Best Practices in Accounts Receivable for Healthcare Providers: Recommendations and Solutions

Best Practices in Accounts Receivable for Healthcare Providers

Staying on top of best practices in accounts receivable is an essential aspect of healthcare financial management. The Healthcare Financial Management Association 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. 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. Their Early Out Program is designed to help healthcare providers work with patients to satisfy their financial responsibility quickly and easily.

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.

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