Does your practice have improper cash flow, because of poor account receivable management? This is a normal with practices, the account receivable problems impact on overall practice revenue that result in less collections. Experts in accounts receivable management can transform your practice revenue from negative to positive.
Nowadays, patients are taking more financial responsibility for their care and providers will have to change the way they collect payments. Healthcare industry is focusing towards a more patient centric model of care and providers will also have to change how they approach for medical billing to provide sufficient care. Providers can enhance account receivable process to grow more.
During era of COVID where patients have high co-pays and deductibles, patient payments continue to grow, its impacting total revenue of provider’s payments. Effective payment collections are more important to the financial stability of provider’s practice.
Common Problems with Accounts Receivable
Denial of Insurance Claims
One of the most common and predictable accounts receivables problem is denied insurance claims. According to survey conducted by the U.S. Government Accountability Office, states that practices can lost about 10% potential profits, if their denial management is not proper.
We can help you to review each and every claim form prior to submission so that it can meet the rules and guidelines. This way we can reduce most of the denials. We can also keep the follow up on denied claims. We investigate the denied claims and do the corrections in claims and resubmit them to that you can get your deserved amount.
Write-offs
Many times, accounts receivable team do not maintain those payments that are less in amount. This ultimately impact on the balance sheet of the practices. Because there might be some patients who wanted to pay the amount in instalments.
Our team is expert in approving and reviewing each and everything before any write-offs, whether the payment is more or less, each and everything we maintain in the reports. We assure you that your practice will increase overall cash flow.
Payments at the time of service
According to American Medical Association, as a provider he has many opportunities to educate their patients about financial policies and their responsibility, so that providers can reduce their accounts receivables in some extent. At every step of education provider need to mention outstanding balance.
Correct Accounts Receivables Procedure Selection
Every practice differs from each other and so are their methods of working styles of collecting payments. As a provider your focus should be on treating patients and providing them better services, so you must setup process or select a right procedure for Accounts Receivables. We can help you to decide which collection method will suit your unique practice.
The healthcare industry is complex in nature and managing multiple tasks is not easy. So, you must consider outsourcing your accounts receivables to experts like Medisys Data Solutions.
