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Here are 5 Important Ways that you can Streamline Billing in your Medical Practice

Streamline Billing – The key to running a successful practice is, ensuring that all facets of the business are done to a high standard. This includes patient care, communication and behind the scenes stuff such as billing. Making sure your moneys are in order is crucial. Here’s how you can streamline billing in your medical practice.

One. Make Billing a Priority

While running a practice is centred around the patients and their level of care, many other things contribute to helping a practice grow and flourish. A big one is finances. The more period and effort you put into your billing, the better it will be. It provides you with a clear indication of where the business is financially, areas that may need improving, and can cut down on the hours you need to dedicate to administrative tasks. By taking the time to emphasis on the finances of the practice, you can boost efficiency and reduce errors – both can save you money.

Two. Implement a Good Software Program

A growing number of practices are converting their manual systems to billing software or work management software, and there’s a good reason why. They can boost overall efficiency and drastically reduce the instance of human errors. Invoices are innovatively integrated into the software with up to date and accurate information. This not only cuts down on mistakes but can alert you to any discrepancies for streamlined billing and payment collection.

Here are some ways that you can customise your billing:

  1. Personalise your invoices by adding your business logo and customised text.
  2. Flexible payment recording. This allows you to record full, partial, or bulk payments from both the patient and other sources.
  3. Designate the necessary payer to simplify invoicing.
  4. You have the option to list one service/product or multiple on the one invoice.
  5. Identify clients with balances outstanding by highlighting them and setting alerts.
  6. Automating reminders for overdue payments.
  7. Invoicing can automatically contain information such as referrals, clinic details, payment options etc.
  8. On the spot indication of who owes what and when.

With a comprehensive practice management software program, such as ours here at Nookal, you can collect payments fast. It can help with:

  1. Requesting payment when booking online.
  2. Online processing of credit card payments.
  3. Document various payment methods such as Eftpos, vouchers, cash etc.
  4. Processing bulk billing, patient claims, DVA and Medicare.
  5. Connect with other systems such as Xero.
  6. In a substance of seconds, you can access your up-to-date finances including invoices, processed payments, accounts receivable and more.

Three. Create Comprehensive Billing Processes

By solely relying on staff to process streamline billing and to run the overall finances of the practice, you can compromise the overall efficiency of the business if staff were to leave or go on holidays. This is where mechanization can step in and streamline the way you control your finances. Everyone in the team should be across how to access and use the billing processes. This ensures the practice always maintains its regular efficiency levels.

Four. Simplify Patient Payments

The easier it is for affected role to pay, the more likely you are to receive payment when required. Offering convenience is essential as having only one or two ways to pay can be a hassle and it may see you lose business as a result or at the very least, you’re probably going to have to bestow a lot more time chasing up overdue invoices. It is always better when a patient can pay upfront for the product or service, and having plenty of payment options available ensures that they can do that.

Five. Keep Patient Data up to Date

It’s important your patient’s data is kept current by updating it often. In terms of billing, Medicare, Xero, HICAPS and DVA are integrated into automatic invoices, but you can income it to the next level by producing online forms for the patient to fill in. This can eliminate the paperwork and the need for data entry. These forms can be used for numerous purposes, and you can customise them to suit your business. They are commonly used to collect new patient data. Without correct and up to date patient data, your practice is not going to run as well as it should. It prevents invoices from reaching the patient, and therefore they generally go unpaid until you can establish the person’s new details. This can be time-consuming and a laborious task. In some instances, tracking someone down that’s changed their contact details after their appointment can become near impossible. The forms can be directed via email or text for convenience. The patient’s form is automatically stored, and you are notified that they have submitted it. Once they arrive at the clinic for their scheduled appointment, you can easily access it with the click of a button.

Implementing software programs into the healthcare industry is the way of the future, and with practice management software, you can streamline virtually all aspects of your practice, including billing. Here at Nookal, we have created a state of the art practice management program that has been designed to boost productivity, efficiency, and professionalism. If you are still undecided about whether to switch over from manual processes to online, why not try our obligation-free 30-day trial to see what it is all about. Check out our website to get started today.

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