Think back to what your AR processes looked like before the COVID-19 pandemic – how much do they have in common with the way your medical billing accounts receivable processes look today?
If they’re too similar, I’m sorry to say that your organization is likely falling behind the challenges facing medical providers today. And that’s because things have changed for providers – both internally and externally. Medicaid disenrollment is ramping up, junk health plans are on the chopping block, and CMS is adjusting to a new world. Internally, you’re probably coming off of years of adjustments to shifting patient volumes, changes to your staffing and technology, and keeping up with the ebb and flow of government programs. Everything has changed – and your approach to medical billing accounts receivable processes should have too. If not, your revenue cycle health is at risk.
It’s time for an AR reset, and there are a few things revenue cycle leaders can do today to make sure you’re on top of the changes you face.
- Determine the last time you evaluated AR processes: If you’ve been keeping up with your approach to AR, congratulations, you’re ahead of the game. But if you haven’t had a refresh since 2021 or earlier, it’s time to reassess.
- Assess the level of sophistication of your AR: There’s no reason to get stuck in the past. Take some time to evaluate where your AR processes stand today so that you have a strong awareness of your starting point.
- Check the last time your KPIs were refreshed: You can’t manage what you don’t measure. If there’s any initiative or concern that your organization is prioritizing but you don’t have associated KPIs, it’s time for a refresh.
- Review ownership and responsibility: Who owns your AR? Who’s responsible for making the most important decisions? Are they supported in navigating the coming challenges? If this isn’t something you’ve looked at since the height of the COVID-19 pandemic, you’re overdue for a refresh.
It’s most important though that you view this as an opportunity – a chance to bring your AR processes up to date so your organization can take advantage of fast-coming changes in healthcare. If you want to learn more about the possibilities that lie in front of you, feel free to contact me.
Hemant Apte, Chief Executive Officer in
Hemant Apte, Founder & Chief Executive Officer of 3Gen Consulting, is a seasoned executive leader with deep domain expertise in US healthcare management practices. He founded 3Gen Consulting in 2006 and has been instrumental in offering thought leadership to his clients and providing services and solutions that are unique in the market.