Revenue Cycle Management is fundamental for any healthcare and Medical Billing Company. Medical Billing Company handling end-to-end billing services is equally responsible for the financial status of their end clients. They work to ensure every claim is worked towards the maximized collection, reduced denials and achieve the business revenue goals. However, challenges arise when the claims are denied and Accounts Receivable (AR) Days become unmanageable.
Calculating your average AR days and sorting them by age of the claim in AR bucket can help increase billing efficiency. Let us discuss strategies to reduce Account Receivables Days.
- Experienced Billers and Coders with adequate training enhances the overall quality
- Efficient and Streamlined Billing and Coding process
- Audits for each scope of service on regular intervals
- Monthly reporting and tracking system to captures claims paid VS denied percentage
- Tracked AR Claims are sorted by AR age to be prioritized
- Analyzing denials to understand the root cause and implementing corrective measures to curb repeated instances
- Effective Denial Management process to ensure the denial claims are worked immediately
- Expertized AR Follow up team who are capable of collecting Old AR
- Updating to latest software or technology with upgraded automated features to reduces AR
Accuracy is The Key
Accuracy is the key to quality billing and coding. Accurate documentation of Medical Reports, accuracy in Demo entry, Coding, Charge Entry and Posting Payments are vital for the quality of overall Revenue Cycle Management (RCM). Indiscreet slips and omissions in any of the RCM scope can lead to claim denial. Adequate process knowledge along with experience in handling the scope with efficiency is imperative to keep accounts receivables controlled.
Contemporary and Streamlined Process
The guidelines and regulations for Medical billing and Coding are ever-changing making it the prerequisite for any Medical Billing Company to keep their process contemporary by updating their policies, protocols, work process and training their staff at any time to meet the current demand. Keeping atop is obligatory at any point to ensure you do not encounter denials for any unfamiliar reason.
Tracking and Analyzing
A streamlined process can help reduce the chances of denials, however, a monthly tracking system will help acquire better control over the paid vs low-paid and denied claims and aid in taking immediate and necessary steps for reimbursement. Analyzing the denial reason also ensures the concerned team or staff is notified to prevent repetition.
Denial Management
An efficient and timely Denial Management Process ensures maximized collection possibilities. It is a known fact that claims with higher AR days have lesser chances of getting paid, therefore identifying claims denials and working towards appeal and resubmission within timely filing/appeal limit (TFL) should be part of revenue cycle management.
Accounts Receivable Follow up
Regular follow on claims resubmitted is critical to get them paid and revenue collected. Denials and appeals take a back seat with any payor as compared to processing the fresh claims. AR Follow up team should be equipped with the nuances to follow up regularly and efficiently until the claims are fully settled.
Outsourcing Accounts Receivables and Denial Management
Outsourcing can be the best strategy to enhance your Accounts Receivables. A Medical Billing Company with experience in handling the RCM process for several clients has the expertise and connects with the payor to speed up your AR and Denial Management process.
About e-care India
E-care India is one of the pioneering offshore medical billing companies based in India that promises to avoid the risks involved with Claims Denials and Accounts Receivables. With more than 20 years of experience in the industry, e-care’s 3 delivery centers have been providing end-to-end medical claims processing services seamlessly to its clients. With its expertise and experience, Ecare has been delivering the best results during this pandemic to its 100+ clients across various states in the US. To know more about e-care and its services, log on to www.ecareindia.com