Your responsibility as a healthcare provider is to care for patients and make sure that they get well or manage the symptoms of their illness to keep them comfortable. However, being one means earning some profit, too. It may sound simple, but it can be a complicated process that will involve proper account receivable management. Not every physician or healthcare provider is an expert at this, but there are practices that you can consider making sure that patients pay their dues and that insurance companies can deliver the compensation on time. Here are some of the three best practices in healthcare accounts receivable management:
- Outsourcing the service – If you are running a clinic or a hospital, you may want to consider outsourcing your account receivable management team to a Medical billing company company that specializes in it. The service provider will ensure that an accounts receivable management team will address the difficulties in your cash flow. Consider a company that can operate as an aspect of your medical billing team, so you can save time and recover the funds that your patients or the insurance company owes to you as quickly as possible, accelerate cash flows, and reduce accounts receivable days.
- Insurance follow up – Medical billing companies and healthcare companies often experience losses due to the inability to follow-up on insurance companies regarding insurance claims. Reliable account receivable management services will ensure that claims are paid on time. A dedicate team will aggressively follow-up with insurance companies and keep in touch with them to ensure the quick and smooth settlement of claims. Aging accounts receivables will be constantly monitored, too.
- Clean-up – Good account receivable management involves the clean-up of old accounts receivables, especially if your business has been around for years. Unresolved accounts and backlogs can be resolved using better strategies that will suit your business, so you can minimize bad debts and maximize accounts receivable collections.