CASH ACCELERATION QUICK HINTS
1. GET BILLS OUT THE DOOR
Focus effort on unbilled categories, particularly those within your control.
Billing editor queues are a good place to start, but look at other likely places like Medicare RTP reports or claim form edits within the core system.
Payers are unlikely to send a check if you haven't sent a bill – look for all the places a backlog of claims might be hiding.
2. CALCULATE PROCESSING TIMES AND SEQUENCE YOUR EFFORTS ACCORDINGLY
If you are working towards an end of month, end of quarter, or end of year deadline, think about payer processing times and how they impact the timing of your efforts.
Commercial payers that pay in 30-45 days require activity well in advance – focus there first before moving to Medicare or other payers that process in 14-21 days.
Perform the work in a timeframe that will result in cash before your deadline.
3. SHIFT RESOURCES TO MATCH YOUR TIMING
To the extent possible, shift work queues to reflect the payer timing.
Floating a Medicare specialist onto commercial claims 30-60 days out will improve cash at your deadline, and reversing that shift 14-30 days out can avoid any growth in AR.
Staff who have the knowledge to work multiple payers will benefit from a new set of experiences and may even appreciate a temporary shift in focus!
4. FIND THE LUMPS IN YOUR AR
Review the shape of your aged AR, by payer, over time to find any areas that have grown or shifted over time.
If you can isolate and understand the cause of the growth, you may be able to solve a volume of claims with a single set of solutions.
Working batches of claims, particularly if they have a similar problem, can expedite processing and liquidate more AR in a shorter period of time.
5. CELEBRATE SUCCESS WITH YOUR STAFF – FEED THEM!
If all goes well, your staff – from billers to follow up to cash posting -- will do a lot more work and generate a lot more cash.
Be sure to track those outcomes, preferably in some visible way like a cash “thermometer” on a wall, and to publicize reaching interim or final goals.
Bagels, donuts, pizza parties, or other treats go a long way in making staff feel recognized for their efforts. Food is love!