Optimizing and managing accounts receivables of your medical organization are not a choice any more but it is the need of the hour. Right from outstanding balances to denied claims to ineffective follow-ups to higher deductable health care plans, everything is making accounts receivable management more complicated. But, if all these processes are managed productively then accounts receivables can be management effectively.
Therefore, to ensure efficacious accounts receivable management your organization should know how your accounts receivable department doing?
For that you need to study the accounts receivable process timely and ensure a proper reporting of the process is done. Any loopholes or obsolete techniques or methodologies should be removed and new lucrative AR management mechanism should be introduced.
It is a must to form a department exclusively for the purpose of following-up with the insurance companies. The respective department should be asked to check the pending claims and ensure speedy and effective follow-ups with the insurance providers.
If claims are denied due to any error or pending information then the lacunas should be corrected then and there. Whether it’s missing information or any other error, all the pendency and errors should be removed and claims should be re-filled.
As per a research, 40% of the medical organizations fail to collect outstanding balance from patients, which cause them huge loss. Therefore, medical organization should keep a tab on patient’s outstanding balances. A strategy should be made to follow- up the outstanding and recurring reminders should be sent. Even after sending reminders if there is no response, medical organization should forward those accounts to collection.
Best way to get a better accounts receivable is to achieve and maintain first pass recovery rate (FPRR) of 90%. And, that could be done if correct claims are submitted at first place. This will give organization an edge to manage the accounts receivables effectively.
Today, the market is filled with hi-tech accounts receivables management software. These IT tools will help the organization to manage account receivables constructively, easily unfold the past dues and ensures proper follow-ups. All this makes the deployment of accounts receivable management software a lucrative decision for an organization.
Use these tips to streamline your accounts receivable services. In case you need any other assistance with regards to Accounts Receivable Services, don’t hesitate to contact MedBillingExperts. We are a leading accounts receivable outsourcing company that can assist you in streamlining the AR process by effectively monitoring it and managing as a whole, thereby increasing the collection of your medical organization. For more details you can get in touch with us and allow us to share our knowledge and mechanism of AR management.