Why Your Trusty Medical Biller is Struggling with Accounts Receivable

Struggling With Accounts Receivable

The other day, I was speaking to “Betty,” an ENT surgeon client of mine who lives in the Bay area. Betty and I have been working together for a while now. For the past several years, she’d been driving to her office, surrounding herself with her stapler, paper clips, and other office supplies when the pandemic hit. Suddenly everything about her business changed.

This new world resulted in the work-from-home movement where everyone stayed home instead of working at the office. Now she would have Zoom calls in place of popping in to a colleague’s office down the hall. There would be no more opportunities to catch a bagel and a quick chat before starting the day with staff.

Challenges Faced By Remote Billers

As a result of this sudden change, bills started to pile up. Accounts receivable amounts went higher and higher and now sit at over a million dollars. Staff would now work from home to complete the same job they once did sharing the same office, except that now it is less clear whether that same work is getting done as efficiently or productively. Betty wasn’t sure what to do with this new normal or how to navigate through it.

Betty isn’t the only one struggling to find a balance in the pandemic era. Employers globally are wrestling with employee productivity in the work-from-home scenario. The biggest problem that a WFH situation nurtures is comfortability and complacency. It’s simply too easy to get lax on your job duties when surrounded by all the comforts of home. And that leads to massive problems for your practice.

Smaller businesses are hardest hit because they work on “trust system”. That is, they have no other choice but to trust that their team is doing what they’re being paid to do. Unfortunately, there’s no way to know if staff isn’t secretly binge-watching Yellowstone while galloping around the house in a heart-shaped terry cloth bathrobe. I mean, who can really concentrate with whole milk dripping down their chin, splashing into a bowl of Fruity Pebbles at eleven thirty in the morning while trying to sort a patient list into sizeable action steps?

Small Practices Are At Risk

Larger companies have used technology tools to beef up their productivity losses, and added tools that help measure productivity and efficiency. Their ability to do this is because they have a significantly larger budget to afford to pivot with these pandemic times. As a result, they have thrown a stick of dynamite on the flooding dam and controlled the flow.

Many smaller practices have been hit with similar problems. The difference is that they don’t have the sizable budget of larger companies and must learn how to get creative when solving the problem of a loss of productivity, and as a result, piling accounts receivables. Smaller practices must make every dollar work to get maximum effectiveness.

Practice Tech Services offers IT support services for smaller practices who need help sorting through the confusion of a post-pandemic world. Here’s how we can help. Click here or visit: https://practicetechsolutions.com/hipaa-it-support/

Pinpointing The Specific Problem

There are two main reasons why productivity and efficiency are hitting a concrete wall with the work from home movement. Specifically…

1. Lack of processes.

Do you feel resistant to structure, or do you welcome it like Aunt Tilly’s lemonade in the scorching Death Valley desert? Regardless of how you feel about it, there is no denying that processes maintain a disciplined work environment and ensure that what needs to get done does in fact get done. Without it, there’s chaos and anarchy. Fires in the street, looting and grandma’s cake just isn’t going to rise properly with all that commotion going on outside. (Okay, maybe it’s not that dramatic, but it certainly feels like it at times.)

The other day, I was speaking to “Betty,” an ENT surgeon client of mine who lives in the Bay area. Betty and I have been working together for a while now. For the past several years, she’d been driving to her office, surrounding herself with her stapler, paper clips, and other office supplies when the pandemic hit. Suddenly everything about her business changed.

This new world resulted in the work-from-home movement where everyone stayed home instead of working at the office. Now she would have Zoom calls in place of popping in to a colleague’s office down the hall. There would be no more opportunities to catch a bagel and a quick chat before starting the day with staff.

2. Lack of checks and balances

When the left hand doesn’t know what the right hand is doing, then you have two hands operating independently of each other without a plan or purpose. Don’t know about you, but to me, that doesn’t sound like it makes for a good time slicing into a porterhouse with a steel stabbing object.

How can you know what gains or growth you’re making if you aren’t tracking what everyone on your team is doing? How can you know what tasks are getting completed in a timely manner if you don’t have a way to measure it?

Relying on key point indicators like 90+ day accounts receivable management is a good start. Ensuring claims are sent within 48 hours, and denied claims are resolved within 72 hours are two great ways to keep a checks and balances system in place. Whichever systems you decide, make sure that you have competent experts in the drivers’ seats to navigate the entire ship. A system is only as effective as the humans implementing it.

It Takes A Village

It’s a team effort to make sure a manual process has a secondary oversight, to have someone focus on the bigger picture while others are covering essential aspects of each section of the project. But here’s the point—to cover the size of your patient practice and be able to scale it if that’s something you’re interested in doing, you must employ the people who know exactly what they’re doing in this specific industry. You can’t hire someone with experience as a receptionist and hope he or she knows how to process accounts receivable. It simply doesn’t work that way. The money you think you are saving is actually leaking out of the backend through a whole kaleidoscope of mistakes

Fortunately, there’s an answer. Partner with a Management Services Organization like Neolytix. The alternative would be that you’d hire several new members and it will cost you a lot more than it would be to partner with us. We have the best experts on our team. We’re also the MSO for MSO’s.

So what are you going to do to resolve your accounts receivable problem? Let’s get connected and talk about it.

