While practices strive towards efficient and qualitative medical billing and coding to enhance claims first-pass rate and monthly collections; conversely claim denials, rejections and low payments are inevitable. Medical Practices lose a tremendous amount of revenue by not working on denials and ignoring unpaid claims. These missed revenues can be earned by reworking and appealing with the payer, the process of following up on the denials with an insurance company until full reimbursement is called AR recovery. Let us look in detail on how effective AR follow-up can help recover payment even for aging claims.
Accounts Receivable Aging Report
Accounts receivable aging report should help classify denials based on the number of days the payments have been outstanding. The longer the claims are in the aging bucket, the chances of reimbursement diminish which explains why AR recovery is critical for your Medical practice. An effective Denial Management and AR Follow up team ensure they rework the denials and appeal for reimbursement with regular follow-up until the payment is collected and the claim is closed successfully.
Tracking and Analyzing your Medical Billing Reports
Tracking all your claims to determine the paid, denied or low paid, does not only help analyze collection percentage but also helps pull out the claims to be followed up by the Accounts Receivable team. Efficiency in Medical Billing is achieved by establishing an effective Monthly reporting system, which also ensures to determine your practice’s revenue progression.
Metric-Driven Goals to Improve your Financial System
Every Medical Practice as a business entity has its goals and metrics to be achieved. Financial goals are key barometers to keep the business successful and progressive. Focusing only on increased patient visits or processing more claims month on month does not really increase your financial goals, the bottom line is achieved when a practice ensures maximum collections. To ensure maximum collection it is essential to ensure every penny due to your practice is collected from the insurance company.
Effective AR Follow up
An effective AR follow up will track all denied and low-paid claims and analyze based on the provider write-off and adjustment policy. The claim which has not been paid as per the contracted rate is identified and followed up based on the appeal and timely filing limit of the payer.
Outsourcing AR Recovery
Outsourcing AR recovery is the best choice as an established Medical Billing Company has a skilled and experienced team of AR follow-up team, who have expertise working with different insurance carriers and know the nuances to ensure the maximum collections, effective tracking, analyzing and reporting.
About Elegance Healthcare LLC
Elegance Healthcare LLC has over 7 years of experience providing Revenue Cycle Management (RCM) Solutions to Physicians and Medical Practices. With experience handling 25+ specialties and expertise in major billing software, we can handle your Medical claims with the best results. Our AR recovery services ensure every claim is followed up until paid fully. At Elegance Healthcare LLC we perform AR recovery in three-phase as “Initial Evaluation, Analysis and Prioritizing and collection. With timely follow-up and a streamlined approach, we guarantee maximized revenue and reduce Denial Percentage.
