Speak to the experts if the answer is “NO”
Accounts Receivable (A/R) – does that give your DME Revenue Cycle Management service nightmares when you think about it? Does the long DME billing cycle act as a barrier to that regular cash flow that you wait? How can you stay in control of your cash flow and intelligently forecast the 30, 60 and 90 days AR cycles?
For A/R to be streamlined certain planning and measures need to be in place, such as:
• Billing the right DME services using the appropriate codes and modifiers
• Reviewing updates on insurance policies & patient’s coverage
• Stringent documentation of process and implementation
• Checking in the receivable transactions
• Maintenance of receivable ledgers
• Preparing and delivering statements & reports as per audit requirements
• Data security to ensure complete privacy
If the above is streamlined and going as scheduled then what is visible is
• Reduction of denial rates
• Reduction of AR days
• Improved productivity
• Considerable reduction in operational costs and overheads
• Consistent communication with your customer base
Here are some of the queries you need to ask yourself if things are not going as planned against the above backdrop of the DME billing cycle.
How is the revenue being billed versus collected?
Is revenue being held back for long days because of pending documents?
Do you have long outstanding A/R collections?
If such is the case then you should be seeking ways to put things right before the New Year 2017 begins and the new political reforms set in. This is the time when expert help should be sought to streamline your A/R collection so that with the New Year you can look forward to a more profitable DME services RCM process!