Five things that can affect your accounts receivable
Five things that can affect your accounts receivable
1. Methods of submitting claims. Electronic claims submission speeds up the process and allows you to collect money more quickly.
2. Coding. Are your physicians properly trained in coding or are they undercoding because they don’t understand the criteria or they fear being audited? A coding review takes a look at individual physicians, their charts and documentation, and identifies ways they might have coded differently.
3. Payer relations. How do you view your relationship with health plans. If you view the health plan as a partner rather than an adversary, it’s much easier to communicate, advises Dan Steck, director of the Medical Group Management Association (MGMA) Consulting Group. "If you’re always accusing them of underpaying, your payer representative is going to be less receptive." Steck suggests that your medical director meet with your payers and understand each plan’s utilization review and quality review process so your physicians can be educated.
4. Failure to collect copays upfront. If you don’t catch patient collections at the point of service, it may not be worth it to follow up, says Elizabeth Woodcock, MBA, FACMPE, an Atlanta-based consultant with the MGMA. "If the front office doesn’t catch the $10 copayment, it may cost you more to collect it," she says.
5. Discounted fees. Some groups have decided to offer discounted fees to self-pay patients. Instead, Steck advises to set up payment plans, which gives you an opportunity to collect charges, rather than discounting your fees.
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