Old accounts receivable (AR) can significantly impact a physician group’s financial stability. Recovering these unpaid claims is essential to maintaining cash flow and optimizing revenue cycle management. MBC specializes in providing tailored solutions to recover aged claims effectively.

Challenges in Recovering Old AR

Complex Insurance Denials

Aged claims often face denials due to incomplete documentation, coding errors, or missed deadlines. It is crucial to identify and address these issues promptly.

Lack of Resources

Physician groups may lack the in-house expertise or workforce to manage old AR recovery efficiently. Outsourcing this task can free up internal resources.

Time-Consuming Processes

The recovery process involves meticulous follow-ups with insurance companies, which can drain time and resources if mishandled.

Benefits of MBC’s Old AR Recovery Services

Streamlined Claim Analysis

MBC’s team thoroughly analyzes your aging AR reports to identify trends and prioritize claims for recovery.

Expert Negotiation

Our experienced negotiators engage directly with insurance companies to resolve disputes and secure payments on overdue claims.

Increased Revenue

Recovering aged claims ensures improved cash flow and boosts overall revenue for physician groups.

Customized Approach

We tailor our strategies based on your practice’s unique needs, ensuring maximum recovery success.

Key Features of MBC’s Service

Dedicated Account Manager

Each physician group is assigned a dedicated account manager who oversees the recovery process and ensures personalized attention.

Regular Progress Updates

We provide weekly and monthly progress reports to inform you about your AR recovery status.

Advanced Technology

Our team leverages the latest tools and software to streamline recovery and improve efficiency.

Compliance Assurance

We ensure all recovery efforts adhere to industry regulations, safeguarding your practice from compliance risks.

Steps to Maximize AR Recovery

Identify and Prioritize

Categorize claims by age and value to focus on high-priority cases first.

Review Documentation

Ensure all necessary documentation, such as medical records and insurance information, is complete and accurate.

Engage Experts

Outsource to a professional AR recovery service like Medical Billers and Coders (MBC) to leverage their expertise and resources.

Track and Monitor

Regularly monitor recovery progress and adjust strategies as needed to maximize results.

Why Choose MBC for Old AR Recovery?

MBC’s proven track record in handling complex AR cases makes us the trusted partner for physician groups nationwide. Our systematic approach, with advanced tools and skilled professionals, ensures that your aged claims are recovered efficiently and effectively.

With MBC’s dedicated recovery services, you can regain control of your revenue cycle and eliminate the stress of old AR. Let us help you transform overdue claims into realized revenue.

Struggling with old AR?

Let MBC help you recover those unpaid claims and boost your cash flow.

Contact us today at: 888-357-3226 or email: info@medicalbillersandcoders.com for expert assistance!

FAQs

The post Old AR Recovery Services for Physicians Group appeared first on Medical Billing and RCM Blogs.

Introduction

Old AR recovery is more than a financial decision; it’s vital for hospital sustainability. By bridging the gap between old AR and financial growth, hospitals can unlock dormant revenue streams and strengthen their financial position.

Understanding Hospital’s Old AR Recovery

Old AR recovery refers to efforts to collect outstanding balances that have remained unpaid for an extended period. This neglected AR can strain financial resources and hinder hospital operations if not addressed promptly.

Challenges in Recovering Hospital’s Old AR

Hospitals face various challenges in old Accounts Receivables recovery, including resource constraints, inefficient processes, and regulatory complexities. Overcoming these obstacles requires strategic planning and effective implementation of AR recovery strategies.

The Benefits of Investing in Hospital’s Old Accounts Receivables Recovery

Investing in old Accounts Receivables recovery yields significant financial benefits for hospitals. Recovered old Accounts Receivables contribute to improved cash flow, reduced bad debt, and enhanced financial growth opportunities.

Strategies for Resolving Legacy AR in Orthopedic Practices

Strategies for Successful Hospital’s Old Accounts Receivables Recovery

Implementing effective collection techniques, leveraging technology, and collaborating with experts are essential strategies for successful old Accounts Receivables recovery. Data analytics can also help identify patterns and optimize recovery efforts.

Case Studies: Success Stories in Hospital’s Old AR Recovery

Real-world examples showcase hospitals that have successfully recovered old Accounts Receivables, demonstrating the effectiveness of strategic approaches to AR management.

Overcoming Common Obstacles in Hospital’s Old Accounts Receivables Recovery

Addressing common obstacles such as resource constraints and regulatory compliance is crucial for streamlining old AR recovery processes and maximizing results.

The Role of Technology in Hospital’s Old Accounts Receivables Recovery

Advancements in technology offer innovative solutions for efficient AR management, facilitating timely collection and optimization of financial resources.

Regulatory Compliance and Ethical Considerations

Ensuring compliance with healthcare regulations and ethical practices is paramount in hospital Accounts Receivables recovery, as well as maintaining patient trust and reputation.

The Future of Hospital’s Old Accounts Receivables Recovery

Technology advancements and evolving regulatory landscapes shape the future of old accounts receivable recovery in hospitals. Staying ahead of trends is essential for continued success in AR optimization.

Conclusion

Investing in your hospital’s old Accounts Receivables recovery is critical for long-term financial sustainability and growth. By prioritizing AR optimization, hospitals position themselves for success in an ever-evolving healthcare environment.

Ready to optimize your hospital’s old Accounts Receivables?

Contact us today at: 888-357-3226 or email us at: info@medicalbillersandcoders.com to get started!

FAQs

The post Bridging the Gap: How Investing in Your Hospital’s Old AR Recovery Drives Financial Growth? appeared first on Medical Billing and RCM Blogs.

