How to Maximize Your Cash Flow: Smart Tip Series #2

Every practice we’ve spoken to wants to get paid faster.  In order to maintain the smooth flow of claims, it’s important to post remit payments as they come in.

Cash Flow Smart Tip #2: Post remits when you receive them

By handling the remits within one business day, you can move the balance to the secondary insurance and bill that much quicker. Or you can move the balance that is due from the patient so you can generate a statement. The sooner you can bill the patient for the deductible or co-insurance amount, the sooner you can get paid.

It’s always good practice to collect co-payments, co-insurance, projected deductibles, and past due balances at the time of service. Not only does it cost you time and money when you collect later, statistics show that the chances of collecting a payment decrease by 40% as soon as the patient leaves the office.

Start 2016 off by establishing a “pay at time of service” routine.

The Fast Pay team guarantees consistent, uninterrupted service during your business hours. You don’t have to worry about planning for staff vacations, unplanned sick days, turnover, and re-training.  Fast Pay billers keeps those remits posted and claims processed on a daily basis.

The Fast Pay billing service has cut our turnaround time to about half of what it was before—now we’re seeing payments in 5 to 7 days. Fast Pay tailored the service to fit our needs.
— Stephanie Haenes, Co-Owner, Art of Optiks, Wayzata, MN

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.

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