Decrease aging accounts receivable and increase staff efficiency

1
(No Transcript)
2
Decrease aging accounts receivable and increase
staff efficiency
An increase in Account Receivable from one
period to another indicates that payments such as
copays (and increasingly, deductibles for those
patients with high-deductible health plans) are
not being collected upfront. It threatens the
cash flow of the practice. In growing healthcare
practice, it is necessary to keep track of claims
that are billed but to receive from payers
especially insurance accounts receivables. Today
cash at hand is very critical as margins have
tightened and the healthcare industry recovers
from the economic troubles brought on by the
COVID-19 pandemic.   In short, if your practice
wants more cash at hand then your AR days should
be minimum, and you need to understand the
benchmarking criteria for A/R aging which is
explained in the following brief. In this
article, you will understand how you can decrease
aging accounts receivable and increase staff
efficiency with the help of practice management
(PM) software. How to decrease aging accounts
receivable?
3
Decrease aging accounts receivable and increase
staff efficiency

• As you have already known that every healthcare
  practice needs to lower the days for A/R to
  improve financial health and proper AR management
  helps you in this. As said earlier, if you would
  like to know the financial health of the medical
  practice, then you should look for the results of
  the A/R aging report.
• The benchmarks are as follows
• 0 to 30 days or less indicates the good financial
  health
• 31 to 60 days indicates the average financial
  health
• 61 to 90 days or more indicates the poor
  financial health
•  
• However, PM software can offer various benefits,
  especially you can reduce aging accounts
  receivables as automation technology enables the
  creation of workflows for staff based on several
  factors such as date of service, cash collection
  opportunity, and denial code receivables.
  Moreover, various software packages and less
  intervention of manual A/R workflows are also
  important factors to reduce aging accounts
  receivable.

4
Decrease aging accounts receivable and increase
staff efficiency
Now, you have a glimpse of PM software for A/R
still, if you are struggling with aging accounts
receivable and your billing department cant keep
a track of it then it would be a great idea to
outsource your medical billing services to an
experienced medical billing company like us. We
use PM software to keep a check on your A/R and
whenever we encounter claim denials, our AR team
starts chasing the payers to understand the
reason for denial and re-submit claims with
corrected actions to get reimbursement faster and
our clients enjoy lesser AR aging buckets. If
you are struggling with aging accounts receivable
and your billing department cant keep a track of
it then it would be a great idea to outsource
medical billing services to an experienced
medical billing company like us. With the help of
practice management software is it easy to keep a
check on your AR as well as we take follow-ups of
denied claims for early reimbursement. Increase
staff efficiency
5
Decrease aging accounts receivable and increase
staff efficiency
PM software can bring significant improvement in
the areas that may be challenging for your staff
like the 31-to-60-day and 61-to-90-day aging
bucket. Part from that, your staff can identify
both high-value claims that will be worth the
time and resources to chase and low-cash
opportunity claims which are not worth spending
time on. This will save a lot of precious time of
your staff and improves overall productivity with
enhanced job satisfaction.   Moreover, most of
the employees are working from home due to the
covid-19 pandemic which leads to challenges of
remote working but with the help of PM software
practitioners can track productivity and assign
the direction of work for their staff as far as
insurance accounts receivable are
concerned. Finally, we conclude that automation
of the whole PM software needs a transformation,
and most healthcare organizations are hesitant to
adopt it. But it will be a boon for every
healthcare practitioners because apart from
reducing aging accounts receivable and improving
staff efficiency PM software is key in improving
the patient experience by offering them various
digital ways to pay medical bills online, access
clinical and financial information via patient
portals, and receive communications through email
or text.
6
Decrease aging accounts receivable and increase
staff efficiency
Finally, we conclude that automation of the
whole RCM needs a transformation and most
healthcare organizations are hesitant to adopt
it. You can get in touch with us to know more
about how we can help you to reduce your aging
account receivable.