Most healthcare organizations need a streamlined revenue management process, especially while handling Accounts Receivable (A/R) – for the timely collection of payment, and to avoid errors in data that can lead to future revenue delay.
Healthcare Accounts Receivable is the outstanding reimbursement for a treatment or service owed to a provider by a patient or its insurance company after billing.
It is important to handle Accounts Receivable properly and do the payment collection on time, as the A/R cycle usually ranges between 1–120 days, and with each day passing, the threat of revenue leakage increases for the healthcare organization.
Moreover, having multiple legacy EHRs, billing, or financial systems, further complicates the process to deal with the proper management of A/R on time, and can obstruct favorable operational workflows while neglecting compliance and Release of Information requirements.
When Mergers and Acquisitions come into play, or switching of financial and billing systems are considered, this challenge manifolds itself into one big problem – how should your organization manage the legacy A/R data efficiently when you have several legacy systems to handle?
Related Article: The Role of Data Archiving in Healthcare Mergers and Acquisitions
For these problems, there IS a solution – seek a data archival solution with ten important A/R features. A data archive can help your organization with the active management and collection of Accounts Receivable and in improving process efficiencies.
Why an Archival Solution?
Data archiving will help you determine the ‘active’ versus the ‘storage-only’ type of data. Once that’s decided, some of the operational data can be archived from multiple legacy billing or financial systems to the new system and the remaining historical data can be archived to the archival solution. Also, otherwise, the A/R data can be completely archived to the archive.
This will help in:
- Staying compliant with the statutory Release of Information and retention laws
- Decommissioning legacy systems and saving on application and maintenance costs
- Eliminating support and license costs
- Improving cybersecurity
- Enhancing the operational workflow of the organization
- Providing one consolidated view of the legacy Accounts Receivable
- Making the A/R workflow streamlined and efficient
- Empowering the financial position of the healthcare organization
Related Article: A Guide to Healthcare Data Archiving Solutions: Basics and Best Practices
In the archive, healthcare organizations can wind-down and track legacy Accounts Receivables. The archive can then be integrated with the new system, and organizations can find a consolidated view of A/R data from multiple systems with just a single click in the new system, rather than searching for the required data in different systems. This will help in making the A/R workflow efficient and help avoid staff burnout.
10 Accounts Receivable Features
So, your healthcare organization may decide that an archival solution is the best option. However, there are 10 features your archival solution must have to help your organization manage its A/R efficiently.
- Financial documents storage and access
- Bulk upload for Remittance Files
- Reprint or correct claims
- Post and edit memos and notes
- Create zero-balance and credit balances by posting payments, adjustments, and charges
- Add and approve transactions and view complete transaction history
- Manage refunds and takebacks
- Issue and print patient statements
- Create, view, and download A/R reports
- Integrate with EDI, Clearing Houses and Collection Agencies
These features will help a healthcare organization manage pending payments, post adjustments, and balance transfers, and overall improve the financial workflow of the healthcare organization.
Our solution, Fovea EHR Archive ® provides all ten of these A/R features that your organization needs for an optimal wind-down and management of legacy Accounts Receivable.
If your healthcare organization is facing challenges with managing its legacy Accounts Receivable, we’re here to help you.
Contact us today!
Email: info@triyam.com
Call: 855-663-2684
Schedule an appointment for a free consultation.