Cash flow is the lifeblood of your private practice and if you’re not on top of it, things can get tricky fast. In a recent chat, Bernard Lim, Business Development Manager, shared his tips for keeping your cash flow healthy and your practice running smoothly.
Watch the full chat: ‘Proven Strategies to Elevate Your Private Practice‘
Get your invoicing right from the start
Before anything else, make sure your invoicing system is solid. Check if you’ve sent all your invoices within the insurers’ timeframes and confirm what’s been paid and what’s still outstanding. Don’t let anything slip through the cracks. Using software to automatically assign remittance payments and credit control to track aged debt helps keep things streamlined. You can easily see what’s due and stay on top of it without stress.
Set up a simple reminder system
Once your invoicing system is all set up, it’s time to put a reminder system in place to follow up outstanding invoices. Trust us, having a simple and maintainable process for tracking outstanding payments will save you a ton of headaches down the road.
Handle payments ASAP
As soon as remittance payments hit your bank account, check them against your practice management software. Make sure everything matches and, if something doesn’t add up, reach out to the insurer immediately. You don’t want to wait — getting it sorted straight away is much better than backtracking later.
Communicate with insurers effectively
When it comes to insurer communication, don’t rely on the phone for everything. Use Secure Messaging for quick, clear exchanges that help you resolve queries fast. It’s way more efficient than being on hold for ages and trying to cover everything in one call.
Be ready for tax season
No one likes surprises, especially when it comes to taxes. Keep an eye on your finances throughout the year so you’re prepared when tax season rolls around. Whether you’re running a limited company or need the details for Self Assessment, it’s essential to have the funds ready to pay your tax bill without scrambling.
Practice management software is your best friend
Practice management software (PMS) is a game-changer when it comes to streamlining your cash flow. It helps you stay on top of appointments, invoicing and payments all in one place. With automation, you’ll reduce errors, save time, and keep your financials organised — making your life a whole lot easier. Plus, it gives you real-time data, so you can make smarter decisions and focus more on what you do best: looking after your patients.
Our PMS, ePractice, is a trusted solution that transforms the way private healthcare professionals run their practices, clinics and hospitals. Used by 1000s of practitioners, it streamlines patient management, invoicing and other key tasks, reducing admin time and boosting productivity. Our expert team is constantly enhancing ePractice to ensure it remains a comprehensive, 360° solution for private practice management — both now and for years to come.
Watch the full chat and download the checklist
Cash flow management isn’t a one-off task—it’s an ongoing process that’s essential to your practice’s success. For more ideas watch our chat ‘Proven Strategies to Elevate Your Private Practice’ and download our free checklist of top-tips.
