REVEX is an innovative new software and service that automatically updates all of your claims so you can stay on top of your AR. REVEX also allows you to delegate the follow up process to personal billing assistants; allowing you to focus your time on more meaningful responsibilities.
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Thursday, May 28, 2020
7 Ways to Improve Accounts Receivable and Cash Flow
your healthcare facility make use of cash flow sitting stagnant in your
Are issues like claim denial, bad debts,
needless write-offs, and high staffing turnover hindering your cash flow and
efficiency? Do you simply want to ensure you are running your medical
billing in the most productive and profitable manner?
Below are 7 ways to make
sure your AR is efficient and you improve cash flow!
Create a Routine for Follow-Ups
Whether you follow up daily, weekly, or once a month- you should have a set
routine. A routine ensures no claim goes without being followed-up and
that they are followed-up in the most efficient and correct manner. Have
a system for when you follow-up via email, through online portals, and phone
call (phone calls tend to be more successful). A routine might include which
day of the week/month you follow-up, how you initially conduct the follow-up
(phone call, portal or email), how far between follow-ups, your secondary
follow-up method, and so on. A routine will ensure claims do not get
forgotten or swept under the rug.
a System with Checks and Balances
As you are establishing a routine, implementing a system with checks and
balances will make certain your claims are proofread, accurate, complete, and
ready to be collected. By putting more than one set of eyes on your
claims, you can save valuable time and by not needing to spend labor correcting
and resubmitting claims. Yes, you may think the labor of having extra eyes
might outweigh the benefit- but, even just a few seconds of review can save
hours of having the same person try to figure out what caused the error
Increase the Frequency of Collection
If you are currently submitting and/or only following up monthly on your claims,
then you may consider increasing your submissions to bi-monthly, weekly, or
bi-weekly. Increasing your billing cycles means the recipient gets the
claim sooner, and in return the claim can be collected sooner.
This may be a no-brainer and a practice you already adhere to, but before a
patient comes in for their appointment or treatment, verify their insurance to
make sure they are qualified with your facility. This can save both you
and your patient major headaches when it comes to getting bills paid and collecting
AR. When the patient is aware of their copay and deductibles coming into
the appointment, they can be more prepared, and you will be too when it comes
time to collect.
Review, Review, Review Write-offs!
Before writing a claim off, go through all payment options and be sure each
have been utilized, plenty of follow-ups have been conducted, and the claim is
correct. Rather than just throwing things at the write-off pile, be
thorough and adamant about what gets written off and try hard to collect before
resorting to writing off.
Accounts Receivable Reports
Examining trends in your collections and accounts receivables will show your
team where they need to shift their focus. REVEX can quickly and
efficiently run custom AR reports to help you identify trends and boost your
billing team’s efficiency and cash flow.
Outsourcing your collections on claims, old AR, and AR reports can save you
time, money, and increase your cash flow exponentially! For example,
REVEX is an automated medical billing service and software that can be
customized to your specific billing needs. Do you have a high turnover in
your billing staff? Trust REVEX to step in seamlessly with our 20+ experienced
billing managers on staff to help with your headaches. REVEX software
helps our teamwork with your team to communicate and delegate your AR
collections for optimal collections. Any billing problems you have, let
leave comments, questions, and feel free to expand on our post at the bottom of
the page! We love to hear from other professionals in the industry and to
collaborate on how medical billing processes can be improved! Thanks for