Accounts Receivable Crisis

The following criteria will consist of a complete record of tout ensemble credit sum ups which include precise approval and maturity periods, simple debtor background schooling such as employment position, how they receive notes, amount of family members in household, and current place in which they reside. In addition, various documents that shows the film 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 bm from all surgical incisions within this organization essential be implemented.This Includes the administrative department, the Finance department, the Health Information Management department, as intumesce as the patient. Each department will provide a particular 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 likely the most Important depa rtment and is the first line of defense against this mechanical press termination. Properly documenting circumstantial patient information, such as insurance information net literally save a inconsiderable amount of money as well as ensure a faster payment.In an effort to pull down employee errors involving insurance changes during this phase of the process, an Increased amount AT formulation classes well De contacted Tanat would explain in full detail about what the procedures atomic number 18 for checking in a patient and a special session that focuses on proper insurance data collecting. In addition to this, a stave member suggested that a full time individual be utilize on a 24 hour basis. The full time shop clerk will be responsible for the inspection of all other employees paperwork to thingmabob any discrepancies that might occur. According to Brown,J.Oily 2000), Manual Claim Reviews including utilization and medical checkup reviews are conducted by trained special ists. Staff specialists review specific claims with conventional program and medical policy, with previously paying claims, and with other information to locate 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 due 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 fork up the company a such cl earer picture as to why this issue is occurring. Iii.Health Information Management department The Health Information Management department and medical coding personnels contribution to controlling the Accounts Receivable dilemma consists of decrease 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 compass these tasks, pertinent information such as reports, medical charts, and patient data should be adhered and referenced. v.