5 ways to reduce hospital accounts receivable (1).pdf

Learn how to optimize hospital accounts receivable for
financial stability. Discover effective strategies to reduce
outstanding invoices. Swipe to learn more!

1. 5 WAYS TO REDUCE
HOSPITAL ACCOUNTS
RECEIVABLE
Learn how to optimize hospital accounts receivable for
financial stability. Discover effective strategies to reduce
outstanding invoices. Swipe to learn more!
www.sunknowledge.com

2. INTRODUCTION
At a hospital, various specialties are
managed. Handling pending accounts
receivable within such high in-patient
volumes is quite a challenge. Having
streamlined accounts receivable
management in such a situation could
be very beneficial.
Swipe to learn more about
5 ways to reduce hospital
accounts receivable
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3. 1) ESTABLISH TRANSPARENT
PAYMENT TERMS:
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The first step for you should be
establishing clear payment terms.
You should let your patients know
about your payment expectations
prior to the due date. It is always
better to have payment policies
that your patients can easily
understand and follow.

4. 2) LEVERAGE ELECTRONIC
INVOICES:
In today’s digital world, sending
electronic invoices to patients is
simpler. Along with saving your time, it
also owers the chance of mistakes
compared to manual billing. Electronic
invoices also let providers track unpaid
bills and send automatic reminders to
patients who haven’t paid yet.
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5. 3) OFFER MULTIPLE
PAYMENT OPTIONS:
Your hospital should give
patients different ways to pay
their bills easily. They can choose
from options like credit cards,
online portals, bank transfers,
and automatic deductions.
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6. 4) IMPLEMENT AN
EFFICIENT AR PROCESS:
A smooth AR process is important for
handling outstanding accounts
receivable. Medical providers need a
clear system for managing payments.
This includes sending claims quickly,
following up on unpaid claims, and
keeping patients informed about their
remaining payments
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7. 5) TRAIN YOUR STAFF:
The team handling accounts
receivable needs proper training.
They should be able to explain
payment rules to patients and keep
track of unpaid bills. They also need
to reach out to patients who haven’t
paid yet. Moreover, they should be
skilled in using electronic invoicing
or billing software to ensure
everything goes smoothly.
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8. THANK YOU
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