09 Nov Managing medical accounts receivables: Tips on how to streamline healthcare claims.
Employing effective strategies for account receivable management is crucial to running a healthcare facility. It’s not a choice anymore, instead has become a need for a smooth run of your organization. From standing chances, and denied claims to deductible health plans, accounts receivable have become complex to maintain. However, if everything is handled proficiently then managing accounts receivables can become effective.
You must study the AC department’s reports and ensure everything is done timely. Any mismanagement or loopholes should be removed, with new technologies put in place for an improved AR system.
Let’s have a look at the measures you can take to manage accounts receivables better.
- Efficient Follow-Up
It is essential to have a department solely dedicated to making follow-ups with insurance companies. They should keep in check all pending claims, and ensure effective and speedy follow-ups with the insurance providers.
- Claim Denials and Refiling
If your claims are being denied due to errors or lack of information, they should be corrected right away. Your department should be on top of things and claims should be refiled as soon as possible.
- Patients Follow-Ups
About 40% of medical healthcare providers are unable to collect the remaining balance from patients, which can cause a big loss. Medical organizations should keep a strict check on the patient’s outstanding balance. Strategies should be constructed to collect past dues and reminders should be sent out. If the patients don’t respond to invoices and reminders, the organization should reach out to professional collection services.
- Claim Submission
An effective way to manage accounts receivable is to maintain a fast recovery rate of at least 90%. This can be easily done if correct claims are submitted.
- State-of-the-art tools
Today, many medical providers use the latest technology and new software to manage account receivables. These tools will assist an organization to make efficient follow-ups and manage all receivables.
Managing accounts receivable is an essential part of providing healthcare effectively. It ensures you make revenue while caring for your patients. In this process, you might require some assistance which you could get from outsourced resources and professionals. However, it’s no denying accounts receivables are an important part of medical practice and should be taken seriously.