Recovering every single penny or collecting maximum reimbursement for the physician service rendered is the primary financial goal of every medical practice or physician. However, the crucial efforts are towards patient care and business growth; financial achievements and reimbursement from the insurance and patient collection are equally important to keep the business running successfully. Unfortunately, most practices and physician offices often let go of the financial goals owing to patient service and satisfaction, lack of staff management and time to get involved in meticulous details of the Medical Billing leading to revenue leakage.
Medical Billing Staff should divert their efforts towards a higher first-pass rate to lower Accounts Receivables as low payments or denials incurs additional process charges to get the AR Follow up and Denial management team to get them collected which indirectly drains the practice revenue. This article is aimed to highlight the best practices to recover Account Receivables.
Timely Filing Limit: Expedite claims processing focuses on same-day submission as the filing limit from almost all insurance companies start from the date of services and for appeals from the date of denials or rejections. Any delays in getting claim correction and re-submission can jeopardize the collection process and complicate AR Recovery.
Regular Analysis of Error and Denial Report: Even with the highest first-pass ratio it is crucial that every claim is monitored closely after submission until the due payments are completely processed, which helps track the denied and rejected claims without missing on them. The efficient and most suggested practice is to maintain a report of claims submitted and track with paid and denied claims closely to effectively work on AR recovery promptly.
Automated Claims Processing with Upgraded tools and technologies: Investments in tools to automate verification of ERAs and EFTs and Claims transmission reports to identify claims that need to be re-worked and re-appealed can help fasten the process and also avoid any miss.
Experienced and Expertise AR Follow and Denial Management Staff: Engaging experts handling your claim denials and rejections can expedite the AR Recovery process with expected quality and financial results.
Outsourcing to an AR Recovery Partner: Any physician or medical practice struggling with AR Recovery or accumulated Old AR or aging AR needs to immediately lookout for an AR recovery expertise partner to avoid revenue loss by clearing the aging buckets within the time limits with maximum collections. Outsourcing to an experienced AR Recovery partner can help increase collections and reduce costs incurred to process them.
About Ecare
ecare is a premier Medical Billing and Revenue Cycle Management Company serving around 100+ clients across the US. With our expertise and experience ecare guarantees to ensure best practices to recover AR Revenue. Leverage on ecare for reduces Account receivables and maximum collection. We can also work on Old AR clean- up process to help our clients earn the lost revenue. To know more about Ecare and our services call 1-813-666-0028 Or login into www.ecareindia.com