Hospital accounts receivable is paramount in maintaining your practices financial health and operations. Reducing AR days and simplifying the financial components of your practice ensures streamlined workflow.
Recovering the hospital AR is a systematic approach that requires a diligent strategy and high proactiveness along with specialized skills and knowledge.
Hospital Accounts Receivable Approach
1. Timely claim submission: Since a denied claim can cost almost $25 for small practices and $117 for larger practices, accurate and timely claim submission is necessary for effective accounts receivable.
2. Consistent follow-up: Maintaining a regular track record of the accounts receivable can assist you in detecting possible revenue leaks and bad debt hazards. A comprehensive understanding of the revenue cycle management system can be gained by comparing changes in AR over time, using an appropriate balance sheet, and examining KPIs like aged debtors and collection rates.
3. Claim-denial management: Root cause of claim denials and denial rate identification is necessary to reduce the AR buckets in your practice. You must have a robust denial management system to reduce the revenue loss due to higher aging AR buckets.
4. Patient payment collections: Lack of accurate copay collections upfront can reduce your revenue by 20%. An effective patient payment collection process can enhance your revenue and reduce the risks of delayed reimbursements.
Take a Step Ahead
Delegating the specialized tasks of outsourcing hospital accounts receivable is a viable option when it comes to precise collections. It can alleviate the burden of administrative tasks on your staff while can drive the ROI of your practice. An expert team of medical billers and coders can understand the overall revenue cycle management process. The tedious task of accounts receivable can be handled by them with utmost precision and expertise. Along with that, accurate and timely claim submission, continuous follow-up for payment collections all you can get with an outsourced team. While handling a huge patient volume it’s not easy to streamline the coding and billing operations. However, with an outsourced team you can gain insight into the performance metrics of the hospital and can implement the industry's best comprehensive technology within your practice. Outsourcing is an effective strategic approach for your practice that can enhance the workflow and revenue of your practice in the long run.
