Accounts receivable management shouldn’t be complicated. However, for many healthcare providers, it unfortunately is. Manual claims management is way more common than you might think, simply because it takes time to learn a new system and implement it. There are lots of other time-consuming processes that your staff may undertake on the regular as well. In this day and age, there are several ways you can automate your accounts receivable management to free up your time and expedite your cash flow. We’ve gathered 4 of them to share with you.
1. Find the right digital tools.
The first accounts receivable management software you try to use may not be the one for you, but we recommend checking out several and comparing their features and price points with your needs.
2. Invoice your customers digitally and on paper.
Automating your invoices makes tracking them a whole lot easier for you. Digitally invoicing them as well as sending paper ones (if they ask for them) will expedite the process tenfold. Sending payment requests to your patients as soon as the point of sale has passed may increase the speed of your recovery. Make sure each of your invoices has a clearly stated due date and that you send kind reminders and late alerts when the due date is approaching and after it passes as necessary.
3. Track all of your payments.
Who has already made payments? Track those accounts. Who has payment deadlines approaching? Track those accounts. Who has paid in full? Track those accounts. Making sure you know who is currently paying you, who is late to pay you, and who has already paid you makes your life so much simpler when it comes to accounts receivable management. Whatever automation tool you use should definitely have a robust system in place to track all of your payments.
4. Outsource your collections.
While tracking and keeping an eye on your collections is important, outsourcing them to a healthcare collections agency may elevate your customer service to the next level and do wonders for your recovery rate. Especially if your practice is small or simply doesn’t have the trained staff to collect with empathy and stay on top of accounts receivable management, working with a healthcare collections agency is a great way to automate your accounts receivable management.
Frost-Arnett is an experienced healthcare collections agency that excels at nurturing your patient-provider relationships, which we know are essential to your success. We pride ourselves in offering exemplary customer service to your patients and maximizing your recovery while keeping your accounts receivable management tidy and efficient. Call us at 1 (615) 395-6746 to learn more about our healthcare accounts receivable management services.