In medical billing, the term accounts receivable (A/R) refers to the money that you are yet to receive from your client(s) for the services you have billed or rendered. The list of clients who owe you money may include patients and insurance payers. In simple words, Accounts Receivable Management is a collection of processes such as identifying denied/unpaid claim, re-filing the corrected claim, minimizing AR days, and eliminating aged AR.
Your accounts receivable play an important role in boosting your revenue cycle as it ensures reimbursement. However, in order to maximize the rate of reimbursement, you must take some measures to minimize the number of accounts receivable from various clients. Here are a few tips to help you with A/R:
Cross-check the insurance eligibility.A/R follow-upMinimum A/R daysReview the A/R aging reportEffective action plan
The three Stages of Medical Billing A/R Follow-up
The billing specialists at Stream RCM perform the A/R follow-up in a very systematic
manner, which is usually conducted in three stages
This stage involves the identification and analysis of the claim listed on the A/R aging report. The team reviews the provider's policy and identifies which claim to be adjusted.
This phase is initiated once the claim are identified which are marked as uncollectible or for claim where the carrier has not paid according to its contracted rate with the healthcare provider.
The claim identified to be within the filing limit of the carrier are re-filed after verifying all the necessary billing information such as the claim processing address and confirmation of other medical billing rules. After completing the posting of payment details for outstanding claim, patient bills are generated as per the client guidelines and then followed up with the patients for payments.
Here are a few major benefits of A/R follow-up
A/R follow ensures cash inflow from all the billed clients. We will help you to maintain a stable revenue cycle to compensate your physicians, and invest in medical equipment and supplies.
We are having a team performing A/R follow-up regularly so you get maximum reimbursement leaving you with fewer overdue payments.
By sending claim electronically you’ll stay notified whether the claim has been denied or accepted. In case of a denied claim, you can resend another request for the claim.
The major challenge most companies face in the medical billing process is A/R follow-up management. So why is it so important? Here are some of the more popular reasons:
Financial stability of the hospitalHelps in Recovering Overdue PaymentsMinimize Time for Outstanding AccountsClaim Never Go MissingClaim Denied can be Followed UpRecover Claim Kept Pending for Information
