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The ongoing COVID-19 pandemic is leaving its lingering marks on the financial health of the healthcare industry. And laboratory practices face uninterrupted cash flow due to the uncollected revenue. In these circumstances, healthcare providers should pay special attention to the optimization of ar recovery services.
No doubt the effective management of accounts receivable processes is not an easy task because it is a full-time job. And lab practitioners find it difficult to manage it along with their tight schedules.
As healthcare providers cannot neglect the importance of optimized old ar recovery services, they must adopt proactive strategies to improve to drive better results.. And the best solution to this problem is to hire reliable billing partners.
Sometimes, laboratory practitioners don’t believe in outsourcing and prefer to build an in-house ar recovery department. That increases their financial as well as an administrative burden. Lab technicians have to invest a lot of money in terms of operational costs. For instance, they need to spend a great amount on hiring and constant training of employees, office workspace, purchase and maintenance of advanced software, etc.
On the other hand, by outsourcing ar recovery services you get rid of all these excessive costs and burdens. Because off-shore experts have a state of the art infrastructure, needed to deal with the accounts receivables. Moreover, they allow you to truly concentrate on the core aspects of your laboratory business. Which increases the patient satisfaction level and you see an increased patient volume.
Is your lab practice facing excessively increasing medical accounts receivable collections? You should adopt the following solutions that can streamline your ar recovery process and enable you to drive optimized revenue.
1. Effective Lab Billing
The financial prosperity of a lab business mainly depends on the effective billing process. This includes error-free patient’s registration, verification of insurance eligibility, accurate medical coding, clean submission of medical claims, and complete follow-up.
Therefore, lab billers should adopt innovative medical accounts receivable solutions for faster billing. They can use cloud-based billing software, outsource billing services, or consult with well-experienced experts.
It’s pertinent to mention here that the billing partners help you to maximize the accounts receivable collections. That ultimately streamlines the cash flow of your business. They also lessen down the burden of your administrative staff.
2. Adopt Automation
Technology cannot be compromised at any cost. Because IT solutions help your administrative team to identify and track the history of unpaid voices and uncollected payments. With the help of advanced technology, they can improve the key areas with accurate information flow. Hence, by minimizing human interference, lab practitioners witness optimized and improved ar recovery services.
3. File Claims Electronically
The maximum reimbursements are only possible through the timely filing of error-free claims. And the emergence of electronic claims submission helps lab practitioners to get paid promptly. Because the transmission of claims electronically to payer increases the reimbursements and streamlines the cash flow of lab practice.
If you are still using outdated methods to submit medical claims, you should shift your attitude towards electronic methods promptly. Because it not only minimizes the errors but also saves time for the medical accounts receivable service providers.
In addition to this, you will enjoy the following benefits.
- Minimum obstructions in cash flow: The electronic submission of claims minimizes human errors and increases the payment collections. That helps to maintain consistency in the cash flow and to improve the ar recovery services.
- Track claim status. This is the most important benefit of electronic submission offers. Because the role of lab billers doesn’t end with the submission of claims. They have to track and monitor each claim until the health provider gets paid. So when you submit a claim electronically you can easily track that claim at any time.
- Eliminates paper documentation: Paper documentation of medical records is a complex and time-consuming task. And it always leaves room for errors. But electronic claims submission eliminates the manual and traditional methods of data compilation, processing, preparation, and submission of claims. In short, this process helps lab technicians in helping to streamline their billing procedures. So while keeping in mind all these benefits, medical accounts receivable experts encourage the trend to file medical claims electronically.
4. Establish a Proactive Collections Process:
Make sure that you have a clear and standardized payment policy. That describes a set of consequences for not paying. If your patients face consequences for not paying or late payments, they will ultimately become more responsible, and paying their bills will become a priority for them.
Moreover, you should offer flexible payment options. You can adapt the methods that make it easier for patients to pay their dues in a timely manner.
5. Regular Follow Up
Follow up is considered as a key to healthy revenue cycle management. Because through appropriate and timely monitoring of the whole process you can easily detect the errors and prevent major loss in terms of revenue. So accounts receivable experts must establish a specific schedule for monitoring and assessing the state of your accounts receivable.
Are you facing difficulties in the collection of your hard-earned revenue? Then look no further. Laboratory billings is a top-tier laboratory billing company in the United States. Which provides extensive ar recovery services to optimize the revenue cycle of your laboratory practice.
You may also like: How To Hire A Medical Billing Company?
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