21 Feb What’s Going On With Your Accounts Receivable?

Accounts receivable (A/R) reports reveal more than just a practice’s outstanding charge detail.  Examining your A/R reports can help you identify possible problems in your revenue cycle. Here are some things to look out for:

You have a high volume of patient due balances

With the increase in high deductible plans, a greater portion of your overall A/R is coming directly from patients.  If you are not diligent about collecting balances due from your patients, you will see an increase in your A/R

Your billers are not working denied claims as routinely as possible

It’s important to keep up with any denied claims received – the quicker you resolve, the quicker you close that open A/R

Your billers are not following up timely with insurance companies on unpaid claims

As above, it is critical to follow up timely with insurance companies on unpaid claims to resolve any open issues causing the insurer not to pay, obtain payment, and close open A/R

Your billers are not following up at all with insurance companies on unpaid and denied claims!

To appropriately close open A/R you have to work unresolved claims.  In a busy office, this can be difficult, but the key is to devote a little time each day to follow up to keep up on this important revenue cycle piece

One or more physicians are not properly credentialed with one or more insurance companies

Keep a schedule for yourself of when physicians are due for recredentialing, and be sure to remember to credential and add to your insurance contracts any new physicians who are hired

You do not have certified coders working your charge review allowing for a greater volume of errors and fewer clean claims submitted to insurance companies

Thorough review of charges by certified coders is an excellent way of ensuring full charge capture and sending a higher percentage of clean claims, leading to quicker payment, less work on the back-end, and lower A/R

Your front-line staff are making mistakes during the registration process

Weak front-end processes lead to information errors submitted on claims.  If you strengthen your front-end processes, you will reduce errors and reduce denials associated with registration errors

Some insurance companies are simply relatively slow at paying claims

You have one in mind now!  Sometimes this is avoidable – speak with the insurance company.  Often it is unavoidable. In this case, isolate the affected A/R so that you do not miss another problem, and so that you can look at your A/R but for this one unavoidable problem

 

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