How to select the right accounts receivable vendor for your health system
Accounts receivable (A/R) options for health systems
Healthcare providers are challenged by unprecedented environmental, financial, regulatory, and technological changes. Healthcare systems are being told they need to improve the patient experience and are asked to:
- Rethink traditional business and workforce models,
- Invest in technology and automation to help improve financial performance and streamline operations, and
- Digitally upskill teams to work more collaboratively and efficiently.
Outsourcing A/R
Outsourcing A/R to a vendor can be both a cost- and space-efficient means of reducing backlog and increasing collections. It can be a short- or long-term strategy, depending on an organization’s needs. If an organization is going through a revenue cycle transition or merger, an outsource partner can help reach cash flow targets while staff transition to new systems.
By employing the right strategies, outsourcing lower balance/aged accounts can also free-up more time for in-house staff to focus on younger, higher balance accounts, thereby helping to increase overall cash flow, reducing aging, and lowering denials.
