Solving the Biggest Pain Points in Revenue Cycle Management
The healthcare industry is facing an incredibly complex problem: How can accounts receivable professionals increase profitability while solving...
Advanced revenue cycle management software to make healthcare smarter
We help healthcare organizations capture more revenue, improve productivity and reduce costs
The one RCM solution with the optimal mix of workflow, insights, automation and expertise.
Stay connected. We love to share stories about our latest innovations and customer achievements.
Check out our job openings, and help us continue to find solutions and make healthcare better
3 min read
Adam Peck
:
Mar 13, 2023 1:06:29 PM
As healthcare costs continue to rise, it's more important than ever for healthcare providers to ensure they're getting paid for the services they provide.
But with insurance companies and patients alike dragging their feet on payment, improving your accounts receivable can be a significant challenge. Fortunately, there are several strategies you can implement to boost your bottom line and keep your practice financially healthy. From streamlining your billing process to offering payment plans, read on for our top tips on improving paid accounts receivable in healthcare.
Here are our top 5 tips on how to improve your accounts receivable in hospitals and healthcare:
In its most basic form, accounts receivable automation works exactly as it sounds: It's a way of automating repetitive, tedious tasks to help collect money that customers owe to the company. Automating accounts receivable is a game-changer for healthcare providers looking to streamline their billing process and improve their bottom line.
By leveraging technology, you can automate many time-consuming tasks associated with accounts receivable, such as sending invoices and payment reminders, reconciling payments, and tracking outstanding balances. This frees up your staff to focus on other important tasks and helps ensure that nothing falls through the cracks when it comes to billing and collections.
Ensuring accurate patient information is critical to automating accounts receivable in healthcare. After all, if your system has incorrect or outdated patient data, it can lead to billing errors, delays in payment, and even legal issues.
Verify patient information at every touchpoint: From the moment a patient schedules an appointment to the time they check out after their visit, make sure that their demographic and insurance information is up-to-date and accurate. Similarly, you’ll want to use electronic health records (EHRs): EHRs allow you to store patient data in a centralized location that can be easily accessed by staff across your organization. This helps ensure that everyone is working with the same, accurate information.
Then, be sure to implement data validation rules. When patients enter their data into online forms or portals, use data validation rules to check for errors or inconsistencies. For example, you might require patients to enter their date of birth in a specific format or validate insurance policy numbers against a database. Finally, regularly update your system. Ensure your practice management system is regularly updated with new patient information as it becomes available. Consider implementing automated processes for updating patient records based on changes from insurance companies or other sources.
Streamlining claims submissions and denials is another important aspect of automating accounts receivable in healthcare. The process of submitting claims and managing denials can be time-consuming and complex, but by leveraging technology, you can simplify the process and improve your revenue cycle management.
Electronic claims management is a great place to start. It is faster, more accurate, and less prone to errors than paper-based systems. An electronic system lets you submit claims to payers quickly and easily. Together with automated workflows, claim submissions can help ensure that all required information is included with each claim, reducing the risk of denials or delays in payment.
Then, by leveraging analytics tools, you can identify patterns in denied claims to address issues before they blow up positively. Denial management software can also help manage denials by tracking denied claims, flagging denial trends, and giving guidance on denied claims appeals.
Proactive analytics and reporting tools are essential for managing healthcare paid accounts receivable. By leveraging data and analytics, you can gain insights into your revenue cycle management processes and identify opportunities for improvement.
Some examples include:
Patients appreciate quick and convenient communication regarding their medical bills. Automated messaging systems allow patients to access their account information anytime through online portals or mobile apps. This gives them greater control over their finances while also helping them stay informed about their medical expenses.
Automating accounts receivable can help you save time, reduce errors, and improve cash flow by ensuring that payments are processed quickly and efficiently. If you want to take your healthcare practice to the next level, implementing an automated accounts receivable solution is definitely worth considering.
The healthcare industry is facing an incredibly complex problem: How can accounts receivable professionals increase profitability while solving...
As healthcare organizations continue to face financial challenges, revenue cycle management (RCM) automation has emerged as a critical solution for...
As healthcare costs continue to rise, it's more important than ever for healthcare providers to ensure they're getting paid for the services they...