Improve Medical Accounts Receivable

Collecting What is Owed, Sooner

"Medical Accounts Receivable" (A/R), refers to the outstanding reimbursement owed to providers for issued treatments and services; regardless of whether the financial responsibility falls to the patient or their insurance company. Healthcare providers must stay on top of efforts to collect reimbursement for accounts receivable. The longer an A/R goes unpaid, the less likely healthcare providers receive payment. After 120 days, clinicians can only expect ten cents per dollar owed.

Improving your accounts receivable in healthcare requires active management of your revenue cycle and addressing any process inefficiencies. Dedicating efforts towards optimizing administration, running A/R reports, and tracking claims helps practitioners recover what otherwise would be lost revenue. If providers find that aging accounts receivable are accumulating, they may consider outsourcing reimbursement collection to a Revenue Cycle Management (RCM) company such as Sagewood Medical Billing.

Improve Collection Efficiently, Reduce Accounts Receivable Days and Drive-Down Aging Hospital Receivable

The healthcare revenue cycle is crucial for healthcare providers to maintain physician compensation, cover overhead expenses, and invest in new technologies. When the healthcare revenue cycle is poorly managed, collection efficiency decreases, and accounts receivable (A/R) days increase. Various tasks contribute to the revenue cycle, including collecting insurance and procedure data, preparing claims, and billing patients. Inefficient or ineffective processes unnecessarily prolong the healthcare revenue cycle.

Streamlining the healthcare revenue cycle entails ensuring collection efficiency and monitoring accounts receivable days. With a well-managed revenue cycle, revenue is generated more swiftly and with less effort. Every member of the healthcare team plays a role, from physicians, nurses, and clinicians to medical accounting staff and administrative workers. Here are four strategies to enhance collection efficiency and reduce A/R days:

1. Make the Healthcare Revenue Cycle More Front-End Driven.
2. Leverage Your Enterprise Data Warehouse.
3. Implement a Robust Plan for Reducing and Handling Rejected Claims.
4. Solicit Input from Frontline Staff to Enhance Effectiveness.
   

Medical Accounts Receivable Specialist

To ensure effective revenue cycle management, maintaining accuracy in payment posting is essential. Any rejections should be promptly addressed once payments are posted to patient records. Upon receipt of remittance from health insurance, payments are actively posted. If you're seeking a cost-effective and streamlined payment posting solution for your healthcare practice, Sagewood Medical Practice Billing's A/R Specialist is the optimal choice.

How Does An A/R Specialist Work?

An Accounts Receivable (A/R) Specialist plays a pivotal role in processing patient billings following discharge. Leveraging a strong background in medical billing, this role entails utilizing expertise to enhance current billing procedures and reduce A/R days. Billing responsibilities necessitate meticulous data analysis, thorough evaluation, and sound judgment within the appropriate scope of practice. Key tasks include timely posting of charges, completion of claims submissions to payers, conversion of dosages to billable units, and submission of billing data to insurance providers. Additionally, the A/R Specialist works diligently to resolve claims and denials, ensuring optimal reimbursement for provided services. This role also involves conducting Medicare/Medi-Cal reviews and audits, as well as implementing, maintaining, and reporting on organizational initiatives.