Long-term post-acute care (LTPAC) providers rely on their highly-skilled teams to provide quality care to patients in need. Once services are rendered and the billing process is complete, providers expect to be compensated fairly and timely. But all too often claims go unpaid and leadership is left wondering what went wrong in the process.
Collection of outstanding balances may be feasible, but at what cost? Surely this will require more time, more manpower, and in many cases, more knowledge and insight of payer guidelines. What more will providers need to sacrifice to take back what is rightfully theirs?
Thankfully, there is an answer. When aging receivables begin to pile up, consider the many benefits of outsourcing collections and account recovery to a revenue cycle management advisor such as Richter.
1. Give Yourself a Clean Slate
Any new CEO or CFO would likely tell you how much they would appreciate a fresh start, by cleaning up long overdue accounts that have negatively impacted cash flow and continually dragged their numbers down. Especially if more than half of an organization’s claims are beyond 90 days past due, this concentration on recovery will help set the tone for new management expectations, and it will establish a better baseline for measuring any new initiatives coming down the pike.
2. Address Overlooked Inefficiencies
An accumulation of debt doesn’t happen overnight. Even the smallest, most inconspicuous issues build up over time, and if they go undetected or unresolved, it will eventually impact your revenue cycle and cash flow. Organizations must be open to learning and changing their practice, processes and software, and an experienced third-party advisor will make those transitions seamless.
3. Resolve Your Most Neglected Accounts
Sometimes the most difficult accounts are the ones we let go the longest. When you trust in the experts, you don’t have to fear the unknown. Every situation can be resolved with proper attention and perseverance. Richter’s clients can choose to isolate and work accounts that need the greatest attention, including those of specific insurance payers, calendar date ranges or aging status.
4. Save Yourself an Audit
If your organization has a high claim denial rate, you may be in jeopardy of an audit. Audits require a great deal of attention away from regular responsibilities, and if the results of your audit prove unfavorable, you are at risk for a partial or full recoupment of funds. Put your best foot forward by relying on the accuracy and integrity of qualified consultants who are trained to submit claims right the first time.
5. Rethink Your Write-Offs
With every claim denial comes a sigh of frustration for a healthcare billing specialist. They may believe that correcting and resubmitting denied claims is not a good use of their time, so the accounts sit stagnant, and write-offs become imminent. Before you abandon your denials and write them off for good, ask your AR consultant about these potentially missed opportunities.
6. See Better Results Quicker
The most obvious benefit (but still worth mentioning) of outsourcing an AR cleanup boils down to performance. A consultant that specializes in AR cleanup will be solely focused on that task; they will not have the same distractions as your staff, who are trying to juggle multiple priorities. Their unique experience and expertise allows them to quickly analyze the unpaid claim, determine any obstacles preventing payment, and take a more aggressive approach to get you paid in full as quickly as possible.