What is Accounts Receivable Management: Goals, Challenges, and Best Practices
Accounts receivable management refers to the systematic approach healthcare providers employ to oversee and optimize the collection of outstanding payments. It encompasses a range of activities aimed at ensuring that healthcare organizations receive the full revenue they are entitled to, including timely follow-up on claims and resolving payment disputes. The primary objectives of accounts receivable management are to streamline revenue collection processes, reduce claim denials and improve cash flow. Efficiently managing accounts receivable is the bedrock of financial stability for any business. It serves as the linchpin for maintaining a seamless cash flow and safeguarding a robust bottom line. However, in today's dynamic and fast-paced healthcare landscape, characterized by rapid transactions and ever-evolving market dynamics, accounts receivable management presents its unique set of challenges. These challenges, ranging from delayed payments to multiple bottlenecks, have th