Your Account Receivable (AR) is heart of your practice pumping the necessary life into your practice. The volume of AR and its age could be telling a lot about your practice. An analysis of your Account Receivable (AR) could be the next step towards your future growth- the introspect is one factor you need to touch for a successful practice management. In your practice one thing that holds the most important factor-Account Receivable (AR). Is that you get paid for what you deliver and the quality of care.
Below are some lessons to take from the Account Receivable (AR) along with Solutions :
- Experiencing high delays
A Medicare usually reimburses the amount within two weeks of claim submission if the claim submitted is clean. If you see a further delay of Account Receivable (AR) and the EOBs from the payers are having a same response this might be a red signal for you.
Start by the first step a demographic entry of patient, is your front desk capable handing through the process, the further steps of reimbursement takes through charge capture, coding and payment posting.
One of your resource point is either working with lots of stress which is furthering the errors or some of your things aren’t working in sync.
Solution: – The total workload of reimbursement process can be distributed. A team of expert billers and coders working in sync can reduce your denials but for this you need to make the some decisions to alter your current billing cycle- either hire a team of medical billers and coders where they just provide you with account receivable or train your staff for to reduce errors.
- Front Desk or admin responsibilities of engaging representatives from payers
One of the finest ways that the gap is bridged between a payer and provider is through an ease of sending a right message at right time to the payer. This will not only further reduce your load but also provide you with simple aspect about the payer requirement. Many of the insurance companies have a local representative which will cater to the needs and complaints of doctors. In case of discord between payer and provider the representative can act as a bridge.
Solution: – Your front desk or admin could share the above responsibilities with a payer. A direct communication line is the most simplest form that would affect your AR but it’s effective with payers.
- Ignorant patient policies
Strict patient policies will have effect on provider account receivable and also channelize the account management efforts. A financial survival today depends upon the policies you create for payment.
Solution: – Implement a non-excuse policy for your practice a 15 day demand letter and then it goes towards a collection agent. It is always better to take a patients credit card on paper before you start the diagnoses and treatment. This will help you during the payment period to find solution even if the provider does find a solution through co-pay. Establish automatic payment policies that link to a credit card, checking account or debit card.
- Need of technological upgrade
Your practice might need a upgrade in terms of technology if you miss patient data or are having to manual pass the data. Using current tools and patient reports will allow medical practices to discuss financial obligation without further notice.
Solution: – All the above solution can be planned with proper training of software for your staff. It’s important that you determine which would be the best technology catering your practice asks advice from other staff members, this might also open up a further avenues for your growth.
Solutions for all the above:-
All the above solutions for a provider can be inculcated into single medical billing package. A medical billing solution provider will reduce the stress of your service without affecting your practice.
“A medical billing company will help in providing an end to end revenue management without affecting your practice. This will not only help you promote your service to patients but also keep the flow of account receivable smooth. The technological factor will be an easy step for you. The remote monitoring and easy access to your practices is the key for providers to flourish.” a physician turned medical operations manager Steve Johnson at medicalbillersandcoders.com (MBC). To know more about need of AR solutions click here : medicalbillersandcoders.com or call us on 888-357-3226.