A 2016 Guide for More Effective Accounts Receivable Management
- January 13, 2016
- Posted by: Thomas Anderson
- Category: Accounts Receivable
A New Year means a new resolution! Yes, the U.S. healthcare system will also be a part of New Year resolution too. Since, in past years, there were many surprising facts that raised brows in the U.S. healthcare system. The year, 2016, is believed to witness many innovations, increasing outsourcing services, and gearing up to make accounts receivable management stronger increasing the cash flow.
It is said that, the older the accounts receivable is, the harder and more costly it becomes to collect. Hereby, in 2016, is believed to determined that crucial steps should be taken improve and make accounts receivable more powerful than before.
To empower the practice of accounts receivables, outsourcing is increasingly becoming the best solution. The commanding practices include:
- The first step to improve accounts receivable is to analyze it in the beginning. Shrinking performance on the insurance side could also point out major errors
- Prioritizing insurance verification is the most important to be looked after
- It is imperative to grow the medical coding expertise to the core. Outsourcing medical coding will be leading towards effective accounts receivable. This will also allow physicians to deliver quality care
- The method of electronic remittance advice messages (ERAs) from insurance companies is needed for effective accounts receivable
Innovative measures to make accounts receivable more effective:
- Creating an automated list by the collection team would help to queue up information, which would help them to work faster
- An improved tracking system to track the denials, lost claims, and rejected claims will surely lift up the accounts receivable and it will ensure well-managed cash flow and work flow
- The experts should create a one-stop solution which will be a click-away to ensure smooth collections including eligibility and authorization verification too
- Analyzing denials and categorizing them is also a very imperative part to be taken care of
- Monitoring and checking the status of the claims electronically to avoid mistakes and to execute a follow-up on regular intervals.