Are you seeking ways to stop revenue loss caused by too many days in accounts receivable? Are you in need of controlling the constantly evolving organism of your accounts receivable? Here are certain simple yet effective steps to establish an acceptable outstanding balance!
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Medical Account Performance Evaluation
General rule of thumb is that your monthly accounts receivable in never above 15 times your monthly charges. During practice analysis, you need to see whether you are able to collect more AR. Measuring the number of days it takes for collecting payments is one common way of measuring AR in medical practices.
Reduce your Practice AR by following these simple steps
The following strategies enable practices to manage outstanding AR balances effectively:
Shortening Review Cycles
o Frequent comprehensive AR Review helps effectively tackle your balances
Learn rules of engagement
o Upon filing clean claims, Medicare reimbursement may be expected within two weeks of claim receipt. Regardless of the payer, practices must be well aware of the filing rules and they need to initiate relevant procedures for consistently meeting those benchmarks
Engage with Payer Representatives
o It is essential to establish good relationships with payers- most of them have representatives who are helpful in resolving issues quickly – it is better to anticipate changes and proactively manage them rather than trying to tackle them after they hit the AR stream
Stringent Patient Account Policies must be in Place
o In today’s modern health care scenario, it is imperative that practices carry strict patient account collection policies – they ensure the financial stability and thus the very survival. Practices must know their patients and understand when it is essential to press for payment
Staff need to be trained to manage collection efficiently
o Training staff to make use of appropriate tools and technology and discuss payment options with patients will improve collection – online tools help estimate coverage and verify unmet deductible balances
Why Numinatrans?
Numinatrans has been relentlessly helping clients to shorten their AR days and boost profitability since several years. We have a team of expert billers and coders who will effortlessly bring your practice back on track.
We help you understand the dynamic nature of your AR; we help you gain control over your practice cash flow. Contact Numinatrans for effective revenue cycle management.
Health care claims process involves different types of billing methods. It normally takes 15 days for receiving payment; if your insurance payments average a TAT of more than 30 days from sending the bill, you need to develop a claim follow-up process.
How the Medical Insurance Company Works
Most of the managed care contracts allow insurance companies to take 30 days time for responding to claims without interest penalty. They may take longer for paying too. It is essential to develop effective collections policy for medical care claims to guarantee quick payment. Practice accounts receivable days can be certainly improved by following up on the status of health care claims.
Reasons that Necessitate Claims Follow-up
Depending on the billing method, health care claims may be paid between 15 and 30 days normally. It is not required that insurance carriers must pay up within this time frame though. Following are the major four reasons why medical claims have to be followed up:
Claim not received at all
o One of the primary reasons for non-payment is the claim never being received – this mainly happens when paper claims are missed or lost mysteriously. Sending electronic claims is the best remedy to counter this problem. Checking whether the claim has been received properly and if not, taking action to send out another claim sooner is essential.
Denied Claims
o By calling the insurance providers, you will be able to understand the reasons for denial even before collecting the paper denial through mail. Resubmitting the claim after correcting the relevant factors shortens the TAT for payment
Claims Put on Hold for want of Information
o In case additional information is required from the patient, health care claims may sometime be kept aside for further data. Patients will be intimated by insurance companies to this effect, yet, it is better for collectors to keep in touch with patients so that unwanted delay may be avoided
Underpayment / Lower Reimbursement than Contracted fee schedule
o In the event of the insurance company paying a claim, but the amount is found to be lower than the contracted fee schedule, the issue needs special attention – revising billed amount for achieving maximum value on contracted payments need to be done
Why Numinatrans?
Numinatrans is equipped with a team of billing experts who are capable of analyzing reasons for claim denial, tracking common denominators, and identifying and eliminating the weak links. We ensure that our denial management support and collections service help reduce delayed and rejected claims considerably.
For further details, visit our website www.numinatrans.com