As the costs of healthcare are rising abruptly and rapidly, eliminating the risks of aged accounts receivable bucket has become necessary. The perplexities in regulations and coding guidelines are demanding a specialized skillset for healthcare billing and coding. Amplifying your hospital accounts receivable can be a significant challenge without a team of expert professionals.

In order to provide patient care and cover expenses, it is important that payments are not lost, delayed or denied. You can overcome the challenges of medical billing with a highly trained staff. However, training and educating your in-house staff can increase the overhead expenses while reducing the time spent in patient care.

With further reading, you can learn about the top 5 strategies to improve your hospital AR to manage the financial health of your practice.

5 Suggestions to Improve Hospital Accounts Receivable

  1. Automate AR: In its most basic form, automated AR simulates the repetitive, tedious tasks to help collect money that customers owe to that healthcare facility. With the integration of technology within hospital accounts receivable you can expedite many time-consuming tasks such as sending invoices and payment reminders. This helps your staff to invest more time in patient care and ensures nothing falls through the cracks when it comes to billing and payment collections.
  2. Accurate and updated documentation: When it comes to hospital AR, accurate and updated data of patient plays a significant role. If your system has incorrect or outdated patient information, your claim might get denied and you might also face issues like delayed or lost payments.
  3. Streamline claim submission and denial management: The process of claim submission and denial management is a complex one. However, with the implementation of electronic claim submission, you can accelerate the overall process. Furthermore, you can leverage the benefit of data analytics, to gain insights of the claim denial patterns.
  4. Administer predictive analytics: In the era of technological advancement, you cannot deny the significance of proactive analytics and reporting tools. Through the key performance indicators, you can track the performance of your revenue cycle system. Furthermore, technologies like data mining help you analyze the large data set to understand the market situation and uncover the areas of improvement.
  5. Productive patient communication: According to American Medical Association a provider has several opportunities to educate their patients about the financial policies and responsibilities. At each point of process, you need to ensure that the patient understands the payment policies, methods and outstanding balances. This has the potential to reduce the hospital AR days.

 

Hospital accounts receivable is a significant aspect of medical billing. However, with a skilled staff shortage, you cannot always pay attention to the same. As a result, you will face issues like claim denials, payment delays or payment loss. This eventually leads to poor financial growth and disrupts the quality of your practice.

Specialized skills are necessary when it comes to effective AR collections. Otherwise, your practice will face several disruptions. On the other hand, hiring an in-house AR expert will increase your practice expenses. In this situation, outsourcing the services is the best option.

An outsourced revenue cycle management, like Sunknowledge Services Inc, can provide you with a robust hospital accounts receivable management. For more than a decade, the company has been working with the payers and providers with great reference.

The team of dedicated employees provide you with tailored services in medical billing and coding with their detailed knowledge and expertise. You can resurrect your aged accounts receivable by joining a discussion with the expert team over a call. When it comes to financial growth and quality patient services you must opt for a reliable partner.