Being one of the vital and complicated processes, the Hospital account receivable is a huge risk area as it supports in making the financial aspect of every healthcare organization strong. However, achieving the ideal hospital account receivable is difficult without having complete knowledge of the process and how hospital account receivable follow-up works. This is why today many healthcare practices opt for outsourcing their hospital account receivable process as it is a much more convenient and reliable solution.
In fact accounts receivable (AR) was one of the first business processes to be outsourced and still continues to dominate the outsourced activities, according to Fobes.
Why outsourcing your hospital account receivable process is a more suitable option?
With a pool of qualified experts and resources, outsourcing organizations focus on understanding and immediately working on analyzing the account history, appeal denied claims, and get timely turnaround to recover on and close out your hospital account receivable faster. Reducing the aging A/R, there is an outsourcing operational extension that is qualified to distinguish patient accounts that require follow-up and take the urgent action to collect unpaid/underpaid claims.
As claims and denial play a vital role in influencing the hospital account receivable cycle, outsourcing RCM organizations focus more on following and understanding the Pattern and reason for the denials; thus leading to reduced hospital account receivable and improved cash flow.
Increasing the collection rate and improving the revenue generation, there is RCM organization offering actionable support in hospital account receivable at just 1% of the collection.
Helping healthcare practices with robust customized reporting that can help instantly recognize and settle unpaid accounts; this outsourcing organization also ensures benefits like 70% operational cost reduction. With a no cost dedicated account manager and excellent industry reference, these organization helps with a seamless operational process and efficient revenue generation.