Healthcare finance has always been complex, and it is becoming more complex in recent years. AR is fetching money for practitioners for the services they have delivered to patients. However, if you don't have an eye for your AR then your collection can rapidly decline.

Timely audit and cleanup operations of AR can help you to make your processes and cash flow stay manageable. It might be late for you to clear your old AR but you must sweep out the mess and unblock the stoppages in your A/R to strengthen your financials.

Here are some ways to collect your old AR:

Updating patient's Data

You should have started to clean your AR by purging irrelevant patient's data. Practitioners should take care that the system contains updated data and be responsible to keep it up to date else the data can easily get outdated and out of control.

Your front desk staff needs to perform some activities which include the collection of demographic and billing data from new patients or just ask for updated info at the start of the year.

Staff at the reception should ask visitors to verify their patient information and insurance card data at every visit (less for high-frequency patients) to make updates in your system immediately.

After complete updating of data in your system, you can analyze the things and get rid of irrelevant data like data about the patients who have long-ago left your practice.

It is always advisable to just wipe out those old AR which contain small balances such as missed co-pay from a deceased patient from the books as losses, rather than investing a wealth of time, money, and effort into continually billing for them.

For old AR which contains large sums, you can continue to take appropriate collection measures and legal recourses to get your AR clear.

Empowered front desk staff for recurring patient's collection

In many practices, recurring patients with payment balances are frequently let go at the time of visit which resulted in the accumulation of old AR that just gets bigger and bigger as the patients continue to visit for care. Therefore, your practice needs to collect these existing balances on the date of service to properly manage your AR.

This collection task can be assigned to your front desk staff and empowered them with proper tools so that they can procure payment on the day of a patient's appointment. Moreover, you can design a system wherein, patients having outstanding balances are notified to pay the payment as soon as they visit after which you can send the confirmation email or reminders for their appointment.

After the arrival of particular patients carrying outstanding balances, your staff should be firm about payment requirements and escalates the situation to billing department representatives. Moreover, you should have specific policies regarding outstanding balances and provide staffers with adequate training to keep your inflow of cash from being stalled.

Collection analysis and reporting of aging AR

Practices need to make sure that they will continue to keep things clean with the proper reporting. Most often staff is focused on getting the billing off their desks and the claims submitted and they have very little time to follow up on receivables, and analyze the financial performance of the practice.

Weekly analysis of your collection backlog and monthly review of outstanding AR will enable you to explain problematic trends. Now, you can focus on the solution of these problematic trends for perfecting your performance in those areas.

Continues monitoring plays a pivotal role to ensure that things are in order in accounts receivable. Moreover, effective reporting and analysis can help you to maintain cash flow by just consistently reviewing your processes and performance rather than looking for a thorough examination of your AR.

Also, the practitioner should have an eye AR aging report. This report indicates the duration for which insurance claims and patient balances have been outstanding and represented as a percentage over 120 days. Moreover, each AR report has its own format and aging bucket which includes 0-30 days, 31-60 days, 61-90 days, 91-120 days, 121-150 days, and 151 days plus.

Medical Billers and Coders (MBC) has been providing accounts 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 old account receivable payment that needs to be collected, feel free to get in touch with us.

Published By - Medical Billers and Coders
Published Date - Jul-07-2020 Back

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