ARs are the thermometer to measure your financial health. The lower the age of your ARs, the higher your cash flow and revenues.For more info visit us http://www.medicalbillingstar.com/accounts-receivables.html
2.
How would you like your 0-30 days accounts
receivable (A/R) to be 80 % of your total A/R.
Yes, it is possible, and the healthiest practices work
with this % as a long-term goal.
Here are some areas you can stare at right now that
can rapidly boost your decreasing cash flow issue .
Steps To Improve
3. This will instantly result in your claim
being processed within 30 days, and not
spontaneously push it to the 30-60 day
category.
You're already in trouble if you are not
billing out daily.
If your billing company does not do this
now, have a meeting with them, and ask
them to start this process with your
claims to get immediate outcomes.
Bill your claims regularly
4. This is a easy solution, that you will
see results within a month or two
months.
When your billing department
requests further documentation
either to process an original claim or
fulfil a denial or delay in payment
from the insurance claims company
Is your staff getting back to them
within 24 hours ? If not, They should
be.
Handle documents needs from
your billing sector immediately
5.
It's no wonder a majority of you’re A/R
is in the 90+ category.
If you are billing out on a monthly
basis, your claims are already in the 30-
60 day category.
On top of that, you now have to wait
to hear back from the insurance
company , so your claims are now in
the 45-60 day category.
Thinking about the lifecycle of
a single claim
6. If your billing department has requested papers and
your staffs is hearing on those requests because they're
too busy processing patients, now you've pushed the
claim out to the 75-90 day category.
See how rapidly this can happen ?
Filling your lobby and rooms with more patients is not
the long-term solution.
7. Whether it is an internal billing department
or an outsourced firm, following up with
them in serious.
Some concerns don't want to bother with
secondary claims because the yield is low.
Denials are also more work and need more
time with sometimes poor results.
Following up with them as frequently as
possible — a minimum once a month is a
critical step in dropping you’re A/R.
Follow up with your billing
department
8. Many plans have applications the
physician, nurse practitioner, or
physician assistant must fill out that
include their license number and
NPI.
If your staff have not filled these
out, then you need to check to see if
your changes (write-offs) are due to
a physician not being on a specific
contract.
Are all of your practitioners on
your insurance contracts ?
9. Blue Cross, Blue Shield, United Health Care, TriCare, and
Medicare, are just a few that require this certification.
Some workers' compensation companies pay differently (up to
$10/ visit to $15/visit) for therapists who are considered in-
network versus out-of-network. It's really worth your time to
ask.
By following these guidelines today, you can shorten the time
between seeing a patient and being paid for your services.
This will yield you the highest result in the shortest amount of
time.
10.
For a healthier accounts receivables and
better AR calling services
Visit www.MedicalBillingStar.com
Thank You