Claim denials, unwarranted write-offs, and substandard debts are often the main reasons why healthcare service providers experience high account receivables. In addition, sometimes, when the account receivable aging exceeds over 90 days, it is observed that claims don’t turn into revenue payments. All of which point towards the need to maintain top notch Accounts Receivable in revenue cycle management.
Recovery of revenue reimbursements or reducing Account Receivable backlogs will require an active management of the revenue cycle, looking into process inefficiencies, tracking claims, and optimizing administration.
Run Accounts Receivable reports and track the account receivables trends and fluctuations.
Keep a tab on aged receivables to track the older bills.
Send alerts, reminders, notices to patients with an outstanding balance.
Track claims with insurance companies and also follow up.
Examine claims thoroughly. Keep an eye on claims and look for their completeness and accuracy.
Maintain accurate customer data as it is an essential part of the account receivable process.
Improve the overall cash flow and the financial position of your practice by putting in place a system for Accounts Receivables tracking.