This comprehensive guide delves into strategies explicitly tailored for optometrists to safeguard their million-dollar accounts receivable.

We’ve got you covered, from optimizing billing practices to enhancing patient communication.

1. Understanding Accounts Receivable Management

This section will explore the fundamentals of accounts receivable management and its significance in sustaining your practice’s financial stability.

Accounts receivable are essential in your optometry practice, representing the outstanding payments owed by patients and insurance companies.

Efficient account receivable management involves tracking outstanding invoices, following up on unpaid bills, and optimizing collection processes.

Leverage practice management software to streamline billing and invoicing, facilitating seamless tracking and management of accounts receivable.

2. Optimizing Billing Practices

Discover expert tips to streamline your billing practices and minimize revenue leakage within your optometry practice.

Implement a clear and transparent billing policy, ensuring patients understand their financial obligations upfront.

Utilize electronic billing systems to expedite claims processing and minimize errors, accelerating reimbursement timelines.

Review and update fee schedules regularly to ensure they align with industry standards and adequately reflect the services’ value.

3. Enhancing Patient Communication

Effective communication with patients plays a pivotal role in securing timely payments and fostering long-term relationships.

During the initial consultation, educate patients about insurance coverage, co-pays, and out-of-pocket expenses to prevent billing surprises.

Utilize patient portals and automated appointment reminders to streamline communication regarding outstanding balances and upcoming payments.

To accommodate patients ‘ financial constraints, offer flexible payment options, such as installment plans or financing arrangements.

4. Leveraging Technology Solutions

Explore innovative technological solutions to streamline accounts receivable management and maximize revenue generation.

Million Dollar Vision: Optimizing Revenue Cycle Management in Optometry delves deeper into how technology can enhance your practice’s financial health.

Invest in revenue cycle management software tailored specifically for optometry practices, offering robust billing, coding, and claims processing features.

Use data analytics tools to get insights into billing trends, identify potential revenue leaks, and optimize reimbursement strategies.

Integrate electronic health records (EHR) systems with billing software to facilitate seamless information exchange and minimize administrative burdens.

5. Implementing Compliance Measures

Ensure compliance with industry regulations and billing guidelines to mitigate the risk of audits and penalties.

Stay updated on changes to healthcare regulations, insurance policies, and billing codes to ensure adherence to current standards.

Conduct regular billing practices and documentation audits to identify and address potential compliance issues proactively.

Invest in staff training and education to foster a culture of compliance within your optometry practice and minimize billing errors.

6. Securing Your Financial Future

Explore proactive strategies to safeguard your optometry practice’s financial future and minimize revenue fluctuations.

Diversify revenue streams by offering ancillary services such as optical sales, contact lens fittings, and specialty eye care treatments.

Establish contingency plans and emergency funds to weather unforeseen financial challenges, such as economic downturns or reimbursement cuts.

Collaborate with financial advisors and accountants to develop long-term financial strategies tailored to your practice’s unique needs and goals.

Conclusion: Million-Dollar Accounts Receivable

Implementing the Key strategies outlined in this guide can effectively secure your optometry practice’s million-dollar accounts receivable. From optimizing billing practices to leveraging technology solutions, proactive compliance measures, and securing your financial future, these insights will empower you to keep your pockets full and your practice thriving.

In optometry, Medical Billers and Coders (MBC) are experts in accounts receivable (AR) management due to their specialized knowledge and proficiency in navigating the intricacies of optometric billing and coding practices.

MBC professionals deeply understand optometry-specific procedures, diagnosis codes, and insurance requirements, allowing them to translate clinical services into billable claims accurately.

Their expertise extends to optimizing reimbursement rates, identifying and rectifying coding errors, and ensuring compliance with industry regulations.

Moreover, MBC specialists excel in resolving billing disputes, following up on unpaid claims, and implementing strategies to streamline the AR process within optometry practices.

Through their comprehensive understanding of medical billing principles and optometric nuances, MBC professionals play a vital role in securing the financial health of optometry practices and keeping their pockets full.

Ready to streamline your accounts receivable and boost your practice’s profitability?

Contact Medical Billers and Coders (MBC) today to learn how we can help. Call us at: 888-357-3226 or email us at: info@medicalbillersandcoders.com.

FAQs (Frequently Asked Questions)

Q: How can I prevent accounts receivable from aging?

A: To prevent accounts receivable aging, implement proactive measures such as timely billing, efficient claims processing, and regular follow-ups on outstanding invoices.

Q: What role does patient education play in accounts receivable management?

A: Patient education is crucial for setting clear expectations regarding financial responsibilities, insurance coverage, and payment options, ultimately minimizing billing disputes and payment delays.

Q: How can technology streamline accounts receivable management?

A: Technology solutions such as RCM software and EHR can automate administrative tasks, improve billing accuracy, and accelerate reimbursement timelines.

Q: What compliance measures should optometry practices prioritize?

A: Optometry practices should prioritize compliance with healthcare regulations, insurance policies, and billing guidelines to avoid audits, penalties, and reputational damage.

Q: Why is diversification important for securing the financial future of an optometry practice?

A: Diversification allows optometry practices to reduce reliance on a single revenue source, mitigate risks associated with economic fluctuations, and capitalize on new revenue opportunities.

Q: How can optometrists proactively address revenue fluctuations?

A: Optometrists can proactively address revenue fluctuations by implementing contingency plans, diversifying revenue streams, and collaborating with financial professionals to develop strategic financial management strategies.

The post Secure Your Million-Dollar Optometry Accounts Receivable appeared first on Medical Billing and RCM Blogs.

Palliative care and hospice care are specialized forms of medical care that aim to improve the quality of life of patients with serious or life-limiting illnesses and their families.

