How a Provider Benefits from a Free Accounts Receivable Analysis

August 09,2016 / By Josh Knoll

Josh Knoll

Every year, healthcare regulations are changing that have a serious impact on the financial outcome for a provider. Practices annually spend enormous amounts of time, along with a huge amount of finances that becomes a torment for their regular business activities. One of the challenges that every practice faces is ensuring a smooth & hassle-free accounts receivable process that can help them secure financial returns in the best possible manner.

In-house billing departments of a provider, for instance an Urgent Care Center or the Emergency Department of a hospital, in most cases, do not have the right resources in place to implement the best practices needed for a steady & consistent return.

Today, we find a lot of vendor s in the Revenue Cycle Management space who are looking to provide services that are designed to help providers focus on their core competencies. Also, they look to innovate with their practices & A/R follow-ups with a comprehensive understanding of the healthcare insurer’s claims adjudication process.

~ However, many practices are still quite skeptical about outsourcing their billing priorities to a third party vendor. One of the primary reasons behind it is an incomplete understanding of the value proposition that is served by an outsourcing partner.

~ Very often, Providers are not aware of faults in their existing processes. They also seem to lack a proper understanding of their pain areas that need to be addressed immediately to generate better financial outcome.

~ A free accounts receivable audit will help a provider understand the gaps in their processes, as well as how much money they can usually garner if they are able to fix certain aspects of their billing, coding and claims submission.

~ It will help them realize the breach in communication that usually happens with poor accounts management methods. A specialized outsourcing vendor has a disciplined adherence to the very critical ‘appeals timely filing limit’ with aging accounts. They ensure that the denial management metrics of a provider are met in due course with the regulative guidelines of a healthcare insurance company.

The specialized skill-set will help them realize how they can mentor a provider’s process with 100% HIPAA compliance. The report will also help a provider introspect the need to outsource for focusing on their care management solutions in a better manner. In the end, it can be safely concluded that an RCM company raises the bar with a free accounts receivable analysis for better client relationship management.

 

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