- Quelin Billing LLC
Best Practices for Account Receivable Management in Healthcare
November 24, 2022
As the healthcare industry continues to evolve, so must how providers manage their account receivables. Accounts Receivable Management (ARM) is critical to the financial health of any healthcare organization, and several best practices should be followed to ensure its success.
Follow Up On Outstanding Account
If you’re like most healthcare organizations, you’re always looking for ways to improve your account receivable (AR) management. One way to do this is to follow up on outstanding accounts.
There are plenty of ways of doing this. You can contact the patient directly, either by phone or in person. You can also send a letter or email to the patient’s last known address.
If you have the patient’s current contact information, it’s best to try to reach out to them directly. This allows you to explain the situation and work out a payment plan if necessary.
If you have questions about the best follow-up on outstanding accounts, please don’t hesitate to contact Quelin Billing for assistance.
Maintain All The OP Communications
In a healthcare setting, it is crucial to maintain open communication with all care team members, including the account receivable (AR) department. Doing so can ensure everyone is on the same page and billing issues are promptly addressed.
1. Keep all communications clear and concise. This will help ensure clarity and communication is clear.
2. Make sure to document all correspondence. This way, you will have a record of what was discussed and agreed upon.
3. Follow up after each conversation to ensure that everything is understood and that action items are being completed in a timely manner.
4. If there are any problems or questions, do not hesitate to reach out to AR for assistance.
Detect The Denials Early
In the world of healthcare, denials are a common occurrence. But that doesn’t mean they must be accepted as part of doing business. You can save your practice time and money by being proactive and catching denials early.
When it comes to denials, there are some common red flags to watch out for. For example, if you notice a sudden decrease in payments from a particular insurance company, that could indicate that they are starting to deny claims.
Other times, denials may come from rejected claims or requests for more information. By catching denials early, you can take action to resolve them quickly and avoid any negative impact on your bottom line.
Run A/R Reports Regularly
If you manage accounts receivable (A/R) in a healthcare organization, you know that A/R can be challenging. It can be difficult to stay on top of everything and keep your A/R healthy. There are many things to keep track of, from patient insurance to payments.
Reports can give you a snapshot of where your A/R stands and help you identify any areas that need attention. Some reports you may want to run include the following:
- Aging report: This report shows how old each outstanding invoice is. It can help you prioritize which invoices to collect first.
- Insurance claim status report: This report shows the status of all insurance claims. It can help you follow up on unpaid claims and ensure that claims are being processed correctly.
- Denials report: This report shows all denied claims. Errors in the claim can cause denied claims, so reviewing this report carefully and taking corrective action as needed is essential.
Conclusion
These are some of the best practices for account receivable management in healthcare. By following these tips, you can help ensure that your hospital or clinic’s finances are in good shape and that you are getting the most out of your collections. Do you have any AR management needs? Let us know! Quelin Billing is here to help.
Share This :
Have Any Question?
Reach out to Quelin Billing for expert assistance in medical billing, coding, and practice management, tailored to your healthcare needs.
- 210-245-7698
- [email protected]