Palliative care focuses on relieving symptoms, pain, and stress, while hospice care provides comfort and support for patients in the last stages of life.

However, many palliative care and hospice care providers face challenges in getting reimbursed for their services, due to various factors such as complex billing codes, lack of documentation, denials, appeals, and delays.

This can affect their cash flow, profitability, and sustainability, as well as their ability to provide quality care to their patients.

Therefore, Legacy Accounts Receivables Recovery is an essential strategy for palliative care and hospice care providers to optimize their revenue cycle and ensure financial stability.

How long does it take to Recover Legacy AR?

The time it takes to recover legacy AR for palliative care and hospice care providers may vary depending on several factors, such as

• The amount and age of the claims,
• The type and complexity of the services,
• The documentation and coding practices,
• The payer policies and contracts,
• The efficiency and expertise of the billing staff.

According to some sources, the average time to recover legacy AR for palliative care and hospice care providers ranges from 30 to 90 days.

However, some claims may take longer to resolve, especially if they involve appeals, disputes, or legal issues.

How can Palliative Care and Hospice Care Providers Prevent Claim Denials?

Claim denials are a common and costly problem for palliative care and hospice care providers, as they can delay or reduce their reimbursement and increase their administrative burden. According to some sources, the best practices to prevent or reduce claim denials for palliative care and hospice care providers are:

• Ensuring accurate and complete documentation of the patient’s eligibility, diagnosis, prognosis, plan of care, and services provided.
• Following the payer’s policies and contracts regarding billing codes, modifiers, authorization, and submission deadlines.
• Verifying the patient’s insurance coverage and benefits before providing services.
• Submitting clean and error-free claims electronically and promptly.
• Tracking and monitoring the status of the claims and resolving any issues or rejections as soon as possible.
• Educating and training the staff on the billing and coding requirements and best practices.

By following these steps, palliative care and hospice care providers can improve their Revenue Cycle Management, reduce their denial rate, and avoid audits or penalties.

How Medical Billers and Coders can help you Recover your Legacy AR?

Medical Billers and Coders have been doing this work for more than two decades. We have a lot of experience and knowledge in this field. We are experts in palliative care and hospice care. These are special types of medical care that help people who have serious or life-threatening illnesses and their families.

Palliative care and hospice care have different rules and codes for billing than other types of medical care. Medical Billers and Coders know these rules and codes very well. They can help you get paid for these services without any problems. They can also help you avoid any mistakes or delays that could affect your reputation or relationship with the insurance companies or patients.

Here is a list of Palliative Care Services HCPCS Codes within the range of G9988 to G9999:

• G9988: Palliative care symptom management intervention initiated
• G9989: Palliative care symptom management intervention discontinued
• G9990: Palliative care symptom management intervention increased
• G9991: Palliative care symptom management intervention decreased
• G9992: Palliative care symptom management intervention status change
• G9993: Palliative care assessment and management of dyspnea
• G9994: Palliative care assessment and management of delirium
• G9995: Palliative care assessment and management of pain
• G9996: Palliative care assessment and management of nausea
• G9997: Palliative care assessment and management of constipation
• G9998: Palliative care assessment and management of depression
• G9999: Palliative care assessment and management of anxiety

These codes are used to specifically identify and bill for various Palliative Care Services provided to patients. It’s important to use the appropriate code that accurately reflects the services rendered to ensure proper billing and reimbursement.

Here is a list of Common Hospice Care Procedure Codes:

• 081x: Hospice (non-Hospital based)
• 082x: Hospice (hospital-based)
• 0651: Hospice Service – Routine Home Care
• 0652: Hospice Service – Continuous Home Care
• 0655: Hospice Service – Inpatient Respite Care
• 0656: Hospice Service – General Inpatient Care Non-Respite
• 0657: Hospice Service – Physician Services

If you need help with recovering your legacy AR, you can contact a professional medical billing company like Medical Billers and Coders. We have a team of experts who can handle your billing and coding needs. We can also help you with other aspects of your medical business, such as Credentialing, contracting, and compliance. We have been serving the medical community for over 20 years and have a proven track record of success.

To learn more about our services, you can visit our website or call us at 888-357-3226. We offer a free consultation and a customized solution for your medical business. We can help you recover your Legacy AR and improve your cash flow and profitability.

FAQs:

Q: What is legacy Accounts Receivables recovery?

Legacy Accounts Receivables recovery is collecting money for medical services from insurance companies.

Q: Why is legacy AR recovery important for palliative care and hospice care providers?

Legacy Accounts Receivables recovery is important because it helps medical businesses get paid and provide quality care.

Q: How can legacy AR recovery be done effectively?

Legacy Accounts Receivables recovery can be done effectively by following best practices for documentation, billing, and tracking.

 Q: How long does it take to recover legacy AR?

Legacy Accounts Receivables recovery can take from 30 to 90 days, depending on various factors.

Q: What are the benefits of outsourcing legacy AR recovery to a professional company?

Outsourcing legacy Accounts Receivables recovery to a professional company can save time, money, and hassle.

The post Legacy AR Recovery for Palliative Care and Hospice Care appeared first on Medical Billing and RCM Blogs.

The Hidden Costs of Unpaid Medical Bills

The financial burden of unpaid medical bills is a significant issue for hospitals. When patients do not pay their outstanding balances, hospitals are left with uncompensated care costs that can impact their bottom line. Uncompensated care costs include both bad debt, which is when a hospital cannot collect payment from a patient or insurance company, and charity care, which is when a hospital provides care for free or at a reduced cost to patients who are unable to pay.

