Every medical practice has their own revenue cycle challenges. Rural medical practices, however, often have to endure a unique set of challenges due to their socioeconomic situation. These challenges can lead to rural healthcare facilities losing money and even shutting their doors entirely. In areas where the next doctor is often miles away, it’s important to properly address these challenges in order to keep providing your services to the people who need it the most.
Provide multiple payment options to overcome socioeconomic disadvantages
In general, rural populations tend to be older, sicker, and poorer. The population is also significantly smaller, and typically lack health insurance. In order to bring in revenue, then, you must make it easier for your patients to pay their bills. This means providing multiple payment options through credit card on file or online patient portals.
Be sure to follow up on outstanding payments
While no one likes to harass others for money, it’s important to make sure that your patients make their payments. Offering multiple payment options as suggested above is one avenue, as is retraining your front-desk staff to remind patients of their outstanding balances. You should also make sure that there are consequences if a patient doesn’t pay their bill so that they’re more likely to pay.
Use technology to make up for a smaller staff
The healthcare industry is starting to turn towards a value-based care system. While implementing certain IT infrastructures and updating billing software can be costly up front, it’ll often pay for itself in the long run by making your practice more efficient.
Revenue Cycle Management can be a complicated process, even more so for rural medical practices with limited resources. In order to help your medical practice meet these challenges, then, make sure you have a qualified medical billing service for your practice. Contact Medical Revenue Associates for more information.
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