Why A/R Follow-Up Is Vital
Uncollected payments and claims denials can negatively impact your medical practice’s bottom line. An up-to-date billing strategy simplifies accounts receivable and helps you settle outstanding accounts quickly and efficiently. Structuring a refined revenue cycle management approach is easier when you understand the nuances of A/R follow-up and why implementing sound strategies can yield maximum reimbursement from insurance companies.
Keep reading to learn more about A/R follow-up in medical billing and how to pursue denied claims and overdue payments effectively.
Why Does Your Medical Billing A/R Process Matter?
Medical billing services is a multifaceted concept that requires advanced coding, denial, and accounts receivable (A/R) management skills to perform consistently and successfully. Your staff should be trained in every area of the process and have the attention to detail to ensure a healthy cash flow for your medical facility. Lost or denied payments harm your revenue cycle. Unchecked issues prevent you from providing quality patient care and covering expenses.
Creating and maintaining a highly trained staff is essential to establishing a proper medical accounts receivable procedure. Your approach should result in shorter billing cycles and significantly reduced bad debt across accounts. Your team should review denied claims and rework them to deliver maximum reimbursement from insurance carriers. Whether you build an in-house team or work with an outsourced organization of medical billing professionals, it’s critical to invite experts with a specialized skill set who have the background to settle outstanding accounts quickly and efficiently.
What Are the Benefits of High-Quality Accounts Receivable in Healthcare?
Without a reliable A/R follow-up system, you could leave thousands of unclaimed dollars on the table. When you support your medical billing services with a nuanced A/R follow-up process, you give your facility the tools to enhance your cash flow and protect against future inefficiencies. Even simple mistakes can have an avalanche effect that impacts other areas of your health system. Reinforcing your A/R follow-up method now is an excellent way to set the stage for improvements elsewhere in your revenue cycle—from payment posting to charge entry.
Here’s how a sound accounts receivable approach can elevate your medical practice:
Decreases Time to Settle Outstanding Accounts
Quality A/R follow-up shortens the payment timeline. Your team should be able to track pending claims and recover overdue payments quickly and accurately. You can minimize the time your team spends chasing unresolved claims by implementing new technology and procedures that enable you to determine when a claim is rejected and how to address it. Evaluate your revenue cycle for root causes in areas like claims processing and enrollment to strengthen your workflow work toward quicker reimbursement.
Ensures Your Financial Stability
Maintaining a positive cash flow is easier when you have a solid A/R follow-up strategy. You optimize your reimbursement when you catch and resolve claim denials and outstanding accounts before they slip through the cracks of your medical system. A steadier cash flow and more organized medical billing service give you more flexibility to grow your practice. You can focus on providing excellent patient care instead of worrying about lost payments.
Improves Denial Management Strategies
Abundant payer denials place your health system at risk. Prioritizing your efforts and identifying the details that most drastically affect your reimbursement efforts is an excellent way to create a clear path toward lost revenue recovery. A solid A/R follow-up strategy offers vital insights into why claims are denied through detailed claim denial tracking and analysis tools.
Medical systems are sophisticated. A/R follow-up is only one piece of the puzzle. Horizon Healthcare keeps you updated with the latest technologies and procedures with our cutting-edge revenue cycle management solutions.
What Does Solid A/R Follow-Up in Medical Billing Look Like?
Your trained revenue cycle management specialists should be prepared to address any inefficiencies in your health system and prepare you for growth. Reinforce your A/R follow-up method with security measures to help you build a long-lasting financial foundation. With the right tools, you can empower your staff to collect patient information, pursue aging reports, and maximize reimbursement.
Here’s an example of a well-structured A/R follow-up procedure:
Advanced tracking software can help you access detailed reporting options, including performance and liquidation reports, inventory reconciliations, root cause analyses, and more. Use these resources to identify learning opportunities to improve your A/R process and support your staff.
Medical coders should identify, organize, and analyze all claims listed on aging A/R reports. Determine which claims need adjustment and review insurance carrier policies for requirements.
Pursue reimbursement strategically. Overturn denials wherever possible and secure new resources to reinforce your internal processes. Ensure your in-house or outsourced accounts receivable follow-up team verifies all relevant billing information and post-payment details for outstanding accounts. Keep patients informed about their financial responsibilities and maintain a positive experience. Contact patients for payment frequently to ensure their account doesn’t contribute to your aging bucket.
Fortify Your A/R Follow-Up Process With Horizon Healthcare RCM
Overdue payments don’t need to be an obstacle for your medical facility. Horizon Healthcare RCM helps medical professionals create and implement up-to-date billing service strategies to recover lost revenue and track unpaid claims. We keep accounts receivable recovery simple. Our solutions are scalable, and our experienced coders work tirelessly to pursue denied claims and deliver maximum reimbursement.
We give time back to you. You handle patient care, and we take care of medical billing follow-up. You have the flexibility to train new team members, review policies and procedures, and provide a positive patient experience. We understand the latest medical terminologies and align with your mission. Look no further if you need assistance identifying and remediating cash flow issues.
Ready to revise your A/R follow-up approach? Reach out today.
Address: 9980 Georgia St
Crown Point, IN 46307
Customer Service: (833) 217-6598
Sales: (877) 794-1003