In addition to the direct financial impact of uncompensated care costs, there are also hidden costs associated with unpaid medical bills. These can include increased administrative costs associated with collections efforts, such as phone calls, letters, and legal action, as well as the impact on patient satisfaction and the hospital’s reputation.

When patients receive bills that they cannot afford to pay, they may become frustrated or feel that the hospital is not providing them with the care they need. This can lead to negative reviews or word-of-mouth recommendations, which can harm the hospital’s reputation and future business.

Managing Hospitals’ Legacy Accounts Receivable

Managing legacy accounts receivable requires a comprehensive approach that includes analyzing the problem, identifying root causes, and implementing effective solutions. Hospitals can start by reviewing their accounts receivable aging reports to identify outstanding balances and prioritize collection efforts.

They can also conduct a detailed analysis of their billing and collection processes to identify gaps, bottlenecks, and areas for improvement. This analysis may include reviewing claims denials, rejections, and underpayments, as well as evaluating patient registration, insurance verification, and billing practices.

Other best practices for managing this may include leveraging technology solutions, such as revenue cycle management software, to streamline billing and collections processes. Hospitals may also consider outsourcing collections to a third-party vendor, which can help reduce costs and improve collection rates. Additionally, establishing payment plans and negotiating settlements with patients and insurance companies can help hospitals recover funds and reduce bad debt write-offs.

A Roadmap for Hospital Financial Success

Effective legacy accounts receivable management requires a clear understanding of the challenges involved. Hospitals must navigate a complex web of regulations, insurance requirements, and patient expectations. To succeed, hospitals must develop a roadmap that includes clear goals, timelines, and performance metrics.

One challenge that hospitals may face when managing the legacy of accounts receivable is identifying and communicating with patients who have moved or changed their contact information. Hospitals can overcome this challenge by implementing patient identification and verification processes that include multiple points of contact, such as email, phone, and social media.

Another challenge is managing the administrative burden associated with billing and collections processes. Hospitals can overcome this challenge by streamlining their processes and leveraging technology solutions that automate routine tasks, such as patient registration, insurance verification, and claims processing.

By reducing administrative burdens, hospitals can improve efficiency and reduce costs associated with the legacy of accounts receivable.

Legacy Accounts Receivable Management

Effective legacy accounts receivable management is a critical component of hospital financial success. By implementing best practices and leveraging technology solutions, hospitals can reduce financial risk and improve their overall performance. One way to reduce financial risk is to identify and address revenue leakage.

Hospitals can do this by reviewing their charge capture processes, coding practices, and claims submissions to ensure that they are capturing all revenue owed. Hospitals may also need to conduct audits of their billing and coding practices to identify potential areas of noncompliance or under-coding.

Another way to improve hospital performance is to optimize collections processes. This may include implementing payment plans and negotiating settlements with patients and insurance companies. Hospitals can also leverage predictive analytics to identify patients who are most likely to pay their outstanding balances and develop targeted communication and payment strategies to improve collections rates.

Outsourcing Legacy Accounts Receivable Services Can Benefit Hospitals

Outsourcing legacy accounts receivable services can be a smart strategy for hospitals looking to streamline their collections processes and protect their revenue. Third-party vendors can provide a range of services, from billing and collections to patient communication and education. By outsourcing these services, hospitals can reduce their administrative burden and improve their collections rates.

One key benefit of outsourcing legacy accounts receivable services is access to specialized expertise. Third-party vendors have deep knowledge and experience in billing and collections and can provide hospitals with insights and best practices for improving their financial performance.

Additionally, outsourcing can provide hospitals with cost savings, as third-party vendors often have economies of scale that enable them to provide services at a lower cost than hospitals could achieve on their own.

Medical Billers and Coders (MBC): Legacy Accounts Receivable Service Provider

Medical Billers and Coders (MBC) is a reputable provider of legacy accounts receivable services for hospitals. MBC’s team is well-versed in the complexities of hospital billing and collections and can provide tailored solutions to help hospitals overcome their legacy accounts receivable challenges. By outsourcing legacy accounts receivable services to MBC, hospitals can benefit from the company’s deep expertise and experience and can reduce administrative burden while improving financial performance.

Overall, MBC is a valuable partner for hospitals looking to streamline their collections processes and protect their revenue. To know more about our hospital billing including legacy accounts receivable services, email us at: info@medicalbillersandcoders.com or call us at 888-357-3226.

Reference: Legacy Receivable Definition – Law Insider

FAQs

1. What are legacy accounts receivable in hospitals?

Legacy accounts receivable refer to outstanding medical bills that have been on a hospital’s books for an extended period, often difficult to collect, and impact cash flow and financial stability.

2. What are the hidden costs of unpaid medical bills?

Unpaid medical bills lead to bad debt, charity care costs, and increased administrative efforts for collections, all of which negatively affect a hospital’s financial performance and reputation.

3. How can hospitals improve legacy accounts receivable management?

Hospitals can streamline billing processes, use revenue cycle management software, outsource collections, and establish payment plans to improve their legacy accounts receivable management.

4. Why should hospitals consider outsourcing legacy accounts receivable services?

Outsourcing provides specialized expertise, reduces administrative burdens, improves collection rates, and offers cost savings, helping hospitals manage their accounts receivable more efficiently.

5. How can MBC help with legacy accounts receivable management?

MBC offers tailored solutions to hospitals for managing legacy accounts receivable, using expert knowledge and technology to improve billing and collections processes, reducing administrative effort and enhancing financial performance.

The post Solving the Puzzle of Legacy Accounts Receivable appeared first on Medical Billing and RCM Blogs.

Medical billing is a complicated process that requires special skills in medical billing, coding, denial, and AR management from experienced and well-trained staff. The financial health and success of any medical practice are dependent on maintaining positive cash flow.

