Every medical practice knows the headache that is accounts receivable (A/R) follow-up. The longer a claim sits unpaid, the harder it is to collect. And when you’re dealing with dozens, hundreds, or even thousands of claims across multiple locations, you need a tool that can handle the chaos.
The Pain of Manual A/R Management
Manual A/R follow-up is like herding cats. One minute you’re on hold with a payer, the next you’re wading through denial codes trying to figure out why a claim was rejected. Multiply this by hundreds of claims, and you’ve got a recipe for burnout. Not to mention, the longer claims linger in A/R, the more they contribute to cash flow problems.
But what if software could do the heavy lifting? Enter A/R follow-up tools — the software that automates the chasing, prioritizes by value and age, and ultimately reduces the dreaded days in A/R.
What Makes an A/R Tool Stand Out?
Not all A/R follow-up software is created equal. At its core, a good tool should do three things:
Automate Follow-Ups: Automatically initiate follow-ups based on set criteria and escalate as needed.
Prioritize Effectively: Sort claims by factors like dollar amount, age, and denial reason — focusing efforts where they count.
Reduce Days in A/R: Deliver insights and actions that lead to faster payments.
Let's dive into some options.
The Heavy Hitters: Software to Watch
1. Phreesia
Phreesia stands out with its robust automation capabilities. It handles follow-ups by setting customizable rules, meaning you can focus on high-value claims first. The software integrates smoothly with many EHR systems, ensuring seamless data transfer.
Their standout feature? Predictive analytics that help identify which claims are likely to be denied and why. It’s like having a crystal ball for your billing team. However, be prepared for a learning curve — the system's depth can be overwhelming at first.
2. Waystar
Waystar is known for its user-friendly interface and strong prioritization capabilities. It uses machine learning to analyze your claim history and predict which claims need attention first. The software also provides detailed denial analytics, helping you understand patterns and prevent future issues.
Waystar’s payer-specific insights are invaluable. They know which payers are quicker to resolve claims and which tend to drag their feet (looking at you, UnitedHealthcare). The downside? Pricing isn’t transparent, and it can get expensive.
3. Greenway Health
Greenway Health offers a comprehensive set of tools for A/R follow-up. Its automated workflows are particularly adept at handling the nuances of different payer requirements, reducing the burden on staff to manually correct minor claim issues.
What sets them apart is their ability to integrate patient payment capabilities, allowing for a more holistic approach to revenue cycle management. But, like any system, integration with your existing tech stack can be tricky.
Finding the Right Tool for Your Practice
Choosing the right A/R follow-up software depends heavily on your practice’s size, specialty, and existing technology. A smaller practice might not need all the bells and whistles of a system like Phreesia, while a larger group with multiple locations will benefit from such a comprehensive platform.
Questions to Ask Before Committing
Does it integrate with existing systems? Ensure the software will work seamlessly with your current EHR or practice management system.
How customizable is it? Your practice has unique needs — make sure the tool can adapt to them.
What does the pricing look like? Hidden fees can turn a seemingly affordable solution into a costly one.
What support is available? Every system has issues. Reliable customer support can make or break your experience.
The Bottom Line: Speed Matters
In the end, the goal is simple — get paid faster. The right A/R follow-up software should feel like a team member who's always on the clock, prioritizing and working claims while you focus on patient care.
As A/R days decrease, your practice’s financial health improves. And let’s face it, in the world of healthcare, that’s worth its weight in gold.
Related Articles
