Healthcare Accounting Services
PROBLEMS ACCOUNTING IS THERE TO PREVENT
Simply put, if your office’s accounting personnel fail to make sure that patients pay their bills—or, to put it more accurately—that insurance companies pay those bills (since most of the revenue has traditionally come from health insurance plans/services), then you won’t be able to pay your own bills, meet payroll responsibilities and, consequently, be able to keep your doors open so you can keep diagnosing and treating patients.
Beyond patients or insurance companies not paying their bills, your healthcare accounting/bookkeeping staff can also get you in trouble if they fail to do their job. This can happen if:
Your healthcare accounting staff hasn’t been properly educated or trained in proper accounting procedures/processes. Revenue cycle optimization can be compared to a supply chain; failure by one administrative staff person to do his/her job ultimately affects the entire “chain.” Not coding correctly, inaccurate data entry or failing to perform certain tasks that may negatively affect the facility’s “bottom line.”
Poor staff-to-staff communication. Although they may be busy doing multiple tasks, staff members can get into trouble can if they underestimate their role in the accounting process. Physicians and office managers can’t just assume that everyone is doing their job—instead, regular meetings need to take place so that financial reports are reviewed in order to note accuracy (or the lack thereof) in collections, revenue, and accounts receivable.
Improper workflow. Has your staff, for example, been properly trained in confirming patient eligibility, insurance status, and proper co-pay amounts? Is someone comparing charge slips to missing charges (if any)? Does your staff regularly fall behind on claims follow-up? Unless there is a well-established/running workflow, steps in the process can be missed, tasks may be forgotten, and mistakes may increase in quantity. All these things can result in costly delays in getting the funds you need to pay your facility’s own bills.
WHY ACCOUNTING IS SO DRASTICALLY IMPORTANT AT HEALTHCARE FACILITIES
Other than the mishaps/problems already mentioned, there are the startling statistics that can’t be ignored. For example, roughly 26% of claims promptly and accurately put through are just as promptly rejected.
Bad healthcare accounting practices don’t always lead to insolvency or bankruptcy but, even if all they’re doing is hurting your bottom line slightly, why would you tolerate such an easily fixed fiasco? Unless you already have on board highly-trained healthcare accounting/administrative personnel that you trust 100%, then you should have your whole accounting operation reviewed and double-checked for accuracy, timeliness, and efficiency.
For the professional healthcare accounting services, your organization should choose one of the top and specializing healthcare accounting firms in Florida, USA.
We are trusted and preferred by most of the healthcare accounting firms in the industry.