In order to provide patient care and cover expenses, it’s important that payments are not delayed, lost, or denied. With the understanding of billing guidelines and a highly trained staff in place, you’ll start to reap the benefits of high first-pass acceptance rates and shorter billing cycles.

But even when everything goes right, some claims will still be rejected or denied. The accounts receivable (A/R) follow-up team in a healthcare organization is responsible for looking after such denied claims and reopening them to receive rightful reimbursement from the insurance carriers.

Even though these claims could be held up by simple mistakes, you will be surprised to know that over half of denied or rejected claims are never reworked. This means that the average healthcare provider is leaving thousands of unclaimed dollars on the table every year.

In this article, we just highlighted some key benefits and overall importance of A/R follow-up in medical billing. 

Importance of A/R Follow-up in Medical Billing:

Claim follow-up:

It may be possible that all submitted claims are not received by the insurance carrier or your billing team might have missed submitting some claims. One of the biggest delays in payment is resulting from the claim not getting filed. In simpler words, the claim wasn’t received by the insurance carrier.

This normally happens after paper claims get lost or misplaced somewhere along the way before they are delivered. To avoid such blunders, it’s wise to send claims electronically if you can. In case the claim has not been followed up on quickly, it could be weeks or longer before your firm realizes that the insurance firm never received your claim.

For paper claims, 10 business days pass prior to calling the insurance firm to confirm whether the claim was received.

Managing denied claims:

Depending on the denial reason, you can actually send out a new claim request with all required corrections before you even receive the paper denial via mail.

By contacting the insurance firm and inquiring why they denied your claim rather than waiting for your paper denial explaining the reason through the mail, the A/R team can make sure that all claims get corrected as fast as possible.

Resubmitting the claims up to 7 days earlier instead of waiting for the mail will undoubtedly reduce the turnaround time for your payments.

Recover overdue payments:

A/R follow-ups assist all nursing homes, physicians, hospitals, etc. in recovering late payments without a hassle.

When the healthcare provider has a team that can constantly involve itself in the claims follow-up procedures, it becomes stress-free for the healthcare provider to receive payments in a timely manner.

Your experienced, skilled team will read the explanation of benefits and will resubmit the claim with the required information to receive overdue payments. 

Provide financial stability:

As discussed earlier, healthy cash flow provides financial stability to the practice and ensures the smooth functioning of day-to-day activities.

Healthcare providers need to maintain a secure flow of revenue to cover expenses and provide the needed patient care services effectively; the A/R department makes sure that all this is taken care of.

Manage pending claims:

At times, claims will be kept pending for a certain duration of time as a result of additional information needed for the respective member.

By executing a proper follow-up, the A/R team can notify the member regarding the situation so appropriate action can be taken and the entire process is sped up again.

Need Assistance in Medical Billing?

Even though A/R follow-up is an important part of medical billing, most practices won’t be able to pay much attention to it due to a lack of skilled manpower.

It requires skilled and experienced manpower who have handled specialty-wise billing and handled that specific insurance carrier.

Otherwise, such inexperienced and unskilled A/R experts might be unable to handle claim denials resulting in increased rejected payments.

In such cases, if hiring a skilled A/R expert is not possible then you can always outsource you’re A/R function to the medical billing company.

How MBC can Help you?

Medical Billers and Coders (MBC) is a leading medical billing company providing complete revenue cycle services. At MBC, one of your daily tasks is pursuing every dollar owed by your practice.

Our daily workflow automates this task with a claim follow-up that generates patient and payer collection worklists so you can prioritize follow-up tasks, boost collections, and reduce the days spent in Accounts Receivable in A/R.

Simplifying your medical billing process and having an automated A/R follow-up process for reworking denied claims is essential to the success of any practice.

To know more about our A/R follow-up services, contact us at info@medicalbillersandcoders.com or call us at: 888-357-3226.

Read more:

Strategies for Resolving Legacy AR in Orthopedic Practices

Pros and Cons of Various Payment Models and their Effect on Practices

FAQs:

The post Importance of A/R Follow-up in Medical Billing appeared first on Medical Billing and RCM Blogs.

Common Accounts Receivable Issues

Not Appealing Denied Claim

If your medical billing and coding team is not enough experienced and is not equipped with specialty specific knowledge, your lots of claims will get denied. The worst part is most the practices won’t track their denials, resulting in loss of money. When an insurance company denies your claim, they will provide a denial reason for that claim. Your billing team should operate in a systematic way where they should track every claim, identify denial reason, analyze denial, and appeal denied claim on a timely basis. When you are not sure, you can always pick the phone and call the insurance company and try to understand the denial reason as well as ask for help in addressing this denial. If you are properly tracking denials and appealing them on time, you will be able to collect a maximum portion of your accounts receivable portion. 

Not Verifying Patient Benefits

The eligibility and benefits verification process have a lot of importance in accounts receivable management. When you verify eligibility and benefits for your patients, you get a complete idea about how much insurance will pay, what would be patient portion, and if any prior authorization is needed. With eligibility and benefits verification, your team can share financial estimates with your patients, your patients will be well aware of their insurance coverage and they will pay their portion at the time of service only. You can discuss alternate financial arrangements with patients if their insurance is not covering the procedure. No one wants uncommunicated patient statements after a medical procedure is done. 

Collection Culture

Medical practices often shy away from collecting patient portions at the time of visit because they feel their purpose is to help patients. They feel customer service and collection are two different departments which require a different approaches. You will be able to provide excellent customer service only if your patients are well informed. They should be aware of procedures to be done, financials involved, their insurance coverage, and their own contribution. The patient understands all money owed, and your practice has more money available to improve the patient experience. Many practices lack the tools to collect unpaid balances in an efficient, timely manner. Done correctly, instituting a collection culture can increase patient satisfaction. 

