In this episode, discover how small medical practices can compete—and thrive—against today’s dominant healthcare systems.

We explore the real challenges independent practices face, from limited staff and manual billing processes to poor patient retention due to confusing billing experiences. Learn how smart billing solutions from BillFlash help level the playing field by automating tasks, offering flexible payment options, and improving communication with patients.

Say goodbye to lost revenue and administrative overload—and hello to faster payments, happier patients, and a stronger financial foundation.

Ready to future-proof your practice with smart, scalable solutions? Tune in to this episode now!

Transcript

Narrator: 00:00

Welcome to the Billing Blueprint Podcast, your go to resource for innovative medical billing solutions. Each episode we explore the latest industry trends and share proven strategies to help your practice streamline operations and get paid faster. Now here are your hosts, Brad and Sarah.

Brad: 00:21

 Welcome to the Deep Dive, the show where we like to really cut through all the noise and just get to the, you know, the knowledge you need. Right. And today we're tackling something I think is really relevant, especially these days. It's all about how small practices, medical practices specifically can compete, really compete, not just survive, but thrive, you know, up against these big healthcare systems that seem to be everywhere.

Sarah: 00:45

 Yeah.

Brad: 00:45

 We've been looking at this article from Bill Flash and our goal today is to kind of dissect this, to pinpoint some practical strategies that small practices can implement. Do you think?

Sarah: 00:55

 Yeah, I think that's a really interesting area to look at because we see this trend, right, of hospitals buying up practices, bringing them under their umbrella and, well, that naturally gives them a pretty, a significant advantage when it comes to resources and scale.

Brad: 01:10

 Right, right.

Sarah: 01:10

 So the question then becomes, you know, how can, how can a small independent practice navigate this, this new landscape and still thrive and provide that valuable, that, that valuable care to their patients?

Brad: 01:22

 Yeah, absolutely. And, you know, that's what we're trying to do in this Deep Dive, right? Yeah, we're going to look at this Bill Flash article, extract those key insights and really focus on how smart billing solutions can be a, like a secret weapon for smaller practices, something that gives them that edge they need to compete. So think about it, you know, like I'm sure you've, you've thought about this before. Like how, how in the world can a small medical practice stand its ground when you've got these, these massive, well funded hospital networks right there? It's like David and Goliath or something.

Sarah: 01:54

 It really is. Yeah.

Brad: 01:55

 What are your, what are your initial thoughts on that?

Sarah: 01:57

 Well, I think the, the Bill Flash article does a really good job of outlining some of the, the core challenges, right. The inherent challenges that smaller practices face. Just think about it, right? Smaller teams, more limited staff. Of course, that means limitations in resources and that can really impact essential tasks, things like billing and collections, which as we know, are so, so important for keeping a practice running.

Brad: 02:21

 Yeah, no, that's a good point. And it's not just about the number of people, Right. It's also about access to, you know, the good stuff, the advanced tech.

Sarah: 02:28

 Right.

Brad: 02:28

 Those big organizations can invest in all this sophisticated enterprise software that a smaller practice just might not have the budget for. Right. So they end up playing catch up when it comes to efficiency and data management.

Sarah: 02:41

 And then what happens is they often have to rely on these more, you know, manual processes. And that can be a real drain. Just imagine all. All those hours spent on tasks like printing and mailing invoices or following up on overdue payments. And it's not just about the time, it's about the mental energy.

Brad: 03:00

 Right.

Sarah: 03:00

 All of that takes away from their ability to focus on what really matters, which is patient care. It's like it's a real drain on their capacity, their bandwidth.

Brad: 03:10

 Absolutely. And, you know, the article also touches on something that I think is really, really vital, and that's patient satisfaction. Because at the end of the day, if your billing process is confusing, if it's delayed, if payment options are limited or they're just not convenient, it's going to affect how patients feel about their experience.

Sarah: 03:28

 Absolutely.

Brad: 03:28

 And that can have a huge impact on their loyalty to your practice. They might just go somewhere else.

Sarah: 03:34

 Well, yeah, and there's a. There's actually a really striking statistic in the article. It says that something like 43% of medical practices, they report losing over 10% of their revenue because patients just don't come back. And a lot of times that, you know, poor retention comes down to these very operational challenges we're talking about.

