Cash flow problems are common in medical practice startups. The financial strain and stress caused by cash flow issues can take away from your long-term goals and vision for your practice, and can also compromise your patient care and day-to-day processes. Don’t let a cash-flow crunch put your practice at risk. The following tips can help you maintain the capital you need for success. Contact Bankers Healthcare Group to learn more from one of our experts on financing for doctors.
Get a Loan from Bankers Healthcare Group
If cash flow is tight, a physician practice loan from Bankers Healthcare Group can help. Our healthcare-specific experience helps us find you a customized financing solution to improve your cash flow so you can cover your expenses and invest in growth. Learn more about how a loan can help you improve your cash flow.
Send Prompt Invoices
Forgetful patients and delayed insurance reimbursements can impact your cash flow and make your income unpredictable. While you have limited control over what happens once you bill a patient, you are able to control your invoicing schedule. Sending prompt invoices can help cut down on payment delays. Don’t forget to follow up regularly if an invoice goes unanswered.
Bill for Missed Appointments
Last-minute cancellations and no-shows aren’t just inconvenient, they can be costly. Put a policy in place to bill for any appointments that are cancelled less than 24 or 48 hours in advance. Make sure this policy is clear to all patients, and then make sure to follow through and enforce it. Not only will this policy ensure that you don’t suffer financially when someone doesn’t come to their appointment, you will likely find that it cuts down on missed appointments altogether.
Properly Train Staff on Payment Policies
Any payment policies you have in place—whether they relate to cancellations, copay processing, or insurance reimbursements—need to be clearly conveyed to your staff. If your employees are unaware of payment procedures, or unsure of how to follow them, you’re likely to experience delays or even lose revenue completely. Take the time to hire qualified staff and provide appropriate training.
Offer Classes & Events
Consider opening up your practice to community events and classes. For example, collaborate with a local nutritionist to offer an evening class on healthy eating, and charge a fee to attend. The extra income from entry fees can help boost your cash flow, and you may attract new patients to your practice, which can help with revenue in the long term.