An accounts receivable system has one major goal in mind: to collect money as quickly as possible. Billing clients means nothing if you can’t recover the money which is why an accounts receivable department exists in the first place. These employees track money that is due but has not yet been received. In order to ensure that the appropriate amount is paid to the healthcare provider, the staff must engage in some very careful tracking. The most efficient medical accounts receivable solutions include some key components that support the process.
Contract Negotiation Abilities
All healthcare providers have contracts in place with managed care organizations. In fact, these organizations make up a significant portion of a provider’s revenue. Yet, in order to make the effort worth it, you need to have solid contracts in place that adequately compensate you. What this all comes down to is having the right negotiators to get the job done. This negotiation team needs specialized knowledge of the healthcare industry to have an advantage. In some cases, it can even help to hire consulting agencies in Culver City to provide additional information. A thorough grasp of the market is necessary to be effective.
Patients’ Rights Issues
It’s no secret that healthcare is a highly regulated industry. One important area of regulation concerns patient rights. In fact, the federal government is heavily involved in this matter. To comply with the requirements, your medical accounts receivable system must provide detailed patient information, informed consent options, and confidentiality. You will also need to set up a system for complaints and appeals. All medical accounts receivable systems should take note of patient rights. This area intertwines with revenue management more than you think.
Charge capture is a key part of revenue management. It is very important to match the correct codes to the services rendered. Each department within the facility must maintain a high standard of coding, this includes ambulatory services, primary care, and any other services offered in Culver City, CA. Quick and accurate coding supports the billing process. In the end, it helps generate revenue a lot faster due to a lack of errors.
A Review of the Medical Accounts Receivable Process
As you can see, many things affect the accounts receivable procedure. It is not just about creating bills and seeking payment. The most effective medical accounts receivable solutions require taking a holistic approach. Visit GeBBS Healthcare Solutions for more information.