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How To Receive The Maximum Value Of Your Accounts Receivable With Medical Billing Solutions?

Medcare MSO Medical billing services can monitor, track, and collect your payments for medical services. Did you know that receivables lose significant value over time? Medical Billing Solutions Receivables that are 90 days late can lose 20% of their original value, and only 5% if they reach 120 days.

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How can you reduce the days of accounts receivable?

Analyze Your AR In Detail

An analysis of your starting point is the first step to reducing AR days. You can’t look at all the receivables together. To get to the root cause of poor performance, you need to break it down into insurance accounts receivables and patient AR.

If you notice that patient AR is increasing quickly, this could indicate that something is wrong with your front-desk processes, or the way that your employees communicate your financial policies to patients. A decline in performance on the insurance side could indicate errors at the front desk or a bigger issue with third-party or in-house billing functions.

Prioritize insurance verification

Poor patient eligibility verification and benefits verification are the main causes of AR mismanagement by many providers. You must ensure that you verify your insurance eligibility before you start working on open AR claims.

If you’re one of those practices without enough staff to properly verify benefits and educate patients, you can use the services of automation tools. You can quickly access information about whether the patient is covered, what the deductible is, or if the policy is at risk of being suspended due to nonpayment of premiums. Third-party verification services can also be used to take the burden off your shoulders so you can focus on your core competencies.

Focus on Coding and Documentation

Yes, documentation and coding are not the top priorities for doctors. They want to see patients and not be concerned about documentation. The physician is ultimately responsible. The Medical Billing company will not be able to recoup fraudulent billing if there is evidence. 

These two elements are key to maximizing reimbursement. You will be surprised at how much you can collect. These two aspects will also help speed up billing, increasing the probability of patients paying their balances.

Engage Patients

Engage patients early, be proactive, and set expectations so that there are no surprises in bills or requests for payment. It doesn’t end with reminding patients of their balances or providing them with the payment policy. This includes making it easy for patients to contact the practice and pay their bills.

Beware of Consolidation and Transition Caveats

Patients should be engaged and accessible when the practice is going through transitions such as moving to an EHR or billing system. This can lead to billing delays, which can cause problems that can negatively impact a patient’s relationship. To avoid problems, keep patients informed and communicate any changes to the practice.

Follow the Golden Rule

No matter what your practice structure is, you must follow the credo that “Whoever enters data owns it.” Consider a situation where a claim is denied because of an incorrect subscriber ID. This is where the above-mentioned approach would work. Instead of submitting a claim and fixing it at the back-end as quickly as possible, you send the claim back and ask the employee to correct it.

Conclusion

The AR days are at the point of no return. Practices need to implement strategies and processes that ensure cash recovery quickly and a thorough examination of aging receivables. Whatever road you choose to take in this AR turnaround effort, ensure that you plan well and allocate the appropriate resources to maximize performance.

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https://medcaremso.com/services/medical-billing-services/

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