For many healthcare practice owners, creating and maintaining a healthy revenue cycle is a major challenge. Balancing insurance billing and managing patient responsibility can be as stressful for staff as it is for payers–but it doesn’t have to be.
When considering the affordability of a business loan, borrowers often focus heavily on interest rate. While your rate impacts your payments, another factor has a more immediate and significant impact—and it’s often overlooked: the term. Your loan term, or the amount of time you have to pay your loan back, directly impacts how much of your loan you repay each month. Here’s what you need to know
When you need financing, it’s important to find a lender you can trust. This is especially true during challenging times, when a working capital loan can provide you financial peace of mind. Lenders who prioritize your needs–like BHG–understand the challenges you’re facing and can help you capitalize on the opportunities you’re pursuing. How can you be sure that your financial partner has your back? Here’s what to look for: They listen
For many healthcare providers, adapting to serve patients during the coronavirus pandemic meant temporary fixes and workarounds. However, there are some new systems that, if implemented permanently, can provide value even after this crisis is over.
From beginning to end, your customers’ experience with your debt collection team can affect your brand reputation as well as your success in collecting revenue. Simple adjustments in approach as well as investments in modern technology will benefit you now and in the long run.
Without a guaranteed end date for the pandemic’s economic effects, businesses are in a unique position to modernize their collection practices in real-time while helping customers overcome their financial hurdles.
There has never been a better time to implement a new approach to collection–one rooted in empathy, collaboration, and problem-solving.
Around the country, surgery centers are reopening or preparing to reopen, all with the goal of maximizing procedures and kickstarting revenue cycles after COVID-19 shutdowns. Most centers have focused significant energy and resources on preparing their staff and centers to meet CDC, state, and federal safety guidelines. However, there are additional preparatory measures you should consider in order to provide a positive experience for your patients and protect your revenue.
For most ASCs around the country, 50% of all patient financial responsibility goes uncollected following a procedure1. While several factors contribute to unpaid patient bills, there are simple steps that surgery centers can take to increase payment rates while also improving patient experience. It all starts with procedure price transparency.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was designed to minimize the negative impacts of the shutdown on the US economy, with special provisions for small business owners. For those who currently have or are pursuing an SBA 7(a) loan, the CARES Act will impact you in several ways. You should take these affects into consideration as you’re making decisions that will affect your immediate and future financial situation.