Reducing Accounts Receivable

As discussed, accounts receivable is not a separate function, it’s a crucial part of the medical billing process. You will be able to reduce the accounts receivable portion if you include the following steps in your medical billing functions:

• Examine claims: Examine all your claims for accuracy and completeness before submitting them. Claims errors increase accounts receivables. Most billing insurances have ‘claim scrubbing’ tools to identify basic coding and billing errors. 
• Collect all claims data: Collect all the data required for submitting the claim. This will include patient data and insurance data. Upload insurance card front and back scanned copies, all patient demographics documents, and if applicable copies of secondary insurances. 
• Collect in office: Insist that each patient submit their co-pay before leaving the office. This will decrease aged receivables and decrease bad debt. Require that your staff submit a report of co-pays collected so that you can identify delinquent payments quickly. Many practices are also estimating benefits ahead of surgery and requesting a deposit of the full estimate or a percentage therein.
• Increase billing cycles: Most practice sends patients statements once a month which could lead to delayed payments. Try to send patient statements once a week to collect more quickly. Also, provide easy payment options so that your patients can make payments in the comfort of their homes or offices. Your front desk staff must be aware of all patient statements sent and should be able to answer all patient queries.
• Outstanding accounts: Special attention should be given to outstanding accounts. Your front desk staff may not be aware of outstanding amounts and might only collect co-pay for that visit only. Patients with outstanding balances should be sent frequent notices. If they continue to neglect these reminders, have your office follow up by phone. Phone calls are more difficult to ignore than letters.  
• Examine write-offs: Carefully review every write-off. You should have a strategy to decide a write-off. Consistent rules must be set to decide when to collect any amount or when to write it off. Determine which situations by dollar amount, medical procedure, etc. require approval. Make sure to exhaust all options before writing off an unpaid balance.
• Track AR reports: Constantly track your accounts receivable reports and discuss with your team how to collect more on weekly basis. Accounts receivable reports as per days, procedures, payers, and patients should be maintained and different strategies should be discussed to collect them.
• Outsource billing:  Hire a medical billing company to reduce stress and manage your accounts receivable. Outsourced billing companies code and examine your claims for error, follow-up with denials, and increase your cash flow.

Efficiently collecting accounts receivable directly enhances your revenue cycle management. Efficient accounts receivable management is not about collecting more, it’s about a systematic approach towards collection. An experienced medical billing companies can assist you to have this systematic approach. To know how we can assist you in decreasing your accounts receivable and having an efficient billing process, contact us at info@medicalbillersandcoders.com/ 888-357-3226.

FAQs

1. What are the common reasons for increasing accounts receivable in medical practices?

Accounts receivable often increase due to denied claims, lack of eligibility and benefits verification, inefficient collection processes, and delays in sending patient statements. Addressing these issues can significantly reduce AR and improve cash flow.

2. How does eligibility and benefits verification help in managing accounts receivable?

Eligibility and benefits verification ensures that practices know the insurance coverage, patient responsibility, and any prior authorization requirements before services are rendered. This helps avoid claim denials and ensures patients are informed about their financial obligations upfront, leading to quicker payments.

3. Why is it important to track and appeal denied claims?

Denied claims contribute significantly to increasing accounts receivable. Tracking denials, analyzing the reasons, and appealing them promptly can help recover a substantial portion of the outstanding amounts. A systematic approach to denial management is crucial for AR reduction.

4. How can patient collection culture reduce accounts receivable?

Encouraging upfront collection of patient co-pays and financial estimates reduces aged receivables. Providing clear communication about procedures, insurance coverage, and patient responsibilities ensures patients are informed, resulting in fewer unpaid balances and improved patient satisfaction.

5. When should a medical practice consider outsourcing billing to manage accounts receivable?

Practices struggling with high AR, frequent claim denials, or inefficient billing processes should consider outsourcing. Professional billing companies handle coding, claim submission, denial management, and AR tracking, enabling practices to focus on patient care while improving cash flow and reducing stress.

The post Systematically Reduce Your Accounts Receivable appeared first on Medical Billing and RCM Blogs.

In short, if your practice wants more cash at hand then your AR days should be minimum, and you need to understand the benchmarking criteria for A/R aging which is explained in the following brief.

In this article, you will understand how you can decrease aging accounts receivable and increase staff efficiency with the help of practice management (PM) software.

How to decrease aging accounts receivable?

As you have already known that every healthcare practice needs to lower the days for A/R to improve financial health and proper AR management helps you in this. As said earlier, if you would like to know the financial health of the medical practice, then you should look for the results of the A/R aging report.

The benchmarks are as follows:

• 0 to 30 days or less indicates the good financial health
• 31 to 60 days indicates the average financial health
• 61 to 90 days or more indicates the poor financial health

However, PM software can offer various benefits, especially you can reduce aging accounts receivables as automation technology enables the creation of workflows for staff based on several factors such as date of service, cash collection opportunity, and denial code receivables. Moreover, various software packages and less intervention of manual A/R workflows are also important factors to reduce aging accounts receivable.

Now, you have a glimpse of PM software for A/R still, if you are struggling with aging accounts receivable and your billing department can’t keep a track of it then it would be a great idea to outsource your medical billing services to an experienced medical billing company like us.

We use PM software to keep a check on your A/R and whenever we encounter claim denials, our AR team starts chasing the payers to understand the reason for denial and re-submit claims with corrected actions to get reimbursement faster and our clients enjoy lesser AR aging buckets.