Brad: 03:54

 Right.

Sarah: 03:54

 You know, frustrations with the billing process, maybe the lack of clear communication. It all adds up.

Brad: 04:00

 It really does. It's like this, this ripple effect that starts with the billing and ends up impacting the whole practice.

Sarah: 04:06

 Yeah.

Brad: 04:06

 So I guess this is where the idea of smart billing solutions comes into play. Exactly. You know, the article presents it as a way for smaller practices to kind of level the playing field. But let's unpack that a little bit. When we talk about smart billing solutions, what are we actually talking about here? What does that mean in real world terms?

Sarah: 04:24

 So essentially it boils down to leveraging technology to work smarter, more efficiently and more accurately. The article really emphasizes automating a lot of those manual, repetitive billing tasks that we talked about, and then also integrating data from different sources so you're minimizing errors and things slipping through the cracks. And then a big part of it is giving patients more convenient and accessible ways to manage their healthcare expenses. That's a big one.

Brad: 04:53

 Okay. Yeah, makes sense. And the article even mentions this kind of surprising figure. You know, apparently a huge number of healthcare providers, like 75% are still relying on paper or manual billing methods.

Sarah: 05:07

 Wow. Yeah. That's a Lot.

Brad: 05:09

 It's pretty amazing when you think about it. It just shows how much room for improvement there is in the industry, you know.

Sarah: 05:14

 Oh, absolutely. And it's not just about, you know, cutting costs, although that's certainly a benefit.

Brad: 05:19

 Right.

Sarah: 05:19

 It's about creating a real competitive advantage and it allows small practices to actually operate on a, on a level playing field with those larger organizations.

Brad: 05:29

 Yeah, I like that.

Sarah: 05:30

 It can really, you know, improve their financial health and, and, and strengthen their relationships with their patients, which at the end of the day, is what it's all about.

Brad: 05:39

 So let's, let's dive into some of the specific strategies and solutions that the article highlights.

Sarah: 05:44

 Okay.

Brad: 05:45

 The first one that really jumps out is this whole idea of automating billing processes.

Sarah: 05:50

 Right.

Brad: 05:51

 So how would that actually work for a small practice? What would they have to do and what kind of impact could they expect to see? Give us some concrete examples.

Sarah: 06:00

 Sure, yeah. So automation can really streamline a lot of key aspects of the billing process. Just think about all the time and effort that could be saved by, you know, automatically generating invoices, sending them out, using text or email reminders for upcoming payments. You could even offer the option of pre visit billing, which a lot of patients really appreciate. It really takes a lot of that, you know, that manual work off their plate.

Brad: 06:27

 Right. And the article actually points to some specific features within Bill Flash that do exactly that. Yeah, they mentioned things like, you know, generating mailed bills, electronic bill notifications, this thing called pre bill, and automated payment reminders.

Sarah: 06:41

 Right, exactly.

Brad: 06:42

 So it sounds like it really does take a lot of that repetitive manual work out of the equation.

Sarah: 06:46

 Yeah, and that's huge. When you free up staff from all those routine administrative tasks, it lets them really focus on what's important, delivering that high quality care to their patients. It's like a fundamental shift in how their resources can be used.

Brad: 07:05

 Yeah, yeah, totally. And another key strategy that they emphasize in the article is the importance of offering flexible payment options. I mean, from a patient's perspective, that seems pretty obvious. Right. You want to be able to pay how you want to pay. But what are the benefits for the small practice itself? Like, why should they care about offering all these different ways to pay?

Sarah: 07:24

 Well, yeah, you're right. You know, patients these days, they expect to have options. Right. They want to be able to pay in person, at the office, online, through a secure portal, maybe even through a mobile app. And when that payment process is easy and user friendly, and it kind of mirrors those other, you know, common transaction experiences that they're used to it leads to higher patient satisfaction.

Brad: 07:50

 Right.

Sarah: 07:50

 And, and when patients are happy, they tend to pay their bills on time.

Brad: 07:53

 Makes sense.

