A healthy cashflow is essential to maintain the functionality of a healthcare organization. However, reducing the hospital accounts receivable days and eliminating the gaps within revenue cycle are major concerns for the providers across the globe.
Along with the myriad of administrative responsibilities, cybersecurity has become a major concern for the providers considering the recent Change Healthcare cyberattack. This not only disrupted the administration all along but increased the revenue gaps as well. In this scenario, it is crucial to understand the strategic approach to revive the hospital AR to resume the functionality of the practice.
Key Strategies to Minimize Hospital Accounts Receivable Days
Unlocking financial stability is the major concern when it comes to functionality of the processes. You can consider the following strategies to enhance your healthcare AR.
- Implement data-driven approach: Accelerate your AR by leveraging the capabilities of enterprise data warehouse. Applying advanced technology to automate the overall AR process will reduce the days. While implementing automation of the process focus on a robust system along with effective security within the same.
- Denial management program: This is one of the most basic needs when it comes to minimizing AR days. You must ensure there is a robust claim denial management program within your organization to understand the claim denial reasons and loss revenue. Furthermore, you can consider analytics within the system to understand the patterns and rates of claim denials.
- Maintain AR reports: To enhance financial stability, you must opt for low AR days. A close tracking of the AR is required to analyze data regarding the issues. With the implementation of these reports examine things like- average AR cycles, aged accounts, collection rates and so on.
The Bottom Line
Evolving healthcare, regulatory landscape, cybersecurity threats are transforming the healthcare industry rapidly. Managing the hospital accounts receivable in this scenario with skyrocketing wages and labor shortage is a major concern for the providers. You are not alone who is facing the crumbling issue of revenue loss due to increased AR days. As per the market trends many providers are opting for outsourcing revenue cycle management. A team of professional medical billers and coders are better any day at handling the issues related to AR. They understand the regulation guidelines and claim submission norms, being dedicated only to administrative tasks.
Along with the knowledge, an outsourced team is focused on cybersecurity measures to maintain confidentiality and compliance with the regulations. As they work as an operational arm for you, your staff has more productivity in terms of patient care. Healthcare facilities cannot overlook the issues related to AR, they need to determine the gaps and take a strategic approach towards the same. To achieve maximum efficiency, you need to integrate the best practices. You can realize significant differences when you handover your administrative tasks to a reliable outsourced partner.
