Myth 1: Submitting claims is time-consuming
Submitting claims is only time-consuming if you don’t have the right tools & processes in place. Most healthcare professionals find that the admin burden is exasperated by communicating billing instructions to admin staff or their Bureau provider & having it converted into claims that can be sent to the medical aid. However, if your clinical notes software is integrated with your billing system, this process becomes just a few clicks. You can either send it to your admin team for a final check or simply submit it straight to the medical aid – saving vast amounts of time & effort.
Myth 2: Insurance reimbursements take too long
This may have been true at some point in the past, but most medical aids now make payments weekly. Considering that most corporates only make payments once a month, weekly is pretty frequent & won’t impact on your cash flow.
Myth 3: I need to register with every medical aid
The reality is that sending claims to too many medical aids can mean a surge in admin. It’s wiser (& more profitable) to register your practice with the medical aid(s) that most of your patients belong to & build your practice around that medical aid. Once you’ve seen growth in your patient volumes & revenue with that medical aid, you can consider adding another one that’s popular with your patients, & so on.
Myth 4: Cash practices are more profitable
It’s true that when you’re a cash practice you have the freedom to bill your patients as you see fit. On the other side, you need to collect all monies directly from the patient. This can be tricky if not very carefully managed & lead to either high rates of bad debt or slow patient population growth (or both).
As a medical aid practice, you’re charging the fees set by the medical aid. However, the medical aid essentially ‘collects’ from the patient (unless there is a co-payment owing). The benefits are twofold: for one, you’re reducing admin & your risk of bad debt. Secondly, it will also attract more patients because patients generally prefer using healthcare services that don’t make them pay directly from their own pocket. With the combination of more patients & less bad debt, you could potentially earn more revenue than a cash practice.
Do you want to register with medical aids & send claims on behalf of your patients but don’t know how to go about it? Click here & a Business Consultant will be in contact to discuss your options*.
Table of Contents