One of the most frustrating issues for a physician is delivering quality medical services and not getting paid for it. Your practice can become successful only when the receivables are captured at all times. In absence of follow ups, you will not be able to recover the deserved amount as the recovery process becomes close to impossible once the account receivables reach 120 days.
What causes long-pending account receivables?
If your staff is not efficient in monitoring and keeping the account receivables of your practice active, it can become extremely difficult to retrieve the amount after a certain period of time. Usually, the entire process of finding out reasons behind delays, claim denials, following up with insurance companies, resubmitting the claims is extremely tedious due to which a significant number of physicians in the US lose thousands of dollars in the form of long-pending account receivables.
Some of the challenges you might face with account receivables are:
- Denial of an insurance claim-
If your patient is considered non-eligible by the insurance company, the claim will be denied and your payment will get delayed. In this case, claim (paper or electronic) will have to be resubmitted and regular following up will have to be done every time the claim is denied. If you file the claims beyond the claim filing limit, your account receivable will become next to impossible
- Coding errors-
Revisions are being done to CPT and HCPCS Level II codes annually and with the growing number of patients, and in this scenario your staff happens to make any coding error, AR will get delayed till the matter isn’t resolved
- Delayed payments–
Sometimes government aided insurance companies don’t make the payment on time which again delays the payment process for physicians. In this case, too much time goes in constant follow up with the payers
- Adjudication issues and documentation–
There can be certain adjudication issues and requirement of additional documents or clarification for patients that needs to be catered in time to ensure that AR doesn’t get delayed
How can you improve your account receivable?
Account receivables will get converted in revenue only when you are dedicating enough time and resources into follow-ups, error-free claim resubmission, analysis of denials, maintaining past AR records, staying updated with new policies and procedures and so on.
To manage account receivables, you will have to perform:
- Timely follow-ups with patients as well as insurance companies
- Analyse the reasons for claim denials, fill the claims forms again without errors and submit them
- Keep updating the list of long-pending ARs and work towards getting the revenue
The entire AR cycle management demands substantial amount time which can distract physicians from offering quality patient care which very few can afford currently. Medicalbillersandcoder.com has been offering effective AR management services to physicians across 50 US states. We offer in-dept analysis-backed AR management solutions or customize parts of it to your practice needs so that while we help retrieve your revenue you can concentrate on offering medical services.