How to Reduce Account Receivables Coding
When it comes to reducing account receivables coding, there are several things that you can do. These include Documentation, Charge entry errors, collaboration, and collaboration. By eliminating these errors, you can increase the speed of payment collection and decrease denials.
Documentation
Account receivables coding and billing errors have significant consequences for providers’ bottom lines. Up to 1% of net charges are captured incorrectly, whether due to mismatches between the documentation and the billed service, or simply a missed charge. This can lead to underpayments, audit penalties, and reduced revenue. Fortunately, a few changes can help reduce errors in account receivables coding and billing.
Charge entry errors
A healthcare organization must submit accurate claims to patients and payors, and reducing charge entry errors is essential to ensure smooth operation. Mistakes in charge entry can lead to missed charges and claim denials, which in turn increases staff expenses. Inaccurate charge entry also can result in audit penalties and underpayments.
Collaboration
Collaboration can improve the overall efficiency of the accounts receivables process. It reduces the amount of time it takes to code claims, drives faster payments, and helps resolve recurring problems. In addition, it makes the billing and payment process easier for customers. And because of improved patient access, fewer claims are rejected.
Patient information inaccuracies
Increasing patient information accuracy is essential to ensuring proper reimbursement from payers. Inaccurate information leads to extended AR cycles, claim denials, and increased staff costs. Fortunately, automated solutions are available to help healthcare organizations monitor and improve case mix performance.
Lengthening of AR cycles
The lengthening of account receivables (AR) cycles can result in revenue leakage. The longer AR cycles are, the more likely a patient will forget about their account and do not pay. In order to avoid this problem, it is crucial that providers collect accurate patient information and submit the correct claims the first time. Claims that are submitted incorrectly or contain errors can result in denials from insurance companies, which can result in extended AR cycles. Also, providers should consider setting up a partial payment plan for patients. This option allows providers to lock in some reimbursement, while creating an easily tracked schedule.
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Outsourcing
Outsourcing account receivables coders to a professional service can help a business lower its costs and improve its cash flow. Companies can benefit from a specialized team of experts, who will ensure that the coding is done correctly and according to the appropriate regulations. Outsourced account receivables coding can free up staff time that could be better used elsewhere.
