Designed to contact patients early in the A/R cycle using a courteous and consultative approach to help patients find a way to pay their bill. We become an extension of our Client’s mission, vision, and values in all interactions with your employees and patients. During this process, we monitor metrics such as aging, payer mix, productivity, account status, and collection rates. This information is used to direct staff in areas of opportunity in order to maximize collection rates.
With Wakefield, you can guarantee:
In the complex ecosystem of healthcare finance, the balance between maintaining optimal financial performance and managing healthcare costs is a constant challenge for providers. This delicate balance necessitates a strategic approach to Self Pay and Customer Service, a key component in managing the billing and collection cycles effectively while ensuring high-quality patient services. By adopting a model that prioritizes early patient engagement and a consultative approach, healthcare practices can significantly improve their financial health and patient satisfaction levels.
Initiating contact with patients early in the A/R cycle is crucial. This proactive strategy not only helps in addressing Self Pay balances before they escalate but also reinforces the healthcare practice’s commitment to customer service. Adopting a courteous and consultative approach, we become an invaluable extension of our clients’ mission, embodying their vision and values in every interaction with patients and staff. This early engagement helps in streamlining the RCM system, enhancing both revenue generated and revenue optimization.
Our consultative approach is designed to help patients find feasible ways to settle their bills, taking into consideration their financial situations and the complexities of high deductible health plans. This patient-centric strategy not only aids in revenue optimization but also builds trust and loyalty among patients, which is critical for the long-term success of any healthcare practice.
Medicare Part A Insurance Representative (Remote) Read Time: 5 Min What You’ll Learn: Comprehensive strategies to enhance revenue cycle processes, ensuring efficient, profitable operations. Source:
Legacy conversion refers to the process of moving data, operations, and functionalities from an outdated or inefficient system to a newer, more advanced system. This transition is crucial for several reasons:
Enhanced Efficiency: Modern systems are developed with the latest technologies, offering faster processing times and more intuitive interfaces.
Improved Compliance: New software systems are often designed to comply with current regulations and standards, helping your organization stay compliant.
Better Data Management: Advanced systems provide superior data management capabilities, allowing for more accurate and accessible patient or customer information.
Increased Productivity: With updated features and fewer system downtimes, employees can work more efficiently, significantly boosting productivity.
There are three primary methods of system conversion: direct conversion, phase-in conversion, and parallel conversion.
Direct Conversion: This approach involves completely switching from the old system to the new system at once. It’s fast but carries higher risk if the new system fails.
Phase-in Conversion: Here, the new system’s features are gradually implemented over time. It reduces risk but can prolong the total time to full implementation.
Parallel Conversion: Running both systems simultaneously for a period ensures the new system operates correctly before fully transitioning. It’s the safest method but can be resource-intensive.
Choosing the right method depends on your organization’s risk tolerance, resource availability, and how critical the system is to your daily operations.
AR Clean-Up is a critical component of the legacy conversion process, ensuring that your accounts receivable management doesn’t falter during the transition. It involves:
Reviewing and reconciling outstanding accounts receivable.
Identifying and correcting any discrepancies.
Streamlining collection processes to improve cash flow.
Implementing AR clean-up before, during, and after a legacy conversion helps maintain financial stability and ensures that your organization doesn’t lose track of owed revenues during the transition.
The main challenges of legacy conversion include data loss, system downtime, employee resistance to change, and budget overruns. To mitigate these challenges:
Thorough Planning: Develop a detailed conversion plan that includes risk assessment and mitigation strategies.
Data Backup: Ensure all data is backed up before beginning the conversion process to prevent loss.
Employee Training: Invest in comprehensive training programs to reduce resistance and ease the transition for your staff.
Budget Management: Allocate resources wisely and plan for unforeseen expenses to avoid budget overruns.
Wakefield specializes in legacy conversion and AR Clean-Up, providing tailored solutions to meet your specific needs. Our services include:
Expert Planning and Implementation: We offer strategic planning and implementation support to ensure a smooth transition.
Custom AR Clean-Up Projects: Our team tailors AR clean-up projects to fit your organization’s unique requirements, improving your cash flow and accounts receivable management.
Training and Support: We provide comprehensive training for your employees to help them adapt to the new system quickly and efficiently.
By partnering with Wakefield, you can ensure that your legacy conversion and AR clean-up processes are managed effectively, allowing your staff to focus on learning the new system without fear of reduced collections or financial instability.
Planning, testing, and training are key phases that can affect the overall timeline. Engaging with a professional service like Wakefield can help streamline the process and reduce downtime.
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7005 Middlebrook Pike Knoxville TN 37909
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Kingsport, TN
Eatontown, NJ
Columbus, OH
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