Medical Accounts Receivable Healthcare

1. Late Payment

PROBLEM SOLUTION
Little knowledge or absence of adequate controls to identify reasons for late or short payment. Communication Channel: Use software that offers a portal allowing the exchange of information between customers and AR executives which will remove unnecessary roadblocks.
  1. Data Management:

 

PROBLEM SOLUTION
AR Managers acquire data from multiple sources such as banks, clients, and eCommerce sites. This in turn makes data availability and accuracy inefficient. Consolidation: Integrating all your systems such as EHR, Practice manager, and order-to-cash would allow all data to be centralized and in turn save time and avoid errors.

Medical Accounts Receivable Healthcare

  1. Time Management

 

PROBLEM SOLUTION
Time spent on resending invoices, calling customers, sifting emails or other manual tasks can be utilized elsewhere. Automation: Manual tasks such as sending invoices or informing customers should be automated, allowing more time for troubleshooting.

 

  1. Customer Management

 

PROBLEM SOLUTION
Operation-focused procedures lead to inefficient use of resources and create an intimidating environment resulting in a bad customer experience. Consumer-Centric Approach: Include attributes such as flexibility and convenience into the consumer experience. A self-serving, 24/7 portal allows customers to be in control.

 

  1. Payment management

 

PROBLEM SOLUTION
AR executives are not very welcoming to digital payment channels due to high processing fees. Payment Facilitator: Using an intermediary that speeds up the process and lowers cost by volume pricing and interchange optimization.

 

  1. Cash management

 

PROBLEM SOLUTION
AR teams have high acceptance of paper checks, these can take a long time to arrive and are difficult to reconcile with the customer’s account. Digitization: Transitioning to Digital Payments and using tools such as portal crawling and OCR to minimize human error and maximize productivity.