How to smartly drive optimized revenue from AR Recovery Services - 6 easy steps

Supportive financial policies and consistent cash flow are the symbols of a healthier and successful business. Is your medical practice struggling with aging A/R? Then you should read this guide to streamline ar recovery services. Many medical businesses face issues with medical account receivable collections and invoicing regardless of their size.

Those who fail to monitor the payment trend of individual payers and patients have trouble with finances more frequently. They should advance towards innovative solutions that can streamline medical account recovery services and drive optimized revenue. In these difficult times, effective account receivable management is more than ever.

Medical practitioners should focus on this key aspect to meet their revenue goals. Since the best-in-class medical practitioners are adopting effective measures to prevent and recover overdue accounts. You can optimize your organization's liquidity and ensure financial stability with advanced treasury cash management solutions, tailored to meet your business needs.

Looking for insights to maximize cash flow and optimize your company’s performance? Follow the 6 key steps to improve the productivity of your business with efficient ar recovery services. .

1. Faster Medical Billing Process:

The most important factor in the race of old account receivable recovery services is “time”. Timely submitted medical claims are the key to collect maximum payments and generate optimized revenue. Elevate the value of your medical business with efficient, faster and timely medical billing services. 

You can adopt innovative medical billing solutions i.e. using a cloud billing and coding software, outsourcing billing services or consulting with a medical billing expert. It will allow you to manage invoices, track expenses and access your finances in real-time. It’s a good practice to stay up to date with your revenue cycle management. It will also lessen down the burden of old ar recovery services from the shoulders of your administrative staff.

2. File Claims Electronically:

Make sure that you put accurate and current information into the claim submission cycle. It is essential to ensure that you are filing clean claims that will generate reimbursements in return. Moreover, electronic media would help you send invoices or billable claims ina timely manner. As I mentioned earlier, certainly, time is the king in this whole cycle.

Filing accurate claims in a timely manner would also avoid overdue medical account receivable collections. Effective management of receipts proofs of services, along with backup copies and supporting documents are essential to improve old ar recovery services.

Generally, payers ask for the proof of services delivered and other paperwork (i.e. insurance verification and pre-authorization etc.). Therefore, providers should hire a dedicated team of medical billing specialists that can provide the requested documents in a timely manner in these instances. Since documentation is an important testament to your operational capabilities.

Otherwise, if your practice lacks resources, time and space to hire a well-experienced management team for medical billing and account receivable recovery services then you should think about outsourcing options as well. A professional medical billing company can provide you advance billing solutions to streamline your account receivable system and file claims promptly. 

3. Manage Customer’s Engagement:

A medical practitioner should always keep in touch with their patients and listen to their queries, questions and concerns. This communication and collaboration would build a profound provider-patient relationship and elevate the customer-base. Any feedback, rejection or suggestion for improvement must be computerized and efficiently managed by a team of medical billers. Processing a customer’s feedback in minutes with an Enterprise Content Management (ECM) solution can help easily stay connected with your customers anytime and anywhere.

4. Adopt Automation:

Automation is the key to the success of your revenue cycle management. When you adopt IT solutions then you allow your administrative team to optimize your process and improve outstanding receivable collections. These solutions allow you to improve the key areas with accurate, efficient and real-time information flow. So no error will enter your system and cause no problem at all. These solutions help you identify, detect and track the history of late fees and unpaid invoices.

5. Adopt A Reliable AR Recovery Policy:

In order to drive successful results from your efforts in the AR recovery services, you should adopt a reliable AR policy. This strategy would help you tackle customer risk assessments, credit limit management and process control. The main step in the medical billing process is to claim follow-up. Providers should dedicate a number of resources to follow-up on all claims (paid and unpaid) aggressively. Yes aggressively! Because sometimes, some payers intentionally block or delay payments, hence the staff should deal with them rigorously and leave no dollar uncollected on the table. To avoid cash flow fluctuation, a distinction must be made between those who can pay and those who cause trouble during the times of reimbursements.

6. Analyze Accounts Receivable Performance:

It’s often been said that you can’t manage what you can’t measure. In ar recovery services, generating and tracking KPIs with daily and permanent-based monitoring is important to predict the growth index of your medical practice. Automating your manual accounts receivable processes will uncover your company’s inefficient practices and as a result, maximize revenue generation and sustain its value over time. Additionally, implementing effective ar reconciliation processes can ensure that all outstanding balances are accounted for and that your financial operations remain accurate and efficient.

Conclusion:

Stay consistent with your payment collection management and adopt innovative solutions to drive better results. In order to streamline account receivable recovery management, providers should keep dedicated resources and equipment who can consistently follow up on payment methods. Providers should equip themselves with automatic solutions and consult with subject-matter experts to spearhead their business’ growth and success.

Need to consult with a medical account receivable recovery expert?  Medcare MSO provides all-inclusive ar recovery services for every specialty practitioner to make your bottom line healthier. Visit here https://medcaremso.com/ar-recovery-services/ to request a free demo of reliable, efficient and secure account receivable recovery services.