If your outgo is more than your income, it might be time to reassess the ways your healthcare facility ensures its liquidity. Like any business, a healthcare facility needs ways to persist and provide quality service. This is best implemented by ensuring patients can pay their bills, that insurance companies don’t delay their payments, and so on. Here are just a few ways healthcare providers can increase cash flow
Make Deposits More Swiftly
Waiting, collecting, and processing payments can take more time than you can spare. Luckily, several options are available to ensure the payments you receive are deposited quickly into your bank account. Lockbox services permit your bank to collect, process, and deposit payments so your facility’s personnel’s time isn’t tied up. Remote deposit allows you to scan checks yourself and send them to your account for deposit, which is faster compared to making a deposit in person. Make things easier on your patients by providing a portal where they can see all the itemized charges in one place and are allowed to make payments directly.
Medical Lien Servicing
What is medical lien servicing? When a patient is involved in a personal injury lawsuit and is awaiting a judgment that can determine a settlement, the healthcare facility can place a lien on their medical bills. This means the patient is credited with medical care until the settlement is determined and the case resolved, and the facility will be paid afterward. This is a more specialized way to increase cash flow, and the facility should consult with an attorney to see how to proceed with the medical lien.
See If Your Facility Is Eligible for Federal Funding
In March 2020, the US CARES Act (specifically, the Coronavirus Aid, Relief, and Economic Security Act) appointed $50 billion in relief funds during the coronavirus pandemic. Consult with your finance department about submitting your revenue and costs information to the Department of Health and Human Services to see if you qualify for funds.
Offer Discounts for Swift Payment
If you’re still looking for ways healthcare providers can increase cash flow, give your patients a reason to pay for their healthcare quickly. Offer discounts on their bills when they pay in full as quickly as possible. Prompt pay discounts needn’t be large—they should be no more than about 10 to 20 percent off the bill. This will help speed up payments and ensure more cash is at hand. It’s faster than waiting for a patient to pay, and it’s also good public relations and customer service besides. You’ll receive your fees while patients keep you in mind for future issues and recommend you to others.
