Preventing Cash Flow Problems
The healthcare insurance industry is in somewhat of a flux at the moment, which can cause problems for any practices that aren’t paying careful attention to what’s going on. For example, patients are being held more responsible for health insurance costs than insurance payers, which is evidenced by the rising co-payments and deductibles. This can be a problem for medical practices due to the fact that patients tend to pay much slower than insurance payers, which means that if they aren’t careful, their cash flow could decrease. Preventing Cash Flow Problems Because patients are being forced to pay higher costs, it means that more of your cash flow is dependent on your patients than on insurance companies. According to the National Center for Health Statistics, 25% of families have an unpaid healthcare bill, 10% of families have medical bills they can’t pay at all and 20% are on a payment plan to pay off their bills over time. As you can imagine, this could affect your cash flow dr