4 Lessons your Account Receivable will teach you

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4 Lessons your Account Receivable will teach you
Your Account Receivable (AR) is the heart of
your practice pumping the necessary life into
your practice. The volume of AR and its age could
be telling a lot about your practice. An analysis
of your Account Receivable (AR) could be the next
step towards your future growth- the introspect
is one factor you need to touch for successful
practice management. In your practice one thing
that holds the most important factor-Account
Receivable (AR). Is that you get paid for what
you deliver and the quality of care. Lessons to
take from Account Receivable Experiencing high
delays A Medicare usually reimburses the amount
within two weeks of claim submission if the claim
submitted is clean. If you see a further delay of
Account Receivable (AR) and the EOBs from the
payers are having the same response this might be
a red signal for you. Start by the first step a
demographic entry of patient, is your front desk
capable handing through the process, the further
steps of reimbursement take through charge
capture, coding and payment posting. One of your
resource points is either working with lots of
stress which is furthering the errors or some of
your things arent working in sync.
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4 Lessons your Account Receivable will teach you
Solution The total workload of the
reimbursement process can be distributed. A team
of expert billers and coders working in sync can
reduce your denials but for this, you need to
make some decisions to alter your current billing
cycle- either hire a team of Medical Billers and
Coders where they just provide you with account
receivable (AR) or train your staff for to reduce
errors.   Front desk or admin responsibilities of
engaging representatives from payers One of the
finest ways that the gap is bridged between a
payer and provider is through an ease of sending
the right message at right time to the payer.
This will not only further reduce your load but
also provide you with simple aspects about the
payer requirement. Many of the insurance
companies have a local representative which will
cater to the needs and complaints of doctors. In
case of discord between payer and provider, the
representative can act as a bridge. Solution You
r front desk or admin could share the above
responsibilities with a payer. A direct
communication line is the simplest form that
would affect your AR but its effective with
payers. Ignorant patient policies
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4 Lessons your Account Receivable will teach you
Strict patient policies will have an effect on
provider account receivable and also channelize
the account management efforts.  A financial
survival today depends upon the policies you
create for payment. Solution Implement a
non-excuse policy for your practice a 15-day
demand letter and then it goes towards a
collection agent. It is always better to take a
patients credit card on paper before you start
the diagnoses and treatment. This will help you
during the payment period to find the solution
even if the provider does find a solution through
co-pay. Establish automatic payment policies that
link to a credit card, checking account, or debit
card.   Need of technological upgrade Your
practice might need an upgrade in terms of
technology if you miss patient data or are having
to manual pass the data. Using current tools and
patient reports will allow medical practices to
discuss financial obligations without further
notice. Solution All the above solutions can be
planned with proper training of software for your
staff. Its important that you determine which
would be the best technology catering your
practice asks advice from other staff members,
this might also open up further avenues for your
growth.
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4 Lessons your Account Receivable will teach you
Solutions for all the above All the above
solutions for a provider can be inculcated into a
single medical billing package. A medical billing
solution provider will reduce the stress of your
service without affecting your practice. A
medical billing company will help in providing an
end to end revenue management without affecting
your practice. This will not only help you
promote your service to patients but also keep
the flow of account receivable smooth. The
technological factor will be an easy step for
you.   Medical Billers and Coders (MBC) is a
leading medical billing company providing
complete revenue cycle services. If you need any
assistance in the Account Receivable (AR)
solutions, contact us at info_at_medicalbillersandco
ders.com/888-357-3226.