Accounts receivable Management Services in USA
Accounts receivable (AR) are uncollected income. These are outstanding balances for services and supplies already provided to patients. Money owed to the medical practice can be from insurance or patient. Who is currently holding your money?
The loss of income will reduce profit and adversely affect the business. Fee for services have decreased, but operation costs have increased. With decreasing reimbursement, shortage of workers, higher cost for buying equipment and supplies, and cost of maintaining office, doctors cannot afford to lose money for inefficient AR management.
To keep AR low, communication is needed between all departments. All office procedures should be written and available to all employees. When in doubt about insurance, benefits, balance, patient information, or billing requirements, never guess. Office should have an Open-Door policy with the billing department so that everyone at the practice feels comfortable to reach out for any patient or billing related question. Keeping AR down increases income and benefits everyone in the practice.
Why Choose FCbilling for AR Management Service
We take on the challenge of recovering lost income for practices with our AR management services. During our research and recovery, we map out the causes for AR and then create a plan with solution and suggestions to avoid these pitfalls in future.
- We are able to do a practice reboot, reduce financial burden, help create an effective workflow, and increase the bottom line. We work toward a goal of reducing and eliminating insurance and patient aging balances.
Any claims past 60 days need to be flagged and followed up every week until payment is recovered. Most practices have a limited number of staff and increasing workload, which leads to account receivable going on the back burner.
- The same is true for patient overdue balances. Any patient outstanding past 90 days should be followed up on an urgent basis. Chances of collecting patient balances are much higher closer to the service date.
Why Is AR Management Services Important?
Insurance Aging needs to be reviewed at a fixed interval for two purposes. First, to make sure correct (or corrected) information has been sent, related notes are in the patient’s file and a corrected claim (if needed) has been submitted. Second, regular review of insurance non-pays will give the billing team the opportunity to find rejection patterns and avoid the same mistakes in future and bring in payments for all claims faster. Our goal is to get all claims paid under 60 days.
Keeping Account Receivable (AR) low is the best way to ensure your practice income. Working carefully when processing patients, collecting all needed information, following up on all issues without delay, should be established office protocol. Some of the best practices for AR Management are as follows:
FCbilling Service Highlights
We have been successful in increasing practice earnings for all our providers.
Account Receivable Management
Payment outstanding for 0-30 days are under process by insurance. If the biller has submitted clean claims with required documentation, no other work is needed for these claims.
Claims that are in the 30-60 days bucket need to be worked on immediately. Insurances are probably waiting on additional information from either the provider or patient for these claims.
Any claim over 60 days are at risk of not receiving payments. These claims need immediate attention as well.
FCbilling Management Service
Practice management encompasses staff training, patient services, government and insurance compliance, revenue cycle management, and much more. With increasing work requirements and decreasing labor market, medical practices are finding it very challenging to effectively run clinics.
FC Billing team can become an extension of your practice. We can take on the work that your office no longer has the time or the staff to take care of.
Employee turnover is very common in all clinics throughout the country. Every time an employee leaves your office, there is a big loss of information. Your office will have to build this information again, piece by piece. Our team maintains all information in a shared file with your office and any time there is an update, we also notify all staff in the practice. We keep your practice running without missing a beat. Our billers are highly trained to process, out-patient and in-patient visits, account management, compliance, and billing and coding.
Common Challenges with Accounts Receivable
Most practices write off large amount of account receivable every year because they are unable to collect the outstanding balances. Some common challenges practices face with account receivable management are, staff shortages, knowledge about insurance requirements, expiration of timely filling, coding knowledge, Local coverage determination rules, and informed guidance on billing and coding.
- Coordination of benefit between patient and insurance
- Inactive Insurance
- Insurance database errors
- Insurance requires medical records before processing claim
- Missing referral
- Missing prior authorization
- Provider is out-of-network
- Missing claim information
- Incorrect insurance information
- Not meeting payer's medical policy
- Not following up with insurance within time limit
- Incorrectly interpretting explanation of benefit (EOB)
FAQ
Account Receivable is the uncollected income for services provided by practitioners. Managing account receivable is extremely important for a viable business. Billers are responsible for bring in money for rendered services as quickly as possible and to ensure the accuracy of these payments.
Account Receivable represents lost income. The best business policy is to keep AR as low as possible. To do that, payments must be brought in as close to the service date as possible. Any action that can be taken presently to avoid income loss should not be put off till the next day.