If you are struggling with aging accounts receivable and your billing department can’t keep a track of it then it would be a great idea to outsource medical billing services to an experienced medical billing company like us. With the help of practice management software is it easy to keep a check on your AR as well as we take follow-ups of denied claims for early reimbursement.

Increase staff efficiency

PM software can bring significant improvement in the areas that may be challenging for your staff like the 31-to-60-day and 61-to-90-day aging bucket. Part from that, your staff can identify both high-value claims that will be worth the time and resources to chase and low-cash opportunity claims which are not worth spending time on. This will save a lot of precious time of your staff and improves overall productivity with enhanced job satisfaction.

Moreover, most of the employees are working from home due to the covid-19 pandemic which leads to challenges of remote working but with the help of PM software practitioners can track productivity and assign the direction of work for their staff as far as insurance accounts receivable are concerned.

Finally, we conclude that automation of the whole PM software needs a transformation, and most healthcare organizations are hesitant to adopt it. But it will be a boon for every healthcare practitioners because apart from reducing aging accounts receivable and improving staff efficiency PM software is key in improving the patient experience by offering them various digital ways to pay medical bills online, access clinical and financial information via patient portals, and receive communications through email or text.

Finally, we conclude that automation of the whole RCM needs a transformation and most healthcare organizations are hesitant to adopt it. You can get in touch with us to know more about how we can help you to reduce your aging account receivable.

FAQs

1. Why is reducing aging accounts receivable important for healthcare practices?

Lowering A/R days ensures better cash flow and financial health for your practice.

2. What are the A/R aging benchmarks to track financial health?

• 0-30 days: Good
• 31-60 days: Average
• 61-90+ days: Poor

3. How does PM software help reduce aging accounts receivable?

PM software automates workflows, prioritizes claims, and minimizes manual errors for faster collections.

4. Can PM software improve staff efficiency?

Yes, it helps staff focus on high-value claims, reduces wasted time, and enhances productivity.

5. Should I outsource medical billing to manage A/R more effectively?

Outsourcing ensures experts handle A/R, reduce denials, and maximize reimbursements with minimal delays.

The post Decrease aging accounts receivable and increase staff efficiency appeared first on Medical Billing and RCM Blogs.

Insurance companies are obliged to pay healthcare professionals for the services provided to patients. Providers are facing multiple denials due to errors in the medical billing process. Pandemic heightened the inefficiencies in Account Receivable processes and productivity due to shutdowns of widespread service lines to shifting staff to work at home and increasing self-pay balances. However, the pandemic also boosts opportunities for improvement in productivity tracking.

Tracking of A/R productivity for success of revenue cycle during pandemic

Today, providers should not be only focused on measuring their A/R success in the total number of accounts worked and total revenue received, but at a more granular level of staff productivity and patient and payer payment behavior.

The next step after getting insights about staff metrics is understanding how to segment accounts effectively, improving adherence to internal procedures, and understanding the best time to call patients and payers can supercharge the potential of A/R portfolios.

How to boost A/R productivity in the WFH model?

Revenue cycle management teams of various healthcare organizations are working remotely to avoid the spread of the virus. Hence understanding and improving productivity will be the key to revenue cycle success in this new hybrid work environment.

Traditional strategies for tracking the productivity of A/R staff are no longer useful in this pandemic due to the large adoption of WFH. Traditionally efficiency was measured by the total number of accounts worked however there are deeper insights which include the volume and types of calls (payer or patient, inbound or outbound), active hours per day, number of claims worked per call, and specific activities performed on each account.

You can use these metrics to identify strengths and weaknesses in both operational workflows and individual staff activities then you can set appropriate, attainable goals based on performance to ensure staff members are working at the best.

Moreover, in order to maximize productivity and collection potential, you must prevent claim denials and unnecessary reimbursement delays. This is done by understanding payer patterns to streamline front-end and back-end revenue cycle processes.

You can Leverage technology to effectively monitor and measure activities taking place inside and outside of the office. These activity tracking can help gauge productivity and ways to improve it. This includes not only staff activities but even activities of payer and patient populations as well.

Role of technology to ensure revenue cycle success

The right technology solutions are the key for tracking, informing, and improving productivity for optimal financial performance. In a remote work model, data-driven technology will be key for optimal performance.

Today, Patient engagement is very important for A/R recovery which is easily done with the help of technology. Team handling revenue cycle management should equipped their staff with the best tools to communicate with patients and improve the chances of payments.

To improve the speed and volume of patient collections you need to offer convenience and ease both for the patient and the account representative.

Finally, we can say that the “WFH” model is a new normal and it is getting adopted widely hence now it is at most important that revenue cycle leaders keep their eye to boost A/R efficiency and productivity for the success of the revenue cycle. If you are looking to boost your revenue, we can help you and we are one of the top preferred physicians’ choice to outsource medical billing and coding.

5 FAQs on Boosting A/R Productivity in Healthcare Billing

1. Why is A/R productivity important for revenue cycle success?
   A/R productivity ensures timely collection of payments, reduces claim denials, and maximizes revenue, which is crucial for the financial health of healthcare practices.
2. How has the pandemic affected A/R processes?
   The pandemic led to shutdowns and work-from-home models, highlighting inefficiencies in A/R processes and increasing self-pay balances, but it also created opportunities to improve productivity tracking.
3. How can technology help improve A/R productivity in a remote work model?
   Technology enables remote monitoring of staff activities, tracking payer and patient interactions, and enhancing communication, leading to improved collections and streamlined workflows.
4. What metrics should be used to track A/R staff productivity?
   Focus on metrics like the volume and type of calls, number of claims worked, active hours, and specific activities performed on each account to identify areas for improvement.
5. How can I prevent claim denials and improve collections?
   Understanding payer patterns and streamlining front-end and back-end processes can help prevent claim denials, ensuring faster reimbursements and better A/R productivity.

