Accounts Receivable [Healthcare Compliance Tips]

Implement new strategies and rebuild your accounts receivable program.

75 percent of respondents indicated non-clinical skills are more important than they were in the past because of how deeply and rapidly the healthcare industry is changing.

You are viewing the results from a recent LinkedIn article that shared the thoughts of 511 physicians in the U.S.

Unfortunately, this is not the first survey we have seen on this topic.  We consistently see reports about healthcare organizations’ frustration with the time spent on regulatory responsibilities, which leaves less time to focus on patients or employees.

How about this survey from 2015:

The Independent Physician Outlook Survey also found, however, 44 percent of physicians said they will probably sell their practices within the next decade.

And, even worse, in 2020, only 49.1% of physicians are working in private practice, which matches what was predicted in 2015.

Physicians lack peace due to changing regulations and the pandemic.  They are giving up their entrepreneurial dream by selling their practice or becoming hospital employees.

If I were a gambling woman, I bet you clicked on this post because you represent the person from both surveys, ready to throw in the towel.

You are tired of the regulatory red tape stopping you from what you love most… treating patients.

But there is still hope! Seeing these surveys begins the journey of healing, change, growth, and transformation within your practice.

In our series called “Dear Provider: Don’t Give Up,” my goal is to help reduce your frustration and increase your non-clinical skills by sharing compliance tips, such as:

Accounts Receivable (A/R)

Accounts receivable is critical to any practice and a good start to developing your non-clinical skills.  With the transition from volume to value-based payments, coding and billing should be priorities to ensure consistent compensation and reduction in government audits.

A good place to start is to increase coordination and communication methods within your practice.  When you work closely with your team, you will boost their motivation which will play a key role in building an effective compliance program.

Here are a few questions to contemplate as you implement new strategies and rebuild your accounts receivables program:

• Has an external party performed a baseline audit to access documentation, coding, and billing risks?
• Do you check your days in A/R consistently?
• Do you check your write-offs for clues?
• Do you start the collection process at check-out and after the EOB arrives?
• Are your billing statements clear?
• Do you address your denials regularly and send your appeals quickly?
• Are collection agencies a last resort?
• Do you survey for patient satisfaction at least annually?

Your employees can answer most of these questions.  However, a best practice is to schedule one-on-one meetings and ask for suggestions regarding risks they see.

If they are unsure or request more tools/education, now is the time to provide refresher courses or hire consultants to train employees properly, which increases your return on investment and knowledge in this area.

**The opinions and observations from the group/author are not a promise to exempt your practice from fines and penalties.  Research, modify and tailor the advice to fit your specialty.

Click here for the next tip in the series.