For you to improve the accounts receivable (AR) of your practice there are many different factors that come into consideration. Your quality of patient care is one such important factor that will contribute to attracting more patients. To improve the patient care for your practice things need to be systemized; we have to sync the work of an admin along with other patient-care factors. Healthcare providers lose millions of dollars each year due to inefficiencies in their accounts receivable (AR). Learn how to improve your AR days here.
One of the easiest ways to achieve the complex goal setting of practice is to have a defined target and nothing can be better than an Account Receivable (AR) of a practice.
A physician might say that yes I am seeing many patients but still my AR is low; one thing we ignore is the need for constant cash flow and collecting timely AR.
Physicians often come out on a short end especially when they are dealing with bigger insurance companies. Dealing with them requires a long length of time and skill.
Here are Certain Factors that would affect the Account receivable Days of Physicians:
Aging of Claims:
The first step that makes your AR clean is to determine the current status of payment for all of the AR. Create an AR aging report that will track your payment status. This will track or measure the number of AR days after the claim is submitted 0-30 days, 31-60 days, and 61-90 days. This can help you with tracking different potential collection problems and focus on the payment collection efficiently.
When submitting the claim it’s important that the claim is clean and complete with no missing information. While submitting a claim you should always look for small-denial points that cause the insurance to deny the claims. The silent nuances your claims generate will affect the payment procedure. For claim submission, you need proper channels that make it easy from the documentation, Charge entry, claim submission, and AR.
AR strategy is one factor that will make your cash flow successive and channelized. At this point, you would need a team of callers, or better to say a team of AR callers come into the picture with a friendly reminder call to insurance companies about the AR due date. Your AR strategy should also include keeping all your AR days below the threshold level of 90 days. This will help you maintain the status that all claims above 90 days will be put under daily check status.
How do Medical Billers and Coders (MBC) Help you?
Now reading the above steps to improve your AR days would have cleared the picture for you that you need a team of experts who have handled medical billing before this and know how to reduce your AR days. Here comes a medical billing or collection agency that will provide you with better control over your reimbursement. A collection agency will be a bridge between the payer and you. Medical Billers and Coders (MBC) a pioneering in practice collection with over 18 years under the belt we have structured many practices for growth. For more details go to our AR survey or call us at 888-357-3226.