How To Reduce Accounts Receivable (AR) Days In Healthcare?

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HOW TO REDUCE ACCOUNTS RECEIVABLE (AR) DAYS IN
HEALTHCARE?

• www.capminds.com

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Introduction

• Outstanding accounts receivable in healthcare are
  one of the most critical issues that the
  healthcare industry faces today.
• Organizations are often seeking the right answers
  to reduce their receivables for over 30 days and
  also the way to prevent them from happening in
  the first place.

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Tips To Reduce Your Account Receivable(AR) Days
Quickly
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Analyze Where You Are In Terms Of AR

• If you know your total accounts receivable and
  total charges for the last six months, you can
  easily compute your current DAR using
• Average Daily Charges (total charges for last 6
  months) (number of days in last 6 months)
• DAR (total accounts receivables) (Average
  Daily Charges)
• If the result is between 40 and 50, then your
  billing performances will be considered average.

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Invest In Technology To Reduce Your AR Days

• If a patient already knows that the estimates
  have been provided, they will be more likely to
  pay early.
• With the help of the medical billing and coding
  software, healthcare providers can also able to
  easily determine the status of different bills
  and payments.
• Healthcare providers get better results when
  their core EHR is integrated with the financial
  system.

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Provide More Options To Patients For Paying Their
Bills

• With the trained healthcare staff in the medical
  bill payment process, patients can find it easy
  to pay their bills.
• So, the healthcare staff plus 24/7 online payment
  options will help you to reduce your accounts
  receivable days
• The digital payment solution not only makes the
  bill payment process faster but is also
  considered to be more secure..

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Professionals To Collect Outstanding Accounts
Receivables

• Expert medical coding audit will devise a plan
  based on your healthcare business model as they
  have the right set of skills in carrying out such
  tasks.
• They can truly help you identify your possible
  point of failure and highlight your benefits.
• So outsourcing your accounts receivable is a
  viable option that may be considered, if needed.

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Key Steps To Reduce Your AR Days

• Defining a goal for your AR days is the initial
  step.
• Word towards the accurate documentation process
  for medical billing and coding cases to reduce
  your AR days.
• Make sure your billing experts clearly understand
  your expectations for clean claims.
• Set a proper goal of getting clean claims out
  within 48 hours of receipt of required
  documentation.
• Ensure you have a defined process for denial
  management and how it can be handled to minimize
  the time to pay.

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Conclusion

• As healthcare organizations are dealing with the
  ever-changing financial landscape, the medical
  billing and coding operation is one of the most
  important aspects of managing a healthcare
  business.
• Any healthcare organization can reduce their
  accounts receivable (AR) days by simply utilizing
  these above-mentioned tips.

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Contact CapMinds Today

• Are you in need of powerful resources to reduce
  your AR days cost-effectively?
• Outsourcing healthcare accounts receivable
  services to CapMinds can help the organization to
  effectively reduce AR days.
• At CapMinds, we follow-up your pending claims,
  find out the reason for denials, track
  outstanding receivable balances and provide
  periodic reports.

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• Read More About Medical Billing EHR
• _at_
• CapMinds Healthcare Blog

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CapMinds Medical Billing Services

• Contact us
• CapMinds Technologies
• 42240 Mason Ridge Ct, Brambleton, VA 20148
• 1 571.213.3245
• info_at_capminds.com
• https//www.capminds.com