If you have considerable debts that are languishing in your practice’s accounts receivable, there is a good chance that your organization’s bottom line will be negatively impacted. This is not only because of a lack of effective cash flow, although this is a key element at play. It is also because of the effort that needs to be expended by staff in order to collect on those accounts. Accounts receivable collection leaders take situations like this very seriously, and they have given some of their top tips to minimize the length of time that your accounts spend in A/R.
Effective Communication Regarding Out-Of-Pocket Responsibilities
One way that healthcare providers are able to increase the likelihood of receiving a timely payment on an account is to effectively communicate to patients what their out-of-pocket responsibility is likely to be. By providing a preservice estimate for a scheduled visit, patients will have a rough idea of their obligations even before any services have been rendered. By offering patients the opportunity to make a payment over the telephone before their visit, healthcare providers can also improve the amount of money received even before treatment has been given. When patients know what their costs are likely to be, they will feel less confused and more willing to pay.
Automation And Reporting Fights Unbilled A/R
Initiatives elsewhere within the healthcare sector have enabled practices to reduce the number of accounts that remain unbilled by keeping unbilled accounts older than 30 days as near as possible to zero. Part of these initiatives involves representatives from all departments, including medical records and billing, to meet on a weekly basis in order to maintain the target level of unbilled accounts. Also, part of these initiatives is the development of a set of dashboards and reports to show the data sets from a number of unbilled accounts. This data should include the reason that the account remains unbilled and the names of the payer and the clinical department so that accounts receivable collection leaders are able to spot any trends and gain valuable insights, thus allowing them to hold the areas that are responsible accountable. When reporting of this nature becomes part of healthcare organizations’ regular routine, action can quickly be taken on any issues that arise.
Management Of Denials And Issues Escalated By Payers
When a follow-up representative is assigned to every specific payer, it is easier to better understand his or her care contracts and to verify his or her payments. Should an account then be either erroneously denied or underpaid, it is also easier to escalate the issue. Escalated accounts should also be worked by analytics teams who can analyze, validate, report, and resolve any escalated insurance denials, contractual errors, and underpayments so that strong working partnerships can be built, as well as a more open form of communication with other departments and the payers themselves.
Online Healthcare Collections Systems
A flexible online healthcare collections system represents a further effective way to maximize revenue and to minimize the length of time that accounts remain in A/R. BillingTree’s expert technology facilitates and streamlines the payment process to ensure payments are more likely to be received on time and in full by offering a greater range of fully compliant and secure payment options to suit all needs. From web payment portals and IVR systems to the ability to integrate with leading collection software platforms, BillingTree is the ideal solution for healthcare practices of all sizes that are keen to improve their A/R figures.
Accounts receivable collection leaders are always looking for innovative solutions to the healthcare sector bill payment problems. And, by employing these tips, you can help to improve your organization’s cash flow and increase the profitability of your practice.