Amidst rising costs of operations and declining reimbursement rates; increasing Accounts Receivable (AR) days is a major concern with physicians as partly paid, late or denied payments can significantly impact a practice’s bottom line.
|Minimum payment days:||On filing a clean claim the minimum time a physician will be paid differs on the payer: Federal payers - (Medicare/ Medicaid) – pay clean claims within 13-15 days and other commercial payers - pay clean claims within 27 to 30 days|
|Industry standards:||Claims generally take anywhere between 40 - 169 days to be paid, with an AR cycle of generally 60 90 days|
Get It Right the First Time! -Claims are typically delayed or denied due to human error or misfiling. Additionally a variety of factors can influence why claims are not paid immediately, including:
How to get paid faster?
Self-assessment is a vital step your practice can take to better understanding the processes used and also discover opportunities for improving the processes to help improve payments and AR. Following questions can assist Physician’s in determining cause and also do a maintenance assessment:
Getting paid faster with the help of a billing service?
Billing errors and late payments can cost a practice a loss of nearly 10% and at times even 30%, hence many physicians short of time to implement all the above by themselves are opting for a billing service.
Outsourcing all or portions of the billing operation to specialists is a growing trend in the US healthcare industry especially due to high costs, shortage of trained staff and new era of value based care.
Reducing your AR days with MBC…
Being specialist in billing services our Medicalbillersandcoders.com experts are constantly looking for avenues to bring down your AR days, some of the procedures we have in place include- weekly & monthly reporting, review of EOB's, reason for denials, getting required documentation, regular follow-up process, dedicated appeals team and studying of contracts before it reaches appeal stage.
Medicalbillersandcoders.com the largest consortium of medical billers and coders serving healthcare for over a decade across all US States and varied specialties by applying all the above standards has a past track record of:
|Reduced Denials: nearly 10-15%||+||AR days reduced: 30-40%||+||Savings: nearly 32%|
|Cleaner claims: 97%||+||1st pass denial rates: less than 3%||+||Enhanced collections: 10-15%|
Resulting in thousands of dollars of added revenue!