I am an office administrator in a physician’s office which supports four doctors and utilizes an aging schedule to view revenue generation. Utilizing an aging schedule breaks-down paid and unpaid revenues according to 30, 60, and 90-day increments. The older an unpaid account is, the less likely it is that the office will be reimbursed for the encounter (Casto 2018, p.239).
I have determined that improvements are necessary in the processing capabilities of the front office, in order to decrease the amount of time to process claims and increase the level of successful reimbursement.
Revenue cycle improvements can be centered around patient engagement and front office processing (MD Everywhere, 2014). Patient engagement strategies are directed at increasing revenue through increasing patient convenience and understanding, particularly in regard to healthcare access and payment options. Increasing revenue through front office processing is more pertinent to the concerns surrounding reimbursement for aging accounts.
Streamlining of the charge capture process (MD Everywhere, 2014) is of the utmost importance to preventing accounts from entering 90+ day status, which makes them become less likely to be paid in full. In other words, get claims paid quicker in order to ensure that more of them will be paid. Implementing automated measures which assist providers in making the most efficacious use of ICD-10 coding can be a key component in the prevention of reimbursement delays. A secondary effect – which is evident due to the structure of the revenue cycle – is that balance bills to patients can also be generated in a more time efficient manner. This could in-turn result in an increased level of collections from patients, since the time that has elapsed from the date of service has been minimized.
Original discussion post attached.
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