invoices.
The system you can provide will enable the practice to keep each patient’s credit card information on file in a HIPAA and PCI secure data vault. When the patient is seen, this system will allow the practice to query the patient’s insurance company and predict the amount the patient will owe, over and above their co-pay right there at the time of the visit.
It’s that simple—you and the practice make more money, and your medical billing company cuts costs and creates another source of revenue.