Managing legacy accounts receivable can be a challenge for hospitals. These outstanding balances can be difficult to collect and may have been on the books for years. They can negatively impact a hospital’s cash flow, financial performance, and overall stability. However, with effective management strategies and best practices, hospitals can tackle the puzzle of it […]
Solving the Puzzle of Legacy Accounts Receivable
Read More.. Solving the Puzzle of Legacy Accounts Receivable
Importance of A/R Follow-up in Medical Billing
Importance of A/R Follow-up 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 […]
Systematically Reduce Your Accounts Receivable
Accounts receivable management plays a key role in having stable financial health for your practice. Accounts receivable is nothing but the amount owe to you by insurance companies and patients. As the number of days increases to collect this amount, the chances of collecting this amount also decrease. Accounts receivable are classified in a number […]
Decrease aging accounts receivable and increase staff efficiency
An increase in Account Receivable from one period to another indicates that payments such as copays (and increasingly, deductibles for those patients with high-deductible health plans) are not being collected upfront. It threatens the cash flow of the practice. In growing healthcare practice, it is necessary to keep track of claims that are billed but […]
How to Boost A/R Productivity for Success of Revenue Cycle during Pandemic?
Are you thinking that revenue flow is interrupted due to high accounts receivable? Of course, you need to boost A/R productivity for the Success of Revenue Cycle but you aren’t the only healthcare professional to face revenue loss but you can make a difference particularly during the pandemic. Insurance companies are obliged to pay healthcare […]
Account receivable services in Healthcare
“Account Receivable” (AR) is a widely used term referring to the amount of money that a customer owes to the company. Similarly, in the healthcare industry, AR means the patient’s account balance becomes due for payment within a year. Account receivable services include the management of many reports dealing with insurance, collection analysis, write-offs, bad debt […]
Optimize AR and Collect More Revenue from your Aging AR
Continuous cash flow is needed in order to smooth the running of your practice and an effective revenue cycle is crucial in order to manage good finances. Things such as investing in new technologies, managing the compensation of physicians, and keeping records are given the capability to healthcare providers, which is a part of the […]
Modifier 50 Fact Sheet
Modifier 50 applies to bilateral procedures performed on both sides of the body during the same operative session. When a procedure is identified by the terminology as bilateral or unilateral, the 50 modifiers are not reported. If a procedure is authorized for the 150 percent payment adjustment for bilateral procedures (payment policy indicator 1), the […]
Minimize Your Losses in Medical Practice by Focusing on AR Bucket
Accounts receivable or AR is a term used to denote money owed to your practice for services you have rendered and billed. Any payments due from patients, payers, or other guarantors are considered AR. An increase in AR from one period to another is often a sign that monies such as copays, deductibles are not […]
Accounts Receivable: How to Read a Complicated AR Report Very Easily?
Medical billing reports are a key barometer for understanding what’s going on in your medical practice. Without good reporting, it’s difficult to determine whether your practice is making money or not. Monthly reports can show you how your medical practice is performing on important revenue cycle metrics, whether claims are being paid in a timely […]