6 Smart Tips to Improve Your Account Receivable Management Services

Juliet D'cruz

Updated on:

6 Smart Tips to Improve Your Account Receivable Management Services

Organized and effective account receivable management is critical to drive faster service reimbursements and improve revenue generation prospects for hospitals. Authorities must make it a continuous practice to review and improvise accounts receivable management services. This will aid in flagging and weeding out any process inefficiency that could take a toll on revenue generation. Process inefficiencies if overlooked results in ageing account receivable which ultimately bleeds a hospital’s revenue. On this note, here are 4 tips to optimize and improve account receivable management services:

Running Account Receivable Reports

Account receivable reports should be run monthly to stay on top of account receivable trends. Executives should select the date when services were provided rather than the billing date to run these reports. This helps to flag billing issues. Including ageing account receivable aids in tracking and eventually settling older bills. 

Proper Insurance Eligibility Verification

Verification of insurance coverage should be done both for new as well as returning patients. It is because there are chances that a returning patient has updated their coverage plan. This makes significant difference during the billing process. Executives must verify details like insurance coverage date, determine if it is a co-pay amount, if a deductible amount how much of it has been paid off, and others.

Review Write-offs

Hospitals must do a continuous review of any write-off before processing it further. Review should be done considering the total bill amount and medical procedure on which the write off requires an approval. All alternative payments must be explored thoroughly before approving the write off of an unpaid balance.

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Increasing Billing Cycles

Lesser the frequency of mailing bills, lesser will be the frequency of cash flow. Hospitals must make it a practice to send medical bills at least once in a week and insurance invoices twice in a week. This increases the chances of the correct person receiving the bill on time and process it for reimbursement.

Follow up with Submitted Claims

Hospitals should be continuously in touch with insurers after submitting a claim instead of waiting for an acknowledgement from the latter. This will aid in taking timely actions such as resubmitting claims. This reduces the chances of reimbursement delay to a significant extent. However, it is important to probe into why the initially submitted claim was not received to avoid repetition of the incident.

Patients Outreach

Hospital authorities can address letters to patients seeking their help to resolve a disputed claim. The letter should cover details which are insurers delaying payments, benefits coordination, patient demographic related data required by insurers, and the reason of claim denial. The patient should be made aware of the efforts taken by hospital authorities to get the claim reimbursed. This is essential to build patients’ trust and their eagerness to respond and help with the claim settlement.

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Account receivable management services entail much more detailed administrative tasks that require considerable focus and expertise. To expect a medical staff to devote that much focus on backend office jobs will take away their focus on their core responsibilities. This is detrimental for both medical care quality as well as administrative task efficiency. This will prompt medical enterprises to gravitate towards third-party account receivable management service providers to bank on their dedicated resources with account receivable domain expertise.

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