Sarah: 07:54

 So for the practice, this increased satisfaction can translate into better payment collection rates and, you know, a more stable, predictable revenue stream.

Brad: 08:03

 I like that. So, you know, the article actually lists a few of Bill Flash's solutions. Like they talk about online pay, office pay, auto pay, and plan pay. It sounds like they're, you know, really trying to cover the whole spectrum of patient preferences there.

Sarah: 08:14

 Yeah, and that's. That' key. Right. You want to be able to cater to all these different needs and preferences. And, you know, when you give patients that flexibility, it makes it easier for them to actually pay their bills, which is good for everyone.

Brad: 08:27

 Absolutely. Okay, now this next point really resonated with me. It's about improving patient communication, especially when it comes to billing.

Sarah: 08:35

 Right.

Brad: 08:36

 It seems so, so obvious, but is this something that practices actually struggle with? Like, is this an area that often gets overlooked?

Sarah: 08:45

 Sadly, yes.

Brad: 08:46

 Really?

Sarah: 08:46

 It really does. You know, clear, consistent, and importantly, empathetic communication, especially about financial responsibilities. That's essential for building trust with patients. And when patients trust you, they're more likely to pay their bills on time.

Brad: 09:00

 Right.

Sarah: 09:00

 There's even some research cited in the article from the Journal of Healthcare Management. They found that just by having clear and empathetic billing communication, patient satisfaction could increase by 23%.

Brad: 09:12

 Wow, that's huge.

Sarah: 09:14

 It is, right? It's a significant impact from something that sometimes gets treated as an afterthought.

Brad: 09:20

 So how do these smart billing solutions actually help with this? How do they improve communication with patients?

Sarah: 09:28

 So they do it in a few different ways. Bill Flash, for example, they really emphasize making those mailed bills easy to understand. They'll have clear breakdowns of charges, the balance due, all that stuff. They even talk about including informational inserts with the bills.

Brad: 09:44

 Oh, interesting.

Sarah: 09:45

 Which could be used to highlight, you know, new services or provide some, you know, health related tips. Maybe even offer some special promotions.

Brad: 09:53

 Oh, I like that. That's smart.

Sarah: 09:55

 It turns the bill into more than just a bill.

Brad: 09:57

 Yeah.

Sarah: 09:57

 It's a chance to engage with the patient and, you know, give them some useful information.

Brad: 10:02

 Right, right.

Sarah: 10:03

 And then you've got the E bills. Right, Those text and email notifications.

Brad: 10:06

 Oh, yeah, that's, that's a good one.

Sarah: 10:08

 They provide quick updates and direct links for online payment. It's all about, you know, reaching patients where they are through the channels they prefer and making the whole process really, really seamless.

Brad: 10:18

 And the article actually mentions that combining those mailed Bills with the electronic notifications can reduce the average time it takes to get paid from 20 days down to nine days. Wow, that's a huge improvement in cash flow.

Sarah: 10:31

 It is, yeah. Makes a big difference.

Brad: 10:33

 So that brings us to this next strategy, which is simplifying revenue cycle management.

Sarah: 10:40

 Right.

Brad: 10:40

 The article emphasizes how important it is to have a shorter revenue cycle, you know, to create a really solid financial foundation for the practice.

Sarah: 10:48

 Yeah.

Brad: 10:49

 But for our listeners who might not be super familiar with that term, can you just explain quickly what revenue cycle management actually means?

Sarah: 10:56

 Sure. So, you know, in the simplest terms, it's basically the entire process of how a practice generates revenue. It starts with the initial patient interaction and goes all the way through to getting paid for the services they provided. And, you know, tracking key performance indicators like days and accounts receivable, or ar, that helps a practice see how long that entire cycle is taking. Okay, so think of it this way, right? If your days in AR is high, that means you're waiting a long time to get paid for the work you've already done.

Brad: 11:26

 Got it.

Sarah: 11:26

 And that's obviously not ideal.

Brad: 11:28

 No, not at all. So how. How do smart billing solutions like Bill Flash actually help shorten that revenue cycle?

Sarah: 11:36

 So what they do is they integrate all these different elements that we've been talking about, the automated billing, the flexible payment options, the improved patient communication, all onto a single platform.

