Tag: Accounts Receivable
Billing: Become a billing warrior
March 27, 2017Ted Jones
A. Aggressive accounts receivable management is serious business and keeping your A/R clean requires setting a very high but attainable bar. Start with a standard of achieving less than 60-days collection, forcing your team to look at internal processes causing claims to exceed that. On average, clean claims are paid within the initial 30 days after the billed date; and secondary claims are paid within 30 to 60 days.Achieving this standard requires establishing internal processes that support the...
Receivables management: Stop the slow pay
October 22, 2015Keith Lilek
A. Slow payments by third-party payers can pose a serious threat to your cash flow and require intensive and costly staff resources for follow up. In light of all the recent changes to the stability of the healthcare industry, ensuring these claims are paid in a timely manner will improve cash flow, reduce staff follow-up and secure the financial success of your business.Consider thinking outside the box on your follow up. One easy method is to consider modifying your approach to include collection...
Receivables management: Offer choices, not credit
September 25, 2015Keith Lilek
A. Ensuring your patients come up with payments when their bills are due is becoming more difficult than ever before. With 76% of Americans living from paycheck to paycheck, and 62% of Americans unable to find even $500 to pay for an unexpected expense, it's little wonder that providers are not getting paid. Providers can reduce the number of patients going to collections with some careful considerations.Offer choices Offering a choice of payment can often make the difference between getting...
Audits take their toll on finances, according to poll
January 17, 2014Leah Hoenen
YARMOUTH, Maine - If you use accounts receivable (A/R) to paint a picture of the financial health of HME providers, what you see doesn't look very good, according to the results of the latest HME Newspoll.A majority of the 46 respondents to the poll—55%—said the portion of their A/R that is at least 60 days old was larger at the end of 2013 than it was at the end of 2012.“Audits and delay tactics by all payers are driving up our A/R beyond a reasonable level,” said one respondent.In...
Rein in your accounts receivable
March 3, 2010Liz Beaulieu, Editor
In a reimbursement environment where every penny counts, HME providers can't afford to let their accounts receivable (AR) get out of control. But they do. The good news: There are a number of fairly easy ways to rein it in, says Andrea Stark, a reimbursement consultant for Columbia, S.C.-based MiraVista.
Make sure AR reps are dedicated
The first thing on that list: Providers need to make sure AR associates are exactly that, AR associates.
"Many of the companies out there say, 'AR is my top priority,'"...