Dipan Nandi: How to Enhance your Hospital Accounts Receivable Management
Running a medical practice is a challenging job. And accounts receivables creeping past 60, 90 or even 120 days is a huge stress. In fact, with the rising healthcare cost and wages of billers and coders, many healthcare and hospitals etc are struggling to not only maintain a proper patient care but also managing seamless billing operations while sustaining proper accounts receivable management.
So, if your hospital too is struggling with the same and fighting for every dollar, it’s time to look for a better convenient solution like outsourcing; as it is the best way to stay ahead of potential revenue challenges and manage all your billing complications and hospital accounts receivable seamlessly.
Benefits of outsourcing your hospital Accounts Receivable:
A hospital accounts receivable (A/ R) indicates how many payments have not yet been collected. An average time you should spend in A/R should be about 30-40 days and even less and it is only possible when you have experienced an expert handling your hospital accounts receivable management.
outsourcing RCM not only helps your hospital as they do a better job of following up on claims, managing timely claims submission, maintaining strict checks and balances which reduces the rate of billing and coding errors and hence days in your hospital AR but also ensure a faster reimbursement rate.
In fact, identifying all the inefficiencies in your processes that need to be addressed, outsourcing RCM further helps in reducing your additional operational cost as well by eliminating your training session of billers and coders, employee perks etc. While tracking this KPI closely there are operational extensions that further ensure no write-off without the client's consent. Ensuring a customized reporting and complete operational transparency, the RCM solution further tracks KPIs, identifying and resolve problem areas in your practice that are holding back your growth and revenue.
Dipak Nandi, the M. D and recipient of several entrepreneurial awards and a proud member of the prestigious AIIMS alumni and a board certified psychiatrist, who is also a pioneer in the field of healthcare outsourcing and telehealth solutions observed, a good hospital accounts receivable management is the key towards a successful and healthy healthcare practice