Staying on top of best practices in accounts receivable is an essential aspect of healthcare financial management. However, keeping up with the latest recommendations can be challenging in the ever-changing healthcare landscape. The COVID-19 pandemic has further complicated matters, creating a need for healthcare financial management associations to revisit and revise the framework for best practices established in 2014. The Healthcare Financial Management Association (HFMA) and ACA International-Association of Credit and Collections Professionals have issued new recommendations for best practices in accounts receivable, which healthcare providers should adopt.
The Preservice/Discharge Patient Education And Engagement recommendations call for early communication with patients to establish a plan to pay their account. Healthcare providers should provide price estimates for non-emergency services at the time of scheduling and for emergent services as soon as practical. Patients should be informed about the account resolution process and provider policies, including all sources of potential coverage, financial counseling, payment options, and easy-to-understand bills. Additionally, providers should obtain patient consent to contact and update their preferences.
Post-Discharge Resolution Process recommendations include screening patient accounts for all potential coverage, sending clean and understandable bills to patients, and considering other methods for account resolution, such as early-out business affiliates or administrative write-offs. If the account remains unresolved, healthcare providers may send it to a professional collection agency, such as Revco Solutions, to secure payment through a compassionate approach that reflects the values of patient service.
Revco Solutions understands the importance of a proactive approach to settling patient accounts. Their Early Out Program is designed to help healthcare providers work with patients to satisfy their financial responsibility quickly and easily. Revco Solutions also offers insurance denial management strategies to save healthcare providers valuable time and money in collecting insurance payments that have been previously denied.
In conclusion, healthcare providers must stay updated with the latest best practices in accounts receivable to ensure timely payment and maintain a positive patient-provider relationship. The recommendations from the HFMA and ACA International-Association of Credit and Collections Professionals provide an excellent starting point for healthcare providers seeking to improve their accounts receivable practices. Working with a professional collection agency like Revco Solutions can further ensure a compassionate approach to account resolution and uphold the values of patient service.
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