Do you have a high accounts receivable? Is your practice suffering as a result? If so, you are not alone. Thousands of practices experience revenue delays due to a high accounts receivable.
Below you will find three medical accounts receivable solutions that will help you eliminate many of your billing challenges.
Check Insurance Before Patient Arrives
If you have a new patient, verify they are eligible for treatment before they get to your office. Doing so will prevent delays in payment.
Once eligibility is confirmed, figure out how much they will owe based on their copay and deductible.
Notify the patient before their appointment so they will know what to expect.
Mail Invoices Once a Week
Most medical offices send out bills once a month. The problem with this approach, is that it disrupts cash flow.
A simple way to combat this is by increasing billing cycles. Bill patients once a week, and insurance companies twice a week.
The sooner the recipient receives the bill, the faster it will be paid.
Closely Examine All Claims
All claims should be examined for accuracy and completeness. When you have claim errors, you will have more accounts receivables.
Before submitting a claim, have your staff proofread it. If you need to, use a medical coding software to catch simple clerical and coding errors.
Need help dealing with your billing challenges? Contact GeBBS Healthcare Solutions. They offer medical accounts receivable solutions for every situation.