Accounts Receivable Management for Mental Health Services
Excessive revenue leakage poses a severe risk for U.S. healthcare providers, with many hospitals operating on negative margins and rural hospitals closing at high rates. Revenue cycle management (RCM) seeks to streamline the process and minimize mistakes throughout the revenue cycle. The Affordable Care Act has led to challenges in recouping reimbursements, as patients are […]
Accounts Receivable Management for Obstetrics and Gynecology Services
Efficient management of accounts receivable is crucial for the financial health of Obstetrics and Gynecology (OBGYN) medical centers. The average number of days it takes to collect payment, known as “Days in AR,” directly impacts cash flow. To calculate Days in AR, divide the total outstanding accounts receivable by the average daily charge. Implementing effective […]
Accounts Receivable Management for Pathology and Diagnostic Services
In the healthcare industry, efficient accounts receivable management is vital for the financial health of pathology and diagnostic services. Proper management of accounts receivable helps minimize costs, improve collections, and ensure compliance with HIPAA regulations. With approximately 41% of adults owing a minimum of $500 to their healthcare providers, optimizing medical billing, payments, and collection […]