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Every healthcare organization struggles with maintaining a healthy cash flow. One of the main reasons is because they lack a proper revenue cycle management system or process. Accounts receivable analysis is one of the many tools that organizations leverage to ensure that they are always in good financial standing.  

Accounts receivable (AR) is probably one of the essential components for the smooth flow of a hospital’s operations. Administrative issues and profit discrepancies are bound to happen if healthcare providers fail to stay on top of their accounts receivables. Furthermore, it can even compromise the provider’s relationship with their business partners and patients as well.  

What are Accounts Receivables (ARs)?  

Generally, AR refers to the amount of money that the customers owe to the company. Accounts receivable in the healthcare industry refer to patients’ account balances due for payment, either from a third-party (i.e., insurance company) or patient. 

The process of AR analysis includes the management of reports concerning insurance, collection and ratio analyses, and bad debt reviews. Also, it involves the study of insurance contracts. Examining the arrangements ensures that the healthcare providers collect full reimbursement.   

AR Analysis  

Analyzing accounts receivable in healthcare is often overlooked. The national average of bad debt in healthcare is 3.7 percent.   

Efficient account receivables management determines the financial security of your organization. AR analysis is the process of reviewing financial records and accounts to provide clients, customers, and patients with accurate billing information.  

The AR summary plays a vital role in AR analysis. This summary will help determine the patients who still have an outstanding balance and are past due.  

With the AR summary, healthcare providers can now assess their receivables in a variety of ways. It can be evaluated by every individual patient, by insurance plans, and by the payers’ class. 

IntelyFi and AR Analysis  

In running a healthcare organization, administrators have countless tasks that they perform daily. The list includes making clinical decisions, keeping up with compliance updates, and, most of all, taking care of the patients.   

Amid all the deliverables needed daily, one critical process that is often overlooked is AR management. Efficient AR management allows healthcare facilities to determine the financial status of their organization.  

The process of AR analysis can be tedious and frustrating; that’s why intelyHealth designed software that will help healthcare providers in dealing with their accounts receivable: intelyFi!  

Through AI and machine learning, intelyFi provides an in-depth analysis of an organization’s outstanding AR and how to tackle it. Furthermore, it prioritizes your AR data according to their financial risks, thereby streamlining the follow-up processes.  

Here at intelyHealth, we know how a good AR analysis can transform the medical business cash flow from negative to positive. The potential transformation is why we offer a solution to help healthcare providers deal with their accounts receivables in medical billings.  

Benefits of intelyFi  

Though new in the market, intelyHealth has earned a reputation for delivering quality healthcare IT programs. IntelyFi is our specialized solution that deals with all things financial. Here are the key benefits of intelyFi:  

Data Accessibility  

IntelyFi increases the accessibility of your data. It eliminates the need to run reports in multiple systems to see the data you need. With intelyFi, you can easily view all of your AR summaries because they are all in one place.  

This increased accessibility enables better inter-departmental workflows. It also helps in catching up with AR backlogs. As a result, there will be an increase in cash flow.  

User interface  

IntelyFi has a user-friendly interface that you will surely love. With this user-friendly interface, you can now process and post unapplied payments to ensure your data accuracy.  

Security  

Like all of intelyHealth’s healthcare IT solutions, intelyFi is HIPAA compliant. Your AR management data is safe in many layers of security.  

Increased Cash Flow  

IntelyFi provides its users with detailed AR reports. These will enable the users to manage the days in AR and its relationships with the payers. 

These are some of the best features of intelyFI concerning AR management. Catch up to your accounts receivables backlogs with intelyFi!

Tips to better AR management in the Healthcare Industry  

Manage your patients’ expectations from the start.   

Communicate with the patient. Tell them their financial obligation ahead of time. This way, they will not be shocked by the charges after the bill arrives. The patients should be aware of their estimated costs. Guiding your patients from the very beginning is a critical part of your AR management process.  

Offer the patient flexible payment options.  

As a healthcare provider, you should make the payment process convenient for your patients. This way, they can pay their charges right away. Different kinds of patients have different ways of paying their hospital bills.  

If you are still not offering a variety of payment options until today, please do. Invest in a reliable Healthcare IT company to set up an online payment portal for you. Varied payment options have increased the cash flow for many healthcare providers through the years.  

Train your staff to communicate effectively.  

Effective communication with patients through the accounts receivables process encourages timely payments. It also builds a foundation for your relationship with patients. With trained staff who inform patients everything they need to know about their estimated cost of care and their payment options, fast and accurate payments are sure to come by.  

Invest in the right AR Analysis solution.  

With a trusted solution to help you identify the overlooked areas of revenue in your AR system, you can be sure that you can achieve your goals of a more profitable practice. Study how the company uses its software to boost the financial performance of their previous clients.   

Remember that efficient AR management in the healthcare setting can improve your profits. With a good AR analysis solution, you can evaluate the practice you’ve been doing wrong and improve on those. Understanding the costs of carrying unpaid balances and measuring how your organization performs with the correct metrics, you will see a lot of opportunities for improvements.   

Catch up to your accounts receivables backlogs with intelyFi! Contact us today and schedule a free demo.