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How To Reduce Accounts Receivable (AR) Days In Healthcare?

Diminishing your accounts receivable days improves your cash flow. Check the viable strategies to lessen your AR days quickly from CapMinds most recent blog.

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How To Reduce Accounts Receivable (AR) Days In Healthcare?

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  1. HOW TO REDUCE ACCOUNTS RECEIVABLE (AR) DAYS IN HEALTHCARE? www.capminds.com

  2. Introduction • Outstanding accounts receivable in healthcare are one of the most critical issues that the healthcare industry faces today. • Organizations are often seeking the right answers to reduce their receivables for over 30 days and also the way to prevent them from happening in the first place.

  3. Tips To Reduce Your Account Receivable(AR) Days Quickly

  4. Analyze Where You Are In Terms Of AR • If you know your total accounts receivable and total charges for the last six months, you can easily compute your current DAR using: • Average Daily Charges = (total charges for last 6 months) ÷ (number of days in last 6 months) • DAR = (total accounts receivables) ÷ (Average Daily Charges) • If the result is between 40 and 50, then your billing performances will be considered average.

  5. Invest In Technology To Reduce Your AR Days • If a patient already knows that the estimates have been provided, they will be more likely to pay early. • With the help of the medical billing and coding software, healthcare providers can also able to easily determine the status of different bills and payments. • Healthcare providers get better results when their core EHR is integrated with the financial system.

  6. Provide More Options To Patients For Paying Their Bills • With the trained healthcare staff in the medical bill payment process, patients can find it easy to pay their bills. • So, the healthcare staff plus 24/7 online payment options will help you to reduce your accounts receivable days • The digital payment solution not only makes the bill payment process faster but is also considered to be more secure..

  7. Professionals To Collect Outstanding Accounts Receivables • Expert medical coding audit will devise a plan based on your healthcare business model as they have the right set of skills in carrying out such tasks. • They can truly help you identify your possible point of failure and highlight your benefits. • So outsourcing your accounts receivable is a viable option that may be considered, if needed.

  8. Key Steps To Reduce Your AR Days • Defining a goal for your AR days is the initial step. • Word towards the accurate documentation process for medical billing and coding cases to reduce your AR days. • Make sure your billing experts clearly understand your expectations for clean claims. • Set a proper goal of getting clean claims out within 48 hours of receipt of required documentation. • Ensure you have a defined process for denial management and how it can be handled to minimize the time to pay.

  9. Conclusion • As healthcare organizations are dealing with the ever-changing financial landscape, the medical billing and coding operation is one of the most important aspects of managing a healthcare business. • Any healthcare organization can reduce their accounts receivable (AR) days by simply utilizing these above-mentioned tips.

  10. Contact CapMinds Today • Are you in need of powerful resources to reduce your AR days cost-effectively? • Outsourcing healthcare accounts receivable services to CapMinds can help the organization to effectively reduce AR days. • AtCapMinds, we follow-up your pending claims, find out the reason for denials, track outstanding receivable balances and provide periodic reports.

  11. Read More About Medical Billing & EHR @ CapMinds Healthcare Blog

  12. CapMindsMedical BillingServices Contact us CapMinds Technologies 42240 Mason Ridge Ct, Brambleton, VA 20148 +1 571.213.3245 info@capminds.com https://www.capminds.com

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