By Ashley Jones, Global Payments Integrated
The healthcare space is rapidly changing. It is an industry that has not been immune from the need for digital transformation, especially as telehealth options have become more prevalent.
Given these changes, improving cash flow is at the top of the priority list for many medical practices. Not only is cash flow critical to a practice’s success, but it should also be efficiently managed. Most practices struggle in this area. They are bound to the capabilities of their practice management software, and if that system is lacking effective payments, AR, billing, and collections functionality, they are dead in the water.
There are many different factors that can impact cash flow:
- Whether or not patients pay on time
- Delinquent account depreciation/disintegrating value of A/R
- How efficient cash flow/AR solutions are
- Health of billing and collections processes
ISVs that provide practice management software systems to medical practices must be cognizant of these challenges. Let’s look at how some of these hurdles impact medical practices and why integrated payments can help developers improve practice management software to meet these important needs.