Despite having a rather strict regulatory environment as a healthcare provider, there are still several ways that you can uncover hidden revenue. Finding new revenue to reinvest into your organization or throw at other objectives that are priorities to you is always an ideal situation. This is why we recommend taking a look at your current revenue cycle management and accounts receivables to find out how to maximize it.
Where do you even start? We recommend starting with these 3 action items.
Identify missed opportunities
Keeping up-to-date with your patient’s identity and insurance information year-round is a hassle, and quite frankly, seems impossible at times. However, there are ways to identify missed opportunities and limit the number of times you’re dealing with unpaid claims. Confirm policy numbers at every visit. Be sure to also check with each patient throughout their time and engagement with you to ensure you have their information on file. Whenever details are inaccurate on the patient’s end or on the insurance end, follow up with the necessary party to reconcile things. Rebilling claims is always a good practice, too.
Make sure you’re maximizing coverage within Medicaid, Medicare, and commercial plans
Self-pay plans may hold the majority of reimbursement rewards, but you may be missing secondary coverage from Medicaid, Medicare, or commercial plans if you don’t look for it or inquire about it. Using an insurance discovery partner or making your own queries to find all the coverage you can take advantage of will help you to maximize revenue.
Hire an outsourced collection agency
Especially in the healthcare industry, hiring an outsourced collection agency or accounts receivable management partner will help you to revamp or overhaul your current revenue cycle processes and increase your recovery, freeing up cash you weren’t previously receiving. Representatives specially-trained for healthcare collections are empathetic, honest, and compassionate, and they speak with understanding to your patients, helping to find the most viable solution for repayment in as pleasant of a way as possible. If, in particular, you don’t have the bandwidth or paid staff with the time and expertise to help with finding hidden revenue in an effective way, an outsourced collection agency may be just the solution for you.
Frost-Arnett champions accounts receivable management solutions for healthcare providers nationwide. We’d be delighted to speak with you about increasing your recovery while providing excellent customer service to your patients. You can reach us at 1 (615) 326-6852.