Outsourcing Accounts Receivable & Bettering Your Bottom Line
Cash flow is something that every business deals with daily, and those in the healthcare industry are no different. After working with insurance companies to collect their payments, collecting the rest from patients can be time-consuming and complicated.
By outsourcing your self-pay accounts receivable, you have an opportunity to extend your healthcare facility’s accounts receivable department, increase efficiency, and better your bottom line all at once.
Challenges for the Experts
There are many new challenges in today’s medical accounts receivable department that may cause delays or gaps in the payment cycle. As insurance regulations continue to change with the Affordable Care Act, patients may not know or understand the changes taking place to their own coverage, meaning they’re less likely to understand their own payment responsibilities. This is especially true for patients purchasing insurance through the federal marketplace and changing providers annually. It takes time and effort to educate these patients on their financial obligations—time and effort that may be best spent elsewhere for many A/R reps.
Seamless Software Integration
Patients don’t want or need to know that you are working with a partner, so it’s extremely important that the partnership be so seamless that the patient has no idea they’re speaking with someone outside of the hospital. Obviously, the software you utilize in your accounts receivable department is vital to keeping things straight. It’s also vital, then, that any revenue cycle partner you may choose to work with be able to adopt the same software—and have a high level of understanding with it. Through competent training, a thorough onboarding process, and intimate knowledge of software (like Epic or Meditech for example), a clean partnership can create an ideal and comfortable situation for your patients.
Monitor Benchmarks Closely
One of the benefits of outsourcing your accounts receivable department is the ability to monitor key benchmarks in your cash flow cycle more closely and further improve efficiency over time. Your revenue cycle partner will be able to tell you how many days an account has been unpaid, how much time elapses between the patient’s visit and their payment, and, in some cases, the percentage of bad debt in the cycle. This will, in turn, enable you to optimize work on the front end to streamline the process further.
By Outsourcing accounts receivable, you can streamline your operations, improve your patient’s experience with your healthcare facility, and increase your cash flow. If you’re looking for a partner who will fit seamlessly with your organization, contact us today.