Are you seeking ways to stop revenue loss caused by too many days in accounts receivable? Are you in need of controlling the constantly evolving organism of your accounts receivable? Here are certain simple yet effective steps to establish an acceptable outstanding balance!
Medical Account Performance Evaluation
General rule of thumb is that your monthly accounts receivable in never above 15 times your monthly charges. During practice analysis, you need to see whether you are able to collect more AR. Measuring the number of days it takes for collecting payments is one common way of measuring AR in medical practices.
Reduce your Practice AR by following these simple steps
The following strategies enable practices to manage outstanding AR balances effectively:
Shortening Review Cycles
o Frequent comprehensive AR Review helps effectively tackle your balances
Learn rules of engagement
o Upon filing clean claims, Medicare reimbursement may be expected within two weeks of claim receipt. Regardless of the payer, practices must be well aware of the filing rules and they need to initiate relevant procedures for consistently meeting those benchmarks
Engage with Payer Representatives
o It is essential to establish good relationships with payers- most of them have representatives who are helpful in resolving issues quickly – it is better to anticipate changes and proactively manage them rather than trying to tackle them after they hit the AR stream
Stringent Patient Account Policies must be in Place
o In today’s modern health care scenario, it is imperative that practices carry strict patient account collection policies – they ensure the financial stability and thus the very survival. Practices must know their patients and understand when it is essential to press for payment
Staff need to be trained to manage collection efficiently
o Training staff to make use of appropriate tools and technology and discuss payment options with patients will improve collection – online tools help estimate coverage and verify unmet deductible balances
Numinatrans has been relentlessly helping clients to shorten their AR days and boost profitability since several years. We have a team of expert billers and coders who will effortlessly bring your practice back on track.
We help you understand the dynamic nature of your AR; we help you gain control over your practice cash flow. Contact Numinatrans for effective revenue cycle management.