Strategies to Improve Account Receivable Management

Strategies to Improve Account Receivable Management www.ecareindia.com

Introduction  Effective account receivable management strategies are a crucial part of running an effective healthcare practice.  An improving and streamlined account receivable process carries many advantages to the table.  It also impacts the overall medical billing operations.  By adopting an efficient strategy, dramatic improvements result in the account receivable process and provide exciting benefits for the business.  Let us discuss some of the strategies to improve account receivable management.

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Analyze Your Accounts Receivable (AR) In Detail

 Looking at a rapidly developing heap of accoun receivable will just put you on the road to succ  For that, we recommend analyzing your accou receivables.  During the analysis, first, you have to measure “days in AR” which means the average numbe required to collect the payments due to the pra  Also, you need to measure the aging bucket fo instance 0-30days, 31-60days, 61-90days, etc.  These factors help you to track progress with o bills.

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Prioritiz

 Prior insurance verification is one of the strongest indicators of AR.  Checking the patient’s insurance eligibility and coverage is the essential step in keeping up the financial growth of the medical practice.  There are various ways to verify eligibility, namely: on the payer site by utilizing software and third-party products to gather detailed information.  During the insurance eligibility verification following details are also checked.  Insurance coverage details like coverage date, in-network or out of network coverage Whether is it Co-pay amount  If it is Deductible amount and how much has been met up until now

Identify the Denial Reasons  To improve the billing collections, identify the most common reasons for claims denials.  Below listed are few possible reasons for claims getting denied:

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Incorrect information from the patients Charge Entry mistakes Registration data error Claims Duplications Pre-authorization errors Lack of medical necessity documentation Bundled or Non-covered Credentialing and documentation errors

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Outsource Account Receivable Management Medical billing outsourcing company provides end-to-end medical billing services for physicians.

They use the latest, technologies to optimize business performance.

Benefits of outsourcing the Account Receivable Management.  Identifies denied claims, unpaid claims, and low payments  Improves cash flow  Minimize accounts receivable days  Ensure error-free claims submission  An efficient follow-up to settle outstanding claims and dues  Reduce medical billing and coding errors  Processes medical claims faster  Improves billing collection rates  Saves operational cost

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