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Latest CASE STUDIES
By AGS Health
January 11, 2023
When people refer to accounts receivable (A/R), they refer to all payments owed to a healthcare organization for services that have already been provided to patients. These balances could be due after insurance companies cover their portions or balances for people who opted not to use insurance. Strong A/R practices help create financial stability within healthcare.
When A/Rs aren’t paid in a timely manner, it adds additional financial burden to the healthcare organization. The revenue shortfall is exacerbated by time spent chasing payments. Research indicates that when A/Rs reach 120 days, providers can expect roughly 10 cents per owed dollar. The longer medical invoices go unpaid, the more likely an account will never be paid. When not paid, providers write these invoices off as bad debt.
While late payments are common in healthcare, minimizing nonpayment should be a priority. Late and non-payments limit cash flow, which healthcare organizations need to thrive.
Several factors contribute to A/R challenges, including:
A/R acts as a line of credit for patients, which is helpful to the patient but can be detrimental to the healthcare organization if that debt goes unpaid. The following practices can help you ensure A/R payments are received promptly:
Healthcare A/R loses its value over time. The increase in high deductible health plans means more patients paying for services out of pocket – creating opportunities for delayed and delinquent payments, and increasing the healthcare organization’s financial burden. By following these practices, healthcare organizations can obtain timely payments and minimize non-payments.
If A/R continues to be a challenge, consider outsourcing medical billing services. Accurate medical billing helps to prevent denials, improving provider cash flow. If you are interested in exploring this option, AGS can help.
AGS Health is more than a revenue cycle management company–we’re a strategic partner for growth. By blending technologies, services, and expert support, AGS Health partners with leading healthcare organizations across the US to deliver tailored solutions that solve the unique needs and challenges of each provider’s revenue cycle operations. The company leverages the latest advancements in automation, process excellence, security, and problem-solving through the use of technology and analytics–all made possible with college-educated, trained RCM experts. AGS Health employs more than 10,000 team members globally and partners with more than 100 clients across a variety of care settings, specialties, and billing systems.
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