While practices struggle towards well-organized and qualitative medical billing and coding to improve claims first-pass rate and monthly collections; on the other hand claim denials, rejections and low payments are unavoidable. Medical Practices lose a tremendous amount of revenue by not working on denials and ignoring unpaid claims. These missed revenues can be earned by reworking and appealing with the payer, the process of following up on the denials with an insurance company until full reimbursement is called AR recovery.
How effective AR Follow Ups can help to recover payment even for aging claims?
AR Aging Report
Accounts receivable (AR) aging report can help to classify denials based on the number of days the payments have been outstanding. The longer the claims are in the aging bucket, the chances of reimbursement less to receive payment from payers. An effective Denial Management and AR Follow Ups team can make sure they rework the denials and appeal for reimbursement with regular follow-up until the payment is collected and the claim is closed successfully.
It must be noted that along with A/R follow-ups, there are several other important processes such as charge entry, verification, and payment posting that need to be completed first.
Effective AR Follow Ups
An effective AR follow up will track all rejected/denied and less-paid claims and analyze based on the provider write-off and adjustment policy. The claims which us not paid as per the contracted rate with payer can be identified and followed up based on the appeal and timely filing limit of the payer.
Tracking of Accounts Receivable
The process begins with the claim process and the billing for the patient’s co-pay. Routinely, that should take no more than 30 days. If it does take longer, it gets a red flag and goes to the front of the queue.
Outsource Account Receivable (AR) Follow Ups
With a robust accounts receivable management process, the majority of outstanding claims will not turn into business debts. However, it can be a challenge for providers to stay on top of accounts receivable.
Our A/R team will stay on top of the process until the bill is paid. Our services has a proven track record of getting things done, and we’ll stay on top of this, so you don’t have to. We’ll make sure both the insurance company and the patient understand this.
Are You Ready to Outsource AR Follow Ups?
Want to hire an experts in Account Receivable Follow Ups for your Practice? You are at the right place, what you need now is a partner who can finish out the rest of the work and make the technology and implementation just as simple. That’s what the best medical billing company like Medisys Data Solutions Inc. can do. If you’re ready to get started, schedule a meeting with our Medical Billing Manager from filling out enquiry form from our website!