Overcoming Common issues in Accounts Receivable Management
Most Central Billing Offices (CBOs) and outsourced billing companies rely on dedicated accounts receivable calling to overcome their receivables’ challenges. Running an AR calling team requires a firm grip on the receivables patterns and dynamic processes to follow-up and close underlying issues. In this article, we list some of the critical operational issues and solutions to overcome them.
Improving Days In A/R – A Best Practices Guide To Improve Your Revenue Cycle
The days in accounts receivable (A/R) is a critical performance indicator that measures the average time taken for a claim to be paid based on average daily charge volume. While the measure may vary for different types of care and medical specialties, the Medical Group Management Association (MGMA) provides a benchmark of fewer than 40 days. Improving days in A/R to MGMA benchmark requires a comprehensive relook at the entire revenue cycle and concerted efforts to improve. In this article, Medical Billing Wholesalers brings you insights into reducing the number of days in AR.
Correct Coding And Re-Submission Of Pain Management Claims Help Recover $300K Of A/R Backlog
Standardized billing and coding practices for Spinal Cord Stimulator (SCS) Procedure using Code 63650 reduced medical necessity denials and collected 281 claims valued at over $ 300K in 2 years. The Customer saw over 36% improvement in Collections, a 75% reduction in old AR over 61 days, and a reduction of denied SCS claims from 68 to 8 in seven(7) months. Read more about the dynamic approach used in this case study.
