How to Maximize Your Cash Flow: Smart Tip Series #1

You might be surprised by some of the things our billers at Fast Pay find when performing a practice analysis for optometry and ophthalmology practices. We frequently encounter practices where the staff’s time and talents could be better spent elsewhere in the practice to focus on improving the patient’s experience rather than handling the complexities of billing.

Did you know that more than 25% of lost medical practice income is due to improper billing?  Our goal at Fast Pay is to make sure that you succeed by streamlining the billing process, increasing your revenues, and reducing that lost percentage.  To put it simply, we want you to “get results fast.” For the next few blog issues, we will focus on four smart tips that can help increase your cash flow.

Cash Flow Smart Tip #1: Submit claims on a daily basis

The first step to maximizing cash flow in any office is to submit claims every day. Some payers send checks the same days every month—such as every Friday or every 15th and last day of the month. By ensuring your claims are submitted daily, you can maintain a constant flow of claims to get them paid promptly.

At Fast Pay, our billers frequently get claims submitted either the day of the appointment, or within one business day. And with some payers, this means the claim gets paid just a week after the patient was seen.  

We love getting paid faster. Our staff no longer spends hours on the phone with insurance companies, which allows them to focus on what’s important—the patient.
— Cindy Hess, Columbia Family Eye Care Center, Clarksville, MD

At Fast Pay, our billers take care of the billing hassle to maintain consistent cash flow and improve the turn-around time on your claims. We work with each of our offices to provide a solid billing solution. No two practices are alike and we pride ourselves on maintaining open communication between every office and their Fast Pay biller to stay in sync. Contact us for a free practice analysis to see how we can help you.