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Medical Accounts Receivable

Are Your Medical Accounts Receivable Current?

medicaal accounts receivable puzzleIf the medical accounts receivable process isn't up to par an Accounts Receivable Recovery serivce may be necessay. If your patient load growing but it isn't being reflected in your revenue it's time to revamp your medical accounts receivable managemnt process. The root of most medical Accounts Receivable problems can usually be traced back to staff turnover, changes to billing software clearinghouse changes, and of course changes in insurance company rules and payment policies. It's not uncommon to find a provider with excessive amounts in A/R that are greater than 90 days outstanding.

Medical Accounts Receivable Problems

A lot of medical accounts receivable problems begin because in-house billing staff typically works the easy money (the first 75% of what you bill out) and the money that needs to be chased typically is on hold. Most physician practices simply don't have the time or resources to devote to collecting on the older accounts so that money is often lost. Adding temporary collection staff can do more harm than good. It's not uncommon to find that the volume of outstanding claims and the time it takes to research, correct, and appeal the claims will take much longer than anticipated. Having a small number of medical billers dedicated to this task will not accomplish the goal, which is to eliminate the outstanding A/R and collect the money as quickly as possible.

At WorkSmart MD Billing our experts have years of experience collecting the hard money. We allocate a full team of individuals to go after every dollar and we understand in many instances we have to play detective to figure out what has been paid and what hasn't been paid.

Our Approach To Medical Accounts Receivable Management

Medical Accounts Receivable Analysis and Evaluation

medical accounts receivaable managementOur IT experts will establish remote connectivity into your existing billing and practice management software Our team will analyze the claims in the A/R Aging Report determining what has been paid, what hasn't been paid, and what may be approaching timely filing limits. Our mission is to estimate the total potential recovery. If you have EOB's that need to be posted we'll get these posted. We believe it's critical that all our A/R recovery efforts take place in your existing software.

Prioritizing Your Medical Accounts Receivable

Experienced analysts initiate this phase by identifying the various issues for claims that are marked as uncollectable or, for claims where the carrier has under paid and appropriate actions should be initiated to pursue the remaining balance. Our medical billing experts will check the timely filing limits of your primary carriers and develop a plan of attack for the outstanding insurance claims. Claims that have crossed the carrier filing limits will be identified and the reasons will be analyzed and validated. Claims will then be sorted by balance.

Medical Accounts Receivable Collections

medicaal accounts receivable collectionsWhen it comes to medical accounts receivable collections we are the best in the business. Based on our analysis team's findings, the claims that are identified to be within the filing limit of the carrier are re-filed after verifying all the necessary parameters such as claims processing address and the other billing rules. Where possible our billing experts will check the claim's status so to avoid duplicate claims. We will transmit the claims electronically directly to the carriers wherever possible and for the other carriers, claims are forwarded through clearing houses and aggressively followed up with the carrier for confirmation. After completing all the above and posting cash to the outstanding claims, patient statements are generated, reviewed for accuracy, and mailed.

You work hard for your money and you DESERVE to collect all of it. The Accounts Receivable collection process is not an easy one. Not every medical billing company will take on the challenge. We believe our efforts on your collections will demonstrate our commitment to you and your practice.

If you need help with medical accounts receivable colletions contact us today for quote.

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