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

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Healthcare provide account Receivable Patient ACA International Association Healthcare financial management Practices emergent service recommendations

Healthcare provide account Receivable Patient ACA International Association Healthcare financial management Practices emergent service recommendations

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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