Common Challenges in Collecting Hospital Accounts Receivable
The changing dynamics in the healthcare industry with new customization & technology brilliance is well evident. It is also significant to note that there have been significant advancements in medical science that ask for needed alterations in the medical coding as well as billing process. Hospital accounts receivable is truly one of the complex services these days with in-house employees.
♦ The management of inpatient treatment with an effective realization of payment can become a hectic job for a hospital provider. Often, it is observed that employees of a hospital lose out on a patient-centric model & focus on receivables.
♦ While, it is true that unless accounts are managed in the right manner, the hospital can never benefit from a steady cash flow, yet finding the right balance is critical.
♦ To save your hospital from getting into an I.C.U itself, you must have proper planning & a clear strategic vision in eliminating errors in denial management so that insurance companies can provide reimbursement in a prompt manner.
♦ Today, there are a lot of RCM companies who are providing best in class services in Hospital accounts receivable that helps you get rid of the challenges & reduction of TAT in account recovery lifecycle.
They have automated processes in place & a complete understanding of insurance companies claims adjudication process. Their specialized skill-set helps in quick recovery of the accounts that are aging with time.
Some of the key elements to reducing challenges in hospital accounts receivable will be:
Process excellence: You must have robust process & platforms in place that will help in effective management of your accounts. You will also have to create a vision of managing the current as well as aging accounts in the order of priority. It will bring back the centralization with right checks & balances in your accounts receivable priorities.
Disciplined follow-up measures: It is true that you require a streamlined A/R team in place who will do a routine follow-up with a dedicated system in place. They will set their goals in alliance with your vision of account recovery & perform the needed tasks that will help in eliminating the gaps that have crept in the claims submission process.
Hire an outsourcing partner: The best possible manner to overcome challenges in hospital accounts receivable services will partner with an RCM company who specializes in receivables. They will have rapid automation process with dedicated resources that will bring back consistency in your recovery practices.