Are you giving diligent attention to your old accounts receivable? How good are you in estimating collection rates after filing of claims? Moreover, how well do you understand efficient accounts receivable management? Mostly, we tend to hear, ‘our accounts receivable collection rate is the lowest.’ To stop the intermittent flow, it is imperative to identify, analyze, and clean up accounts receivable every now and then, take out the trash, set the priorities right, fix what can be fixed and write off the rest.
It is often observed that a low collection rate is the most nagging problem with healthcare accounts receivable. It carries an immense threat to the profitability. In the US healthcare sector, a lack of dynamic and focused professionals gives rise to an acute crisis in accounts receivable clean up. The challenge has been compounded in the recent years, and if you are serious about achieving an optimum collection rate, a meticulous and methodical analysis of your accounts receivable becomes imperative.
In the healthcare segment, where rapid administration is desired, expert medical billers and coders are required to cope with the constantly changing metrics as set by Payer entities. A comprehensive audit can save billions of dollars and the healthcare establishments will be free from mounting accounts receivable.
♦ To get a piece of the pie, a major way-out is to simplify and automate accounts receivable management that produces faster results. New smart automated technology has created new opportunities to foster cost-effective practices
♦ To increase the collection rate up to 97%, robust practice management is needed — to reduce denials, underpayments, and lost and ignored claims
♦ Accounts receivable clean-up forecasts future collections and detects ebbed accounts that cannot be reimbursed anymore. The automated system can illustrate an accurate picture of what amount can be reimbursed
♦ Accounts receivable clean-up produces lucid insights and categorize denials, based on their type – justification, enrollment, authorization, coverage, medical necessity—a proven practice that analyzes and minimizes denials, ultimately increasing the collection rate
Automation, in-depth analysis, and clean-up—help to ameliorate aging accounts receivable—to bring a sizeable clarity in the healthcare business. It’s high time Providers started paying more attention to this invaluable analytical service.