The post How to Boost A/R Productivity for Success of Revenue Cycle during Pandemic? appeared first on Medical Billing and RCM Blogs.

Account receivable services include the management of many reports dealing with insurance, collection analysis, write-offs, bad debt reviews, and ratio analysis. Moreover, it contains an analysis of insurance contracts to ensure healthcare providers are being reimbursed correctly.

We will discuss in this article about how to analyze the account receivable, how to reduce account receivable, and how to work the account receivable.

What is Account Receivable in Healthcare?

Account Receivable (AR) in healthcare refers to the outstanding balance that patients owe to healthcare providers for the services rendered. It represents the amount of money that is due and should be collected within a specific timeframe, usually within a year.

Healthcare organizations track and manage their AR to ensure timely payment from patients and insurance companies. Effective management of account receivables is essential for maintaining a healthy cash flow and optimizing the financial performance of healthcare providers.

Account Receivable Analysis

An account receivable summary is an important aspect of AR analysis. This AR summary will help you see who owes you money, how much each customer owes, and who is past their due date. The AR summary can assess your receivables in many ways, including by individual patient, by insurance plan, and by payer class. Your billing staff should perform insurance eligibility verification before the date of service to avoid this patient responsibility enters into AR cumulation.

While analyzing the AR summary, each payer class should be examined and check if the pattern of AR totals by time category (30, 60, 90, 120 days, etc.) is appropriate for that class.

For instance, large AR volumes in the 120-day bucket suggest that Medicare claims are not being worked or that they are not being appropriately written off as contractual adjustments.

How to calculate Accounts Receivable?

Measurement of Account Receivable is called “Days in AR” which represents the average time it takes to collect a bill.

Let’s consider an example to elaborate on the term:

Assume that a practice charges $3,898,500 per year, $324,875 per month, or $10,680.82 per day.

To calculate the “Days in AR,” the following formula is applied: –

Days in AR = Total AR ÷ Average daily charge

Average Daily Charge = USD 10,681

Total AR = USD 916,752

Days in AR = USD 916,752 ÷ USD 10,681 = 86 days (85.83)

86 days look excessive due to payer mix or some circumstance of a major payer. Also, your collection process needs to be revised to identify why are you slow in collecting your charges.

If your practice is largely Medicaid, and the Medicaid agency in your state never pays in less than 90 days, then 86 days considered to be appropriate for Days in AR.

How to Reduce AR?

Providers should collect the charges at the time of service to reduce AR, also patients with a variable co-payment (e.g., the 30% of the Medicare allowable owed by patients without secondary insurance) could be charged at the time of service.

The staff person should have Medicare allowable payment schedule of the patients for the services provided to these patients in the office, along with the precalculated 30% co-payment at the patient’s checkout.

Moreover, staff should be aware of those Medicare patients who don’t possess co-insurance and these staff should collect the co-payment before the patient leaves the office.

Nowadays we observed that various factors that cause overheads for healthcare organizations such as outstanding claims and delayed collections as well as stringent federal regulations. This increases the pressure on healthcare organizations to follow up on denied or appealed claims.

For a long time if the account goes uncollected then the provider suffers not only loss of revenue but needed to set aside resources for collection.

Tips from the industry to reducing AR days

Experienced and trained Employees

It is observed that training of employees might be costly and time-consuming; however, it saves a lot of money for healthcare organizations in the long run. If healthcare staff that is responsible for billing are not trained properly then, they can make coding and billing mistakes which cause unnecessary spending. Moreover, Coding staff should complete a 60-hour long training session in four-hour increments in order to learn how to code effectively.

Alex Fernandez, a chief financial officer at Broward Health Medical Center in Ft. Lauderdale, Florida said “First and foremost is dropping a clean, accurate claim to the payer as close to discharge as possible,”

Automating your AR department

Rapid development in technology has provided businesses with the tools to streamline processing, and to reduce costs as well as improve productivity and efficiency across the whole organization.

Medical billing software can streamline your entire collections process by tracking various things simultaneously such as past-due bills, identifying those patients who have fallen behind, and automating late fees. However, this software might be costly but one needs to understand that the software will end up saving a lot on internal billing resources as well as increase your collection rate.

Manual AR processing can be inefficient and costly, but automated AR can be helpful to streamline business processes, enabling the AR team to improve cash flow, reduce operating costs, and enhance customer service.

How to work the AR?

Analyze Report

AR report is used primarily to collect overdue balances from both insurance companies and patients. Your AR report should be categorized based on payer (patient balance vs. insurance balance), age (e.g., patient balances over 90 days), and balance amount (e.g., within a category, list accounts in descending order of balance owed).

Start AR Collection

Your staff should start to work from the largest accounts first when making the collection calls to patients. Moreover, determine the minimum level for small balance write-offs. You should not miss any account irrespective of the system you follow for AR.

Conclusion

AR report helps your practice to accurately reporting charges and collection. Additionally, this explains what has not yet happened and it has a lot of valuable information if used properly. Moreover, the management aspect of AR enables you to identify problems with your receivable’s management process.

Medical Billers and Coders (MBC) has been providing account receivable services to clients across the USA. Our highly experienced team of AR specialists has worked with different insurance companies and is well-acquainted with all their policies. If you have a lot of accounts receivable payments that need to be collect, feel free to get in touch with our AR Team.

FAQs

The post Account receivable services in Healthcare appeared first on Medical Billing and RCM Blogs.