Strategies to Accelerate Cash Flow at Your Practice
Poor patient experience, inaccuracies at check-in, increased claim denials and aged accounts receivables are some of the biggest challenges many practices face. Any one of these issues can hurt your bottom line.
When you need to focus on providing your patients with the best possible care experience, you shouldn’t be sweating over maintaining a healthy cash flow. Comprehensive strategies are essential in enhancing your cash flow. A well-thought-out design can be the difference between your practice struggling to stay afloat and thriving.
Clearwave has established many practical solutions, including Clearwave Scheduling, Pre-Check, and automated Eligibility-as-a-Service insurance verification. These solutions are designed to drive efficiency while clearing the bottlenecks in your practice’s cash flow and improving patient retention.
Pre-Check and Clearwave Scheduling
Proper cash flow management isn’t only about collecting payments from both the patient and insurance companies. It starts when a patient schedules an appointment.
For a manual registration process, an inaccurate date of birth or even misspelling a patient’s name can stall the claims process until the information is rectified, increasing the days in A/R.
Using both Clearwave Scheduling and Pre-Check eliminates the tedious and repetitive process of verifying patient demographics, among other details. Combining the two solutions enhances accuracy and minimizes errors like incorrect insurance member ID numbers, preventing a claim from being processed.
Automated Eligibility-as-a-Service Verification
Insurance eligibility verification is a crucial step in maintaining a smooth and healthy cash flow. Clearwave automates eligibility as well as benefit verification. The insurance eligibility status of your patient is directly connected to delay of payment or claim denial. Clearwave enables you to tell if a patient has active coverage. Confirming benefits offers coverage details for specific services.
Knowing information such as a patient’s deductible and copay will help you estimate the financial responsibility that a patient owes at the time of service. Using Clearwave’s scalable, real-time Eligibility-as-a-Service, your practice can power up prior authorization approvals. This potentially reduces claim denials by 90 percent and improves collection rates by 65 percent by providing accurate copays at each patient’s check-in.
When your patients are aware of their estimated out-of-pocket costs before their appointment, they are more likely to pay or make payment plans. Upfront financial transparency not only leads to higher patient collections but also increases patient satisfaction.
When your practice can automate processes using Clearwave, it frees up your staff to focus on more personalized, patient-centric services, ultimately improving patient care. High-quality patient outcomes and second to none services are essential in accelerating cash flow. These aspects do their part to keep patients satisfied, encouraging them to return, and also expanding your practice’s patient base thanks to word-of-mouth referrals.
Boost Your Cash Flow with Clearwave
Are you looking to improve your practice’s cash flow? Clearwave can help. From ensuring a smooth cash flow using Clearwave Scheduling and Pre-Check to offering a reliable, real-time Eligibility-as-a-Service verification engine to get you paid faster, Clearwave offers it all. To learn more about how Clearwave can streamline your processes for optimal performance and profitability, click here to schedule your quick thirty-minute demo today!
Recommended for you
Fast Path to Boosting Profitability: How Orthopedic Practices Can (Easily) Create a Walk-in Revenue Channel
Reading Time: 3 minutes Falling off a bicycle. Colliding on a playground. Even tripping down the stairs. Most of us are familiar with how…
Reading Time: 5 minutes “Patient engagement software” can function in several areas of healthcare operations. Generally speaking, practices use it to draw patients collaboratively…