Driving new patient acquisition is important, but true profitability is found in optimizing your existing revenue cycle. Here are the top 5 strategies to maximize your revenue.
1. Optimize Your Fee Schedule Annually
Many practices go years without updating their standard fees. With inflation and rising overhead costs, your fees must be updated annually to align with the current UCR (Usual, Customary, and Reasonable) rates in your zip code.
2. Collect Patient Portions Upfront
Chasing patients for $50 balances costs more in stamps, letters, and staff time than the balance is worth. Verify benefits beforehand and collect estimated out-of-pocket costs at the time of service.
3. Relentlessly Work the Aging Report
Your over-90-day A/R bucket should ideally be less than 10-15% of your total A/R. Implement a strict system for following up on claims past 30 days to keep cash flowing.
4. Negotiate PPO Fees
You don't have to blindly accept whatever PPO networks offer you. You can negotiate your rates, or use a third-party company to optimize your PPO network participation umbrella.
5. Outsource Billing for Expertise
Having a dedicated team of billing specialists handle your claims ensures fewer denials, faster payments, and allows your front desk to focus exclusively on patient experience.