5 Ways to Speed up Your Business’s Billing Process

[This article was written by Samantha Higgins.]

Are you searching for ways to streamline a protracted and costly billing process? This is one of the tasks that will undoubtedly weigh the heaviest on your practice. Making it faster will reduce your overhead costs and enhance your profits. Here are 5 of the best ways to speed up this process.

1. Make Sure That You Set Your Billing Conditions in Stone

The first thing that you will need to do is make sure that all of the conditions under which you bill, including the prices you set, whether you bill by the hour or any other arrangement, and a host of other details, are set in advance.

This way, you will know exactly what the amount is that you are charging your patient. You will also know exactly when the bill is being sent and by what date you expect it to be paid. You should also have specific conditions in place for possible tardiness.

2. Automating Your Billing Process is the Key to Saving Time

In today’s world, automation is the one stop solution to solving a myriad of business issues, very much including your billing process. There is no reason why you or your staff should have to spend time figuring out charges for surgeries or medications and then creating bills by hand.

This is the age of the world wide web. There are plenty of programs that you can use to create and send bills to all of your patients. Automating the process cuts down on the uncertainty as to whether or when your bills were received. It also gives your patients a quick and easy way to automate the payment process at their end.

3. Move from Spreadsheets to the Cloud

Another excellent means of saving both time and energy is to abandon the traditional spreadsheets. For many years, these have been the relied upon means of keeping track of all sorts of activities, including outgoing bills and incoming payments. However, thanks to the advent of the world wide web, this is no longer the case.

Instead of spending hours writing in figures and poring over these tedious sheets of paper, you can now transfer the bulk of your activities straight to the cloud. This is a move that is guaranteed to enhance your convenience. It will make activities such as billing much less time intensive as well as a great deal more accurate.

4. Make the Correct Use of Billing Software

One of the major benefits associated with moving to the cloud is your new found ability to use billing software to speed up this process. Billing software is secure, fully encrypted, safe to use, and extremely accurate. It will come with a full warranty of guaranteed quality direct from the software maker.

Billing software will give you daily or weekly alerts that you can set up for any number of reminders. These may include when a particular bill is due or when any other amount besides the one you have asked for is being offered. You will also know at a glance whose bills have been paid as well as which ones may be long overdue.

5. Outsource Your Billing to a Third Party Service

One of the most effective ways to speed up your practice’s billing process is to outsource this particular task to a proven expert in the field. For example, if you have a healthcare business there are medical billing companies that you can outsource to. Search in your area for a company that best suits you. For instance, if you live in California search for medical billing companies in California to find the best company to outsource to.  Many companies have affordable fees and can save you hours of time in paperwork.

Outsourcing your billing in this fashion will ultimately save you a great deal of time, energy, and money. It will reduce your overhead costs, including the amount of overtime that you are forced to pay your employees. Delegating this tedious task will ultimately be a major source of improved profits for your practice.

The Time for You to Speed Up Your Billing Process is Now

It’s no wonder you are searching for the ultimate way to get both your costs and your profits under control. Delegating your billing process is the best way for you to reach this desirable goal. The sooner you do so, the sooner you will have a crucial element of your continuing profitability under your full control.