How to Manage Your Hospital Accounts Receivable

When one of the largest integrated healthcare systems announcements that their incorrect accounts receivable (AR) valuation methodologies have led to a $92 million accounting error in Illinois, it not only shocked many healthcare providers but made them worried.

Hospital account receivable has always been a complicated area mainly not for it’s frequently changing payment models and regulatory reforms but also for its increases in the use of high-deductible health plans (HDHPs) etc; creating problems for many in-house staffs who are working on the hospital account receivable process.

Moreover, it often becomes difficult for in-house billers to continuously keep track of the changing regulation, which is why today most of the healthcare practices find outsourcing their hospital account receivable as a better solution.

How outsourcing hospital account receivable help?

Outsourcing organization reviewing and analyzing all your AR landscape not only works on the reason behind the hospital account receivable delays but also helps in rectifying it. In fact today there is RCM organization that not only helps healthcare practices with complicated account receivable process but also ensure faster reimbursements.

Reducing inaccurate contractual allowances as well as data, the outsourcing RCM organization furthermore keep up with the ever changing reimbursement and regulatory rules as well as current software like Brightree, Kareo, Futura, CPR +, DME works and many more for seamless billing process.

Moreover, outsourcing your hospital account receivable also reduces the over head cost, all the training cost billing software installation fee etc saving a lot of money for the practices.

Today there is RCM organization that in fact offers the hospital AR services as low as 1.99% of the collection. Helping your practice with 75% operational cost reduction and benefits like no cost dedicated account manager, highest collection rate, robust reporting according to the client’s protocol and even 100s of excellent client references.