How to Evaluate Accounts Receivable at Your Facility

By Garet Weston,
Affinity Health Services Vice President of Operational Finance

“Cash is King”, we have all heard that phrase within our working experience over the years. So how do you guarantee payment on all of your residents? Well, it all starts with the admission process.

The key piece within admission paperwork is to make sure that each resident, or their representative, understands every aspect of their financial responsibility during their stay.

After admission, there are still some additional steps and reviews that can be put into place prior to the initial billing is submitted. Here at Affinity Health Services, we believe strongly in our triple check process that helps ensure that our claims are accurate each month and increases the percentage of our clean claim billing. As many billing individuals know, clean claims mean faster payments and better cash flow.

Other metrics that are essential in evaluating and collecting outstanding accounts is consistent accounts receivable reviews and structured collection processes.

We have also heard the phrase “Time is Money” and it isn’t any different within the healthcare industry. We structure our collection letters to ensure we are following up with outstanding balances timely and set deadlines that need to be met.

Unfortunately, billing and collections are not always fun and straight forward. If anyone is looking for some guidance or additional assistance with your daily, monthly or annual processes please don’t hesitate to reach out to Affinity Health Services for help.

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