Brad: 11:46

 Okay.

Sarah: 11:46

 And that creates a much more streamlined and efficient workflow. Right, and the result is faster payment processing, fewer billing errors that cause those delays and disputes, and a lot less administrative time spent, you know, chasing down outstanding balances. And all of that contributes to a healthier and more predictable cash flow for the practice.

Brad: 12:05

 Okay, so we've talked about all these different strategies and solutions, but let's zoom out a little bit and look at the big picture here.

Sarah: 12:11

 Okay.

Brad: 12:12

 What are the key advantages that a small practice can realistically expect to see by implementing these smart billing solutions? Like, what's the bottom line?

Sarah: 12:21

 Well, one of the most immediate benefits is a significant reduction in that administrative workload associated with billing. Billing. You know, staff are spending less time on those repetitive tasks, and that frees them up to focus on patient care and other important things.

Brad: 12:38

 Right.

Sarah: 12:38

 And of course, you know, all this increased efficiency leads to higher patient satisfaction because, you know, there's clearer communication, more convenient payment methods, and just an overall smoother billing experience. Yeah. And, you know, from a financial perspective, practices can expect to see faster payments, fewer revenue losses due to errors or delays, so their financial performance performance improves overall.

Brad: 13:02

 So it's not Just about, you know, making things easier internally. It's actually about creating a competitive advantage.

Sarah: 13:08

 Exactly. It's about providing a better overall experience for patients, which can really set smaller practices apart from those larger, you know, sometimes more impersonal healthcare systems.

Brad: 13:19

 And you know, it's worth noting that Bill Flash really emphasizes their affordability and accessibility for smaller practices. They offer transaction based pricing, no long term contracts. So it's, you know, it's not as risky an investment.

Sarah: 13:31

 Right, Exactly.

Brad: 13:32

 So as we wrap up here, the article also talks about, you know, preparing for the future. How does investing in these smart billing solutions actually help a small practice stay ahead of the curve?

Sarah: 13:43

 Well, I think it's about recognizing that healthcare is changing rapidly and to stay competitive, you have to embrace new technology. Right. By by adopting these smart billing solutions, smaller practices can give their teams the tools they need to automate tasks and really connect with patients in a modern way. You know, it's about using those modern communication channels, offering those convenient payment options that patients expect. It's about future proofing the practice, making sure they can meet those evolving patient expectations and really adapt to the changes that are happening in the industry.

Brad: 14:21

 So the big takeaway here is that small practices might not have the same resources as the big guys, but they can absolutely level the playing field by using these smart solutions.

Sarah: 14:32

 Yeah, absolutely.

Brad: 14:33

 It's about working smarter, not just harder.

Sarah: 14:35

 Right. It's about being strategic and recognizing that, you know, you don't have to be a huge organization to have access to these sophisticated tools and streamlined processes. Smart billing solutions are a real tangible way for smaller practices to, you know, optimize their operations, build those strong relationships with patients, and really create a strong financial foundation.

Brad: 14:57

 That's a great point. So for our listeners out there, I want you to think about this for a second. Think about your own experiences with different service providers, not just in healthcare, but in any industry. What aspects of those interactions could be improved by using some of these same principles like clear communication, flexible options, efficient processes? These things are important everywhere. Absolutely. It's not just about healthcare. And if you're interested in learning more about this, specifically about Bill Flash and the solutions they offer, their website has a ton of resources.

Sarah: 15:28

 Yeah, definitely check it out.

Brad: 15:30

 Plenty to explore there. And you know, it really leaves us with this final thought. In a world where everything seems to be getting bigger and more consolidated, how can technology help smaller, more personalized services not just survive, but actually thrive and offer something unique and valuable? It's a question that goes way beyond just medical billing. You know, it's something to think about. Thanks for joining us on the Deep dive.

Narrator: 15:53

Thanks for tuning into the Billing Blueprint podcast. For more insights or to dive deeper dive deeper into today's topics. Head over to billflash.com. Don't forget to subscribe and we'll catch you next week with more strategies to keep your practice running smoothly and getting paid faster

Sources:

How Small Practices Can Compete With Big Healthcare Systems Using Smart Billing Solutions