Revenue Cycle Strategies for Managing Patient Accounts Receivable
A Guide to Accounts Receivable (A/R)
The healthcare practice’s Accounts Receivable (A/R) encompasses various complexities and subtleties. The A/R process is continually evolving, presenting numerous challenges. Although A/R challenges may not solely determine success, improving A/R turnaround time can have a significant impact. Based on an MGMA Stat poll, 56% of medical groups reported an increase in their A/R time in 2022.
The key challenges faced by respondents in handling collections and A/R days included:
- Difficulties in billing and collections.
- Escalation in prior authorizations.
- Heightened demands for documentation, coding, or review notes.
- Additional time required to understand the Electronic Health Record (EHR).
- Issues related to credentialing.
Effectively navigating through these A/R challenges and finding viable solutions can revolutionize your medical practice. With the guidance of Greenway Health, let’s explore strategies involving workflows, patient education, patient costs, and financial policy. By integrating these elements cohesively, we can establish a science of best practices in A/R management.
Strategies for Mastering Workflows
Healthcare providers in the front office play a crucial role in the overall efficiency of a healthcare group, and it is essential for them to thoroughly assess their workflows before patients’ arrival. They must ask themselves: Have we thoroughly analyzed our front office workflows? The front office staff serves as the voice and face of the practice, making patient interactions a critical part of the overall patient experience. Their efficiency impacts all operations within the healthcare group, making them vital ambassadors for the practice’s success.
According to a recent survey by the American Society for Quality (ASQ), 78% of healthcare quality experts believe that improved clinical workflow and efficiency are key factors in enhancing health information technology quality.
The accuracy of information, ranging from insurance details to demographics, begins with the front desk check-in process. Front office workers should collect communication updates, policyholder information, policy IDs, preferred communication methods, and patient portal access details during check-in. For existing patients, the front-office staff must verify primary, secondary, and tertiary insurance information, inquire about coordination of benefits, and ensure that the patient’s demographic information is accurately entered for insurance claims. By collecting outstanding bills at the front desk before the patient sees the physician, a strong and trusting start is established for both the patient and the healthcare provider.
About Allzone management services:
Allzone Management Services is a leading Outsourcing medical billing and Outsourcing medical coding company that provides a wide range of services to healthcare providers. Allzone Management Services is committed to providing high-quality, accurate, and timely medical billing services to its clients. The company has a team of experienced and certified medical billers and coders who are familiar with the latest coding guidelines and regulations. Allzone Management Services also uses state-of-the-art technology to ensure that its clients’ claims are processed quickly and efficiently.
In addition to its medical billing and coding services, Allzone Management Services also offers a variety of other services that can help healthcare providers improve their revenue. If you are a healthcare provider looking for a reliable and experienced medical billing and coding company, Allzone Management Services is a great option. The Revenue cycle management company offers a wide range of services that can help you improve your revenue and maximize your reimbursements.
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