What's Going On With Your Billing?
Without proper accounts receivable management, a medical practice creates unnecessary administrative burdens and takes time away from patient care. A well-managed accounts receivable (AR) is key to a medical practice's financial stability. It tracks outstanding payments from patients and insurance payers, determines prompt reimbursements, and minimizes the likelihood of unpaid claims.
Expected Reimbursements with Accounts Receivable Management
On average, a clean claim will be processed and paid by a payer within 15 business days. While leaving a little wiggle room for regular processing times, we measure successful reimbursement for our clients in 30 days or less. How? With proper management of your accounts receivable: monitored, analyzed, and worked. If this is not the case for your practice, keep reading.
So, How Does Your Practice Measure Up?
Pays in 30 Days or Less
This is the ideal payment trend that every practice should strive for. Your claim submission was clean, with few to no errors. You'll be reimbursed within 30 business days or less. Great job!
Pays within 60 days
The claim requires immediate attention to resolve any reimbursement issues. Preprocessing edits, coding, corrections, and reconsiderations should be reviewed here. The follow-up process should be handled with the utmost urgency.
Pays in 61 days or more
Processing/billing errors, correspondence requests, and claim denials have gone unaddressed due to poor follow-up, which is delaying reimbursement for your service(s). Your practice is losing money every day.
Common Causes of Payment Delays in Accounts Receivable Management
Untimely Billing, Poor Follow-up
Lack of reporting, Missing prior authorizations
Mismanagement of credentialing and provider enrollments
Uncommitted and inexperienced billing staff
Ignored payment and denial trends that can affect your overall reimbursement.
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