We all know that collections are the most time-consuming and challenging task when it comes to dealing with motor vehicle adjusters in your practice management. At times, even invoices issued by approved treatment plans (OCF-18s and OCF-23s) take a long time to get paid – making them past due.
So, how do we simplify this process?
There are a few strategies you can apply to improve your cash-flow and speed up the collections process for your MVA files.
- Use batch billing to issue invoices and submit them to HCAI.
Your cash-flow starts with issuing invoices (OCF-21s). And the faster you can do this task, the better you can improve the timing of your payments. Read our Issue 100s of Invoices Under 60 Seconds article for more tips on batch billing.
- Use Collections by Adjuster report.
By looking at outstandings grouped by adjuster, you only have to contact an adjuster once about all outstanding files pertaining to that adjuster. Often, when you make collection calls, you end up contacting the same adjuster more than once in the same day – because throughout that day, you end up coming across various patient files that are managed by the same insurance adjuster. It’s challenging enough to get a hold of adjusters in the first place; doing so more than once a day may become counter productive. You can avoid this by using the Collections by Adjuster report to list outstanding balances organized by insurance adjuster. Along with the adjuster’s name, this report will provide you with their contact information and HCAI document number per invoice for quick reference.In addition, you may want to filter this report to include outstanding files for an individual adjuster (i.e., list patient files handled by the individual adjuster), export it to PDF and email it to the adjuster or print and fax it over.
- Use Outstanding OCF-21 Invoices by Approved Plan report.
Most of the time, you may not even be aware that invoices submitted based on approved treatment plans (OCF-18s and OCF-23s) go unpaid for a long time, passing the overdue zone. To stay on top of those, you will want to regularly issue the Outstanding OCF-21 Invoices by Approved Treatment Plan report.
We are confident these strategies can help your practice improve cash-flow and speed up collections. Taking control of these necessary policies will help you achieve results in efficient and affordable ways, will allow you to focus on more important admin tasks and will give you more time that was spent chasing payments. And for your convenience, the reports mentioned in this article are complimentary for all our customers, accessible from the online reports Templates Library within Universal Office.
What do you do to improve your cash-flow and to speed up your collections?