Get Help with Billing, Credentialing, & Virtual Assistants - Work With A Team of Experts

Struggling With Accounts Receivable

The other day, I was speaking to “Betty,” an ENT surgeon client of mine who lives in the Bay area. Betty and I have been working together for a while now. For the past several years, she’d been driving to her office, surrounding herself with her stapler, paper clips, and other office supplies when the pandemic hit. Suddenly everything about her business changed.

This new world resulted in the work-from-home movement where everyone stayed home instead of working at the office. Now she would have Zoom calls in place of popping in to a colleague’s office down the hall. There would be no more opportunities to catch a bagel and a quick chat before starting the day with staff.

Challenges Faced By Remote Billers

As a result of this sudden change, bills started to pile up. Accounts receivable amounts went higher and higher and now sit at over a million dollars. Staff would now work from home to complete the same job they once did sharing the same office, except that now it is less clear whether that same work is getting done as efficiently or productively. Betty wasn’t sure what to do with this new normal or how to navigate through it.

Betty isn’t the only one struggling to find a balance in the pandemic era. Employers globally are wrestling with employee productivity in the work-from-home scenario. The biggest problem that a WFH situation nurtures is comfortability and complacency. It’s simply too easy to get lax on your job duties when surrounded by all the comforts of home. And that leads to massive problems for your practice.

Smaller businesses are hardest hit because they work on “trust system”. That is, they have no other choice but to trust that their team is doing what they’re being paid to do. Unfortunately, there’s no way to know if staff isn’t secretly binge-watching Yellowstone while galloping around the house in a heart-shaped terry cloth bathrobe. I mean, who can really concentrate with whole milk dripping down their chin, splashing into a bowl of Fruity Pebbles at eleven thirty in the morning while trying to sort a patient list into sizeable action steps?

Small Practices Are At Risk

Larger companies have used technology tools to beef up their productivity losses, and added tools that help measure productivity and efficiency. Their ability to do this is because they have a significantly larger budget to afford to pivot with these pandemic times. As a result, they have thrown a stick of dynamite on the flooding dam and controlled the flow.

Many smaller practices have been hit with similar problems. The difference is that they don’t have the sizable budget of larger companies and must learn how to get creative when solving the problem of a loss of productivity, and as a result, piling accounts receivables. Smaller practices must make every dollar work to get maximum effectiveness.

Practice Tech Services offers IT support services for smaller practices who need help sorting through the confusion of a post-pandemic world. Here’s how we can help. Click here or visit: https://practicetechsolutions.com/hipaa-it-support/

Pinpointing The Specific Problem

There are two main reasons why productivity and efficiency are hitting a concrete wall with the work from home movement. Specifically…

1. Lack of processes.

Do you feel resistant to structure, or do you welcome it like Aunt Tilly’s lemonade in the scorching Death Valley desert? Regardless of how you feel about it, there is no denying that processes maintain a disciplined work environment and ensure that what needs to get done does in fact get done. Without it, there’s chaos and anarchy. Fires in the street, looting and grandma’s cake just isn’t going to rise properly with all that commotion going on outside. (Okay, maybe it’s not that dramatic, but it certainly feels like it at times.)

The other day, I was speaking to “Betty,” an ENT surgeon client of mine who lives in the Bay area. Betty and I have been working together for a while now. For the past several years, she’d been driving to her office, surrounding herself with her stapler, paper clips, and other office supplies when the pandemic hit. Suddenly everything about her business changed.

This new world resulted in the work-from-home movement where everyone stayed home instead of working at the office. Now she would have Zoom calls in place of popping in to a colleague’s office down the hall. There would be no more opportunities to catch a bagel and a quick chat before starting the day with staff.

2. Lack of checks and balances

When the left hand doesn’t know what the right hand is doing, then you have two hands operating independently of each other without a plan or purpose. Don’t know about you, but to me, that doesn’t sound like it makes for a good time slicing into a porterhouse with a steel stabbing object.

How can you know what gains or growth you’re making if you aren’t tracking what everyone on your team is doing? How can you know what tasks are getting completed in a timely manner if you don’t have a way to measure it?

Relying on key point indicators like 90+ day accounts receivable management is a good start. Ensuring claims are sent within 48 hours, and denied claims are resolved within 72 hours are two great ways to keep a checks and balances system in place. Whichever systems you decide, make sure that you have competent experts in the drivers’ seats to navigate the entire ship. A system is only as effective as the humans implementing it.

It Takes A Village

It’s a team effort to make sure a manual process has a secondary oversight, to have someone focus on the bigger picture while others are covering essential aspects of each section of the project. But here’s the point—to cover the size of your patient practice and be able to scale it if that’s something you’re interested in doing, you must employ the people who know exactly what they’re doing in this specific industry. You can’t hire someone with experience as a receptionist and hope he or she knows how to process accounts receivable. It simply doesn’t work that way. The money you think you are saving is actually leaking out of the backend through a whole kaleidoscope of mistakes

Fortunately, there’s an answer. Partner with a Management Services Organization like Neolytix. The alternative would be that you’d hire several new members and it will cost you a lot more than it would be to partner with us. We have the best experts on our team. We’re also the MSO for MSO’s.

So what are you going to do to resolve your accounts receivable problem? Let’s get connected and talk about it.

Get Help with Billing, Credentialing, & Virtual Assistants - Work With A Team of Experts