Everyone has been hit hard by the global coronavirus pandemic. Now as you pick yourself up and assess the damage, it’s time to focus on what steps to take to turn around your finances. The good news is that improving medical practice cash flow is easier than you may think.

Easing pain caused by injury, disease, chronic condition, addiction, or any combination of these is a noble and rewarding pursuit that involves skill, determination, and an eye for patients’ reactions and body language.

Anyone responsible for managing the revenue stream for their medical setting or laboratory knows how difficult that can be. Juggling commercial and government insurance payers is no easy task. There’s a lot to keep track of, especially after including patients’ personal responsibility balances into the mix which you probably see growing by the minute.

Medical practices have been through more than anyone could have ever expected prior to early 2020, when the coronavirus started spreading like wildfire through the population.

Medical billing is time-sensitive and complex. This presents difficulties for practices, especially those with a smaller staff and a limited budget.

Clinics, practices, hospitals, and other medical establishments often need to take second looks at their processes, especially those that involve revenue, workflow, and efficiency. Not surprisingly, exploring the possibility of transitioning to a revenue cycle management (RCM) service company is often a result of those second looks.

Healthcare professionals must keep top of mind the fact that reporting is a huge part of both financial and clinical records. It can be easy to neglect this important aspect of your organization when you’re primarily focused on delivering services to patients and coordinating care with other entities. But without effective reporting, you can leave both your practice and your patients in jeopardy.

Once a progressing form of medical care, telemedicine has rapidly developed into a practical option for many healthcare providers today. One recent report by the AMA stated that telehealth adoption is growing at a rate faster than any other type of medical care solution, experiencing an overall growth of 53%.

Medical credentialing verifies that nurses and doctors are properly trained and certified and have the required professional experience to provide healthcare services to patients. It’s a crucial aspect of maintaining high standards of safety in the medical profession.

Telehealth is not a new concept: as far back as 1879, an article in The Lancet advocated the idea of utilizing the telephone to minimize the number of unnecessary office visits.