Medical Account Receivables
Managing your business medical account receivables or all the money owed to your practice for services rendered is an important part of running a healthcare organization. Whether you work in a large hospital or a smaller physicians group, effectively managing medical account receivables can increase your revenue significantly as well as improve in-office efficiency’s and streamline staff tasks.
With increasingly complicated processes of working insurance claims, appeals and denials, identifying financial eligibility, payment monitoring and overall patient follow-up, medical office staff members are finding an overwhelming amount of tasks time-consuming. With declining rates of reimbursement, higher patient deductibles and an increase in business operating costs, many healthcare organizations find that a more sensible program of accounts receivable management would greatly benefit the business end of their offices.
Even with a good, solid plan in place, and a decent billing department your aging medical account receivables (A/R) is still out of control. Days turn into weeks, months, and even years. Is it a silly pipe dream to think you can actually eliminate the 120+ category with your A/R? With these tips, it’s not only possible, but quite probable in the near future. In order to take on what may sound like a daunting task, let me assure you that it is not that bad.
The first thing you will want to do is identify what your 120+ is made up of. Is it a bunch of uncollected A/R that you don’t have the heart to adjust off? No reason to leave that kind of A/R on the table. If you have hit timely filing deadlines, it’s time to adjust. Did you not obtain the proper authorization or pre-certification? You can either fight to get these retro-authorized, or you can adjust it off depending on how old the A/R actually is.
Medcare solutions will purchase your medical account receivables and provide you with positive cash now that you can use to pay down debt, purchase new equipment, grow your practice.
Call us today!