Improving Accounts Receivable with Automation

More Americans are covered by high deductible health care plans than ever before, with the total crossing over 40%, this now means that the weight of responsibility for payment now rests on the shoulders of your patients which can sometimes prove unreliable. Is your Accounts Receivable department armed with the tools they need to be effective in this new landscape?

Billing offices and practices can save an average of $3.60 per eligibility check and benefits verification by switching to an automated system.

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With only so many hours in the day, it makes sense that you find yourself lacking the time you need to track down the reimbursements that are rightfully yours. Is your staff struggling to manage the claims coming in or have denials taken over the back end of your practice? Today we want to look at how you can help shore up your billing cycle.

Manage your secondary payers. Medicare secondary payer (MSP) claims can often times be cumbersome and exasperating to bill, but when it improves your bottom line, you’re much better off implementing a system to track and bill those claims rather than writing them off.

Whether you choose to use the CMS billing tool or invest in a revenue cycle management system to help you collect on those claims you’ll be surprised by the added revenue it brings to your practice. Employing an automated system ensures that all insurance streams have been verified and are being billed appropriately.

Get to the bottom of denials.
If you’re not able to identify the root causes of your denials, you will need to accept that your practice will have a higher percentage of write offs every year. Falling into complacency is an easy trap, especially when denied claims take up valuable time and resources. In order to see the big picture, you need to treat every denied claim as an indication of a larger problem. If you begin to see a pattern in your denials, preform a complete audit of your billing procedures to get t to the bottom of why your denials are happening.

Set expectations.
First, set the expectations with your staff. It’s likely that your staff doesn’t fully understand the implications of their actions on the front end of your system. Incorrect demographics, insurance, or payment information can lead to denials and returned bills, causing more work for your Accounts Receivable personnel. It’s critical to establish best practices for your team to ensure they understand how to successfully perform their role within your practice. By employing an automated discovery tool, your patient’s data is cross referenced through multiple systems to obtain every revenue stream possible for your healthcare organization.

Secondly, set the expectation with your coder, biller or billing company. Most billing companies understand the need to get a clean claim through the system as quickly as possible, but if you have someone manually entering the forms and codes, human error comes into play and can be costly for your practice. Most billing companies are able to process claims the same day or within 24-48 hours of the office visit. By employing a revenue cycle partner, it ensures that you’re compliant with time-sensitive billing requirements and have the ability to follow up on denials and rejections under one dashboard. Working with a partner like ImaginePay and ImagineBilling can speed up your payment process by automating those mundane tasks and filling out forms for the many insurance companies your staff deals with every day. By employing these systems, it turns your office into one seamless, hardworking machine, that increases your bottom line and billing potential.

How are you currently submitting and cross checking your claims? Do you have a billing specialist entering codes and filling out your claims manually, or have you employed an automated system that bypasses any EDI delays? When your claims are submitted directly through a data entry system your claims process up to 2 days faster – it also allows errors to be identified upon submission, rather than waiting for a denial. Denials and resubmissions can add up to 14 days of additional time in AR, by having claims that are ready to process the first time you keep your AR days at a minimum and maintain a disciplined billing procedure.

Only 7% of CEO’s say that they have no intention of using an automated system in 2020, are you part of that minority? Automation ensures human error is kept at minimum and the days your claims spend in Accounts Receivable are kept at bay. Finding a trusted Revenue Cycle Management system that not only keeps on top of regulations but is at the forefront of automation technology is imperative when running an effective and efficient practice. If your claims are spending too long in AR or your denials are at a record high, get in touch with us today to see what ImagineBilling can do for your healthcare organization.

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