How to collect your old AR?

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How to collect your old AR?
Healthcare finance has always been complex, and
it is becoming more complex in recent years. AR
is fetching money for practitioners for the
services they have delivered to patients.
However, if you don't have an eye for your AR
then your collection can rapidly decline. Timely
audit and cleanup operations of AR can help you
to make your processes and cash flow stay
manageable. It might be late for you to clear
your old AR but you must sweep out the mess and
unblock the stoppages in your A/R to strengthen
your financials. Here are some ways to collect
your old AR Updating patient's Data You should
have started to clean your AR by purging
irrelevant patient's data. Practitioners should
take care that the system contains updated data
and be responsible to keep it up to date else the
data can easily get outdated and out of
control. Your front desk staff needs to perform
some activities which include the collection of
demographic and billing data from new patients or
just ask for updated info at the start of the
year.
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How to collect your old AR?
Staff at the reception should ask visitors to
verify their patient information and insurance
card data at every visit (less for high-frequency
patients) to make updates in your system
immediately. After complete updating of data in
your system, you can analyze the things and get
rid of irrelevant data like data about the
patients who have long-ago left your
practice. It is always advisable to just wipe
out those old AR which contain small balances
such as missed co-pay from a deceased patient
from the books as losses, rather than investing a
wealth of time, money, and effort into
continually billing for them. For old AR which
contains large sums, you can continue to take
appropriate collection measures and legal
recourses to get your AR clear. Empowered front
desk staff for recurring patient's collection In
many practices, recurring patients with payment
balances are frequently let go at the time of
visit which resulted in the accumulation of old
AR that just gets bigger and bigger as the
patients continue to visit for care. Therefore,
your practice needs to collect these existing
balances on the date of service to properly
manage your AR.
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How to collect your old AR?
This collection task can be assigned to your
front desk staff and empowered them with proper
tools so that they can procure payment on the day
of a patient's appointment. Moreover, you can
design a system wherein, patients having
outstanding balances are notified to pay the
payment as soon as they visit after which you can
send the confirmation email or reminders for
their appointment. After the arrival of
particular patients carrying outstanding
balances, your staff should be firm about payment
requirements and escalates the situation to
billing department representatives. Moreover, you
should have specific policies regarding
outstanding balances and provide staffers with
adequate training to keep your inflow of cash
from being stalled. Collection analysis and
reporting of aging AR Practices need to make
sure that they will continue to keep things clean
with the proper reporting. Most often staff is
focused on getting the billing off their desks
and the claims submitted and they have very
little time to follow up on receivables, and
analyze the financial performance of the
practice. Weekly analysis of your collection
backlog and monthly review of outstanding AR will
enable you to explain problematic trends. Now,
you can focus on the solution of these
problematic trends for perfecting your
performance in those areas.
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How to collect your old AR?
Continues monitoring plays a pivotal role to
ensure that things are in order in accounts
receivable. Moreover, effective reporting and
analysis can help you to maintain cash flow by
just consistently reviewing your processes and
performance rather than looking for a thorough
examination of your AR. Also, the practitioner
should have an eye AR aging report. This report
indicates the duration for which insurance claims
and patient balances have been outstanding and
represented as a percentage over 120 days.
Moreover, each AR report has its own format and
aging bucket which includes 0-30 days, 31-60
days, 61-90 days, 91-120 days, 121-150 days, and
151 days plus. Medical Billers and Coders
(MBC) has been providing accounts receivable
services to clients across the USA. Our highly
experienced team of AR specialists has worked
with different insurance companies and is well-
acquainted with all their policies. If you have
a lot of old account receivable payment that
needs to be collected, feel free to get in touch
with us.