Are Common Accounts Receivable Problems Plaguing your Practice Collections?

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Are Common Accounts Receivable Problems Plaguing
your Practice Collections?
Are there predictable and constant errors with
your medical practice accounts receivable
administration services that are confining your
facilities income? If yes, then theres no need
to feel left out, as more than 40 active
practitioners and their facilities in the United
States are facing the same issues, which is
directly plaguing their revenue
collection. There are a couple of constant but
common medical billing and coding errors that
healthcare units suffer through, lets take a
look at them, and the remedy to resolve those
core problems. Denied Claims A standout amongst
the most well-known AR issues tormenting
healthcare units is denied insurance claims.
Youve likely heard the expression, If you have
to ask, you cant bear the cost of it. That is
the way the medicinal services community should
deal with a claim denial. Benchmarking the data
for various sources we found out that the average
denial rate ranges from 10 to 25 of all claims
submitted. However, according to the MGMA, the
best-performing groups should have a denial rate
of only 4.
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Are Common Accounts Receivable Problems Plaguing
your Practice Collections?

• Despite, AR and denied claims being an
  industry-wide problem, less than two-fifths of
  practices actually appeal denied claims. This
  presents a significant lost opportunity for
  recovering the revenue owed to your practice,
  hospital, ASC, and clinic, which can be resolved
  by making simple corrections. Keep in mind that
  your accounts receivable or medical billing staff
  should review all claims prior to submission to
  ensure they meet payer guidelines and follow up
  on all denials.
• Needless Write-Offs
• If we talk about write-offs, one should
  understand that some are necessary, while many
  are not. These are regularly identified with the
  primary issue we already shared denied claims.
  Rather than automatically writing-off denials,
  your billing team should set aside time to review
  each one. Even a single correction can lead to a
  profitable