Managing Delinquent Accounts in Healthcare

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Managing Delinquent Accounts in Healthcare
Threats Pose by Delinquent Accounts Managing
accounts receivable is a critical aspect of daily
practice management in healthcare, and when
accounts go past 90 days, it can present
significant challenges. One of the biggest
challenges is cash flow management, as delinquent
accounts can cause a shortage of funds and impact
the ability of the healthcare practice to pay its
bills and meet its financial obligations.
Additionally, managing delinquent accounts
requires significant resources and staff time,
which can divert attention away from other
important tasks, such as patient care and
practice growth initiatives. Delinquent accounts
can also damage the relationship between the
healthcare practice and patients or insurance
companies, making it more difficult to collect
payments in the future. To mitigate these
challenges, healthcare practices must have
effective accounts receivable management
strategies in place and be proactive in following
up on delinquent accounts. Managing Delinquent
Accounts in Healthcare Following are some of the
strategies for managing delinquent accounts in
healthcare and improving the financial health of
your practice
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Managing Delinquent Accounts in Healthcare

• 1. Verify Insurance Information
• One of the most important steps in reducing
  delinquent accounts is to verify the insurance
  information for each patient at the time of
  service. This includes verifying coverage,
  benefits, and patient responsibility. Practices
  should also update insurance information as
  necessary to ensure claims are processed
  correctly. Accurate insurance information is
  critical for timely payment, so practices should
  have policies and procedures in place to ensure
  that information is collected and updated
  consistently.
• 2. Collect Co-Pays and Deductibles Upfront
• Collecting co-pays and deductibles upfront can
  help reduce the likelihood of delinquent
  accounts. Patients should be informed of their
  financial responsibility prior to their
  appointment and provided with a clear explanation
  of their benefits and what they can expect to pay
  out of pocket. Practices should have policies in
  place for collecting patient payments, and staff
  should be trained on how to effectively
  communicate with patients about their financial
  responsibility.
• 3. Submit Clean Claims

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Managing Delinquent Accounts in Healthcare
Submitting clean claims with accurate billing
and coding information can help ensure claims are
processed quickly and accurately, reducing the
risk of delinquent accounts. Practices should
regularly review their billing and coding
processes to identify and correct errors. This
may include implementing automated tools to catch
and correct errors before claims are submitted.
Practices should also track claims to ensure they
are processed correctly and paid in a timely
manner. 4. Follow-Up on Claims Practices should
follow up on all claims to ensure they are
processed correctly and paid in a timely manner.
This may involve contacting the insurance company
or patient to inquire about the status of the
claim and taking corrective action if necessary.
Practices should also track claims to identify
patterns or trends in denials or delayed
payments, and take action to address these issues
proactively. 5. Establish Payment
Plans Offering payment plans to patients who are
unable to pay their balance in full can help
reduce the likelihood of delinquent accounts.
Practices should work with patients to establish
reasonable payment plans that take into account
their ability to pay. Payment plans should be
documented in writing and clearly communicated
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Managing Delinquent Accounts in Healthcare
to the patient, with terms that are easy to
understand and comply with. Practices should also
monitor payment plans to ensure they are being
adhered to and take action to address any issues
as necessary. 6. Utilize Technology Technology
can be a powerful tool for managing accounts
receivable. Practices should consider utilizing
electronic billing and payment systems, automated
reminders, and other tools to streamline the
billing and payment process and reduce the risk
of delinquent accounts. Electronic billing can
help reduce errors and speed up the payment
process, while automated reminders can help
ensure patients are aware of their financial
responsibility and remind them to make payments.
Practices should also utilize reporting tools to
track the status of claims and identify
delinquent accounts, so they can take action to
address them proactively. In conclusion,
managing delinquent accounts is a critical aspect
of healthcare practice management as it can have
a significant impact on a practice's financial
health. By implementing the strategies outlined
above, practices can reduce the likelihood of
delinquent accounts and maintain a healthy cash
flow. It's important for practices to be
proactive in managing accounts receivable and to
work with patients and insurance
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Managing Delinquent Accounts in Healthcare
companies to resolve any issues as quickly and
efficiently as possible. By doing so, practices
can improve their revenue cycle management and
focus on providing high-quality care to their
patients. About Medical Billers and Coders
(MBC) Medical Billers and Coders (MBC) has
skilled professionals who specialize in managing
the revenue cycle of healthcare practices. As
part of their services, MBCs manage accounts
receivable and work to reduce delinquent accounts
by implementing effective billing and payment
processes. We are trained in medical billing and
coding, and have a deep understanding of the
complex billing and payment systems used in
healthcare. MBCs use their expertise to ensure
that claims are processed quickly and accurately,
and that payments are received in a timely
manner. To know more about our legacy accounts
receivable service, email us at info_at_medicalbille
rsandcoders.com or call us at 888-357-3226.