Top 5 Strategies To Work On Growing And Aging Accounts Receivable

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Top 5 Strategies to Work on Growing and Aging
Accounts Receivable
Any medical practice requires continuous cash
flow to ensure the smooth running of the
facility. Therefore, the need of the hour for any
medical facility is to have an effective revenue
cycle management to have an effective practice
and provide the best services to the patients. A
part of managing the revenue cycle is to maintain
the records and keep them up-to-date, manage the
physicians' compensation, ensure correct billing
and coding for reimbursements and invest in the
new technology for a seamless flow of revenue.
Undoubtedly, effective revenue cycle management
is crucial to decreasing the time period of
Account Receivables (A/R) and increasing
efficiency. Therefore, understanding your
practice's business model and optimizing the A/R
will help you to support and improve your cash
flow while consolidating the working capital. A
part of such process must include optimizing the
AR and collecting the revenue from the aging AR.
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Top 5 Strategies to Work on Growing and Aging
Accounts Receivable
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Top 5 Strategies to Work on Growing and Aging
Accounts Receivable
1. Making the Revenue Cycle Patient-Centric One
of the best ways to increase the A/R growth and
improve the collection from aging A/R is by
developing a patient-centric revenue cycle. It
will help the healthcare facility distinguish
between clinical and administrative work easily.
The process also helps in enhancing the
experience of the patients and the clinicians.
The building of a patient-centric revenue cycle
means after the confirmation of the appointment
is received from the patient staffs get informed
automatically. 2. Training the Staff Proper
staff training is essential to optimize the A/R
and ensure the smooth financial operation of the
facility. But once in a while, training is not
enough. Since medical billing and coding are
changing continuously, the staff must be trained
regularly to be updated about the changes. In
addition, if new technology or software is
installed for medical billing and patient
management, training for that is also mandatory.

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Top 5 Strategies to Work on Growing and Aging
Accounts Receivable
3. Data Analysis For managing any revenue cycle
management, a robust collection of data and its
analysis is a must. The collection of Electronic
Data Interchange (EDI) and analyzing them gives
the medical billing team much-needed insight into
the claim status. A part of the process also
requires using Aged Receivable Report or Aged
Trial Balance reports to ascertain the debtors'
outstanding claims. Also, the goal of any A/R
management is to contain the outstanding A/R
between 60 and 90 days. 4. Investing in
Technology The practice needs to invest in
technology to ensure that a healthcare facility
keeps up-to-date with its A/R and also get the
money from the aging A/R. Mainly automated
technology gives overall support to medical
billing and is multi-dimensional. It collects and
analyses the data, provides a reminder per the
claim timelines, and helps with appealing for
claims denied. In addition, the technology helps
keep the financial records on track by reminding
the staff about the deadlines.
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Top 5 Strategies to Work on Growing and Aging
Accounts Receivable
5. The Time Blocks When it comes to A/R
management, preparing for time blocks is
essential. It helps in staying updated with the
data. Typically, a professional medical billing
company that manages the A/R divide the accounts
into four receivable blocks 0 30 days 30
60 days 60 90 days 90 days and beyond The
collection must be prepared between 7 and 14 days
of invoicing because it helps with on-time
revenue flow. Also, part of it includes the
billing team being ready to appeal if the claim
is denied immediately.
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How to Manage the Aged A/R?
The experienced and the top-most medical
billing companies such as 24/7 Medical Billing
Services are known for managing aged A/R. They
have helped recover thousands of dollars from
aged A/R, thus improving the financial health of
the medical facility. Also, when you hire such
an expert medical billing company, you can rest
assured they will take care of the entire revenue
cycle management with a dedicated team to look
after your medical billing and coding operations.
A company such as 24/7 Medical Billing Services
has the latest billing software with advanced
technology to warrant minimum claim denials and
rejections. Outsourcing the medical billing
process for your medical practice will earn an
improved revenue cycle with on-time A/R.
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About Us
We are a medical billing company that offers
24/7 Medical Billing Services and support
physicians, hospitals, medical institutions and
group practices with our end to end medical
billing solutions. We help you earn more revenue
with our quick and affordable services. Our
customized Revenue Cycle Management (RCM)
solutions allow physicians to attract additional
revenue and reduce administrative burden or
losses.
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Contact Us
Media Contact 24/7 Medical Billing
Services Georgia 3001 Greenfield Drive, Marietta
GA Ohio 28405 Osborn Road, Cleveland, OH
4414030068 Texas 2028 E Ben White Blvd,
240-1030 Austin TX, 78741 Delaware 16192
Coastal Highway, Lewes, Delaware 19958, United
States Phone no / Fax [phone]
Email us info_at_247medicalbillin
gservices.com
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