Are there consistent errors within your medical accounts receivable management processes that are restricting your organization’s cash flow? There are a few common problems that plague healthcare providers that can be avoided in a few simple steps.
Often references to the healthcare revenue cycle can be vague or over-broad, and as a result this critical element of an organization’s success can be oversimplified or misunderstood. The Healthcare Financial Management Association (HFMA) defines healthcare revenue cycle management as “all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” It is so much more than billing and patient collections – the process actually starts the moment a patient calls to schedule an appointment. Get a glossary of common terms associated with the revenue cycle here.
By the end of last year the United States spent nearly 50% more than the next-highest spender on health care, spending the equivalent of more than $9,000 per person per year. This cost crisis has led to several emerging trends across the industry. Healthcare organizations are making changes to nearly every aspect of their business in order to stay on top of rising costs and the higher demand for quality services.
After a long winter everyone can use a thorough spring cleaning. Refreshing your home or office, your car, and even your wardrobe can feel like making a fresh start, and leaves us feeling invigorated to take on the new season.
The same holds true for your practice's policies and procedures. As your processes become stale or outdated, your results can become stagnant. With so many rapid changes in coverage options in the industry, old payment and collections policies have quickly become ill-equipped for handling the rise in patient responsibility.
All healthcare organizations are seeing growth in their accounts receivables as a result of rising patient responsibility. Yet, many organizations continue to manage their growing receivables in the same way: adhering to a standard revenue cycle process without making adjustments to accommodate for the higher amounts. Receivables are an asset that should not be left to collect dust in a revenue cycle, but rather should be managed in a way that promotes the highest possible recovery.
AR Logix to Utilize LiveVox Call Center Solutions to Provide more Robust Compliance Capabilities
In response to ever-changing industry regulations and increasing compliance standards, AR Logix, Inc. has partnered with LiveVox, Inc., a leading provider of call center solutions. Our use of LiveVox’s technology will ensure that we maintain our strict quality standards while also effectively managing the evolving compliance requirements and restrictions in today’s healthcare and collections industries.