Clever Tips For Your Billing and Collections Process in Mississauga
September 19, 2022 | Written by: Salman Sharif
Have you ever stayed on top of your Mississauga business’ billing and collections? If not, you’re not alone. We get it hard, but no one said it’s impossible. You see, there is not much complexity behind it, and we can assure you you can be on top of it provided you have the will and follow certain tips.
Your account receivable is the lifeblood of your business, and if you don’t keep on top of it, your business will have a hard time surviving, let alone thriving. Account receivable is just one factor. We will help you take a step ahead to improve your entire billing and collections process to ensure you’re getting paid on time.
Always Verify Patient Insurance In Advance
It is the first and most important thing you can do to improve your billing and collections process. It would help you if you made sure that the patient’s insurance is active and that they are covered for your services. The cleverest way to do this is to call the insurance company in advance and verify the coverage.
If you bill the insurance company and it turns out the patient is not covered, you will have difficulty getting paid.
Always Quote Fees Before Providing Treatment
It is another important step you need to take to improve your billing and collections process. You need to ensure that you quote fees before providing treatment so that the patient knows what they will be responsible for.
They will likely balk at the charges if you bill the patient after the fact. You can search for different methods to help your customer know your fee without telling them in person to avoid confusion or misunderstandings.
Collect All Payment Upfront Whenever Possible
It is another excellent tip to improve your billing and collections process. Whenever possible, you should collect all payments upfront. Its guaranteed that you will never have to worry about chasing down payments later.
You can work out a payment plan if the patient cannot pay the full amount upfront. However, it would really help if you made sure that all payments are made promptly.
Always Offer A Wide Range Of Payment Options
A wide range of payment options gives your customers the flexibility they need to make a payment. The more viable options you offer, the more likely it is that they will be able to find one that works for them.
Common payment options today include credit cards, debit cards, personal checks, and electronic payments. It would help if you also considered offering a discount for patients who fully pay their bills.
Forward All Your Insurance Claims Daily
It is another excellent tip to improve your billing and collections process. By forwarding all of your insurance claims daily, you can ensure that they are processed promptly.
The sooner you submit the claim, the sooner you will get paid. It is why keeping on top of your insurance claims is important. Also, read about Why You Should Never Do Your Own Taxes.
Get Help From Experts
We know that when a person is running a business, especially medical-related individuals, it’s hard t keep on top of everything. It is where professional accounting and tax firm comes in, like GTA Accounting. Not only will they take care of your daily accounting and bookkeeping tasks, but they can also help you with your billing and collections process. If you are in search of outsourcing, GTA accounting can help. Contact us!
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.