Effective management of Accounts Receivable is one of the vital areas in medical practices and it consumes a lot of time. It is imperative either to devote quality time on this vital process or outsource the task to reliable third-party revenue cycle management service providers.
Significance of Accounts Receivable in Health Care Facilities
It proves tough and time-consuming to track down the old balances and denied claims. With shortage of resources, not all the practices will be able to spare the time and staff for handling this laborious, yet important task. As it is well-known that the chances of collecting balance payments shrinks with time, it is essential that practices make an all-out effort to avoid delays and denials in colleting payments for services provided.
This demands a focused effort toward achieving an efficient accounts receivable management process that helps maximize practice collections and thus lead to better cash flow. Improvement in collection naturally results in improved bottom line of the practices.
Accounts Receivable Management Best Practices
By following certain A R management best practices, it will be possible to achieve the expected level of payment collection in medical practices. A few of these have been mentioned below:
Timely and comprehensive statement generation: sending out accurate and timely statements to patients is the first step in efficient payment collection
Alternate payment channels: Patient-specific payment options will improve payment collection greatly
Skilled representatives for negotiation: By engaging personnel with high negotiation skills will help speed up the collection process
Regular Follow-up on Payment: Keeping track of pending payments and following up regularly is the best way to improve collection
Smooth Communication: Creating multi-faceted communication channels helps reach out to patients easily, thus resulting in improved payment
Numinatrans handles revenue cycle management of medical practices in an efficient and reliable manner. We have regular training programs that enable our billing and coding staff to be up-to-date.
Numinatrans specializes in providing accounts receivable management solutions to medical practices of all sizes and different specialties. Visit our website www.numinatrans.com for more details.
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
Why Numinatrans?
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.