Last Updated 26 Jan 2021

Accounts Receivable Crisis

Category Data, Insurance
Words 526 (2 pages)

The following criteria will consist of a complete record of all credit amounts which include precise approval and maturity periods, simple debtor background information such as employment position, how they receive money, amount of family members in household, and current place in which they reside. In addition, various documents that shows the exact date in which our establishment physically acquired funds from the patient will also need to be requested. Ill. In order to resolve this problem, a combined effort from all departments within this organization must be implemented.

This Includes the Administrative department, the Finance department, the Health Information Management department, as well as the patient. Each department will provide a specific set of functions from various resources to the overall execution of the newly designed plan. L. Administrative department As you may well know, Admission and Registration Is probably the most Important department and is the first line of defense against this pressing issue. Properly documenting critical patient data, such as insurance information can literally save a inconsiderable amount of money as well as ensure a faster payment.

In an effort to reduce employee errors involving insurance changes during this phase of the process, an Increased amount AT training classes well De contacted Tanat would explain in full detail about what the procedures are for checking in a patient and a special session that focuses on proper insurance data collecting. In addition to this, a staff member suggested that a full time individual be utilized on a 24 hour basis. The full time clerk will be responsible for the inspection of all other employees' paperwork to catch any discrepancies that might occur. According to Brown,J.

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Oily 2000), "Manual Claim Reviews including utilization and medical reviews are conducted by trained specialists. Staff specialists review specific claims with established program and medical policy, with previously paid claims, and with other information to decide if Medicaid should pay for the services. " Once this task is complete, the data will be passed on to the medical record department for further processing. Lie. Finance department To reduce the number of days that funds remain within Accounts Receivable, an analysis must first be conducted to determine which dollar amounts are either paid or delinquent.

This objective typically requires the utilization of an Aging of Accounts Receivable Schedule, which can be retrieved from resources such as financial department records. According to Emerson, P. (n. D. ), "The accounts receivable schedule is a listing of the customers making up the total accounts receivable balance. Most businesses prepare an accounts receivable schedule at the end of the month. " Accessing this critical data can be quite useful and will give the company a such clearer picture as to why this issue is occurring. Iii.

Health Information Management department The Health Information Management department and medical coding personnel's contribution to controlling the Accounts Receivable dilemma consists of decreasing the influx of rejected claims from various insurance providers as well as ensuring that all submitted paperwork from the Administrative department is finalized and thoroughly checked for errors prior to submission. To accomplish these tasks, pertinent information such as reports, medical charts, and patient data should be adhered and referenced. 'v.

Accounts Receivable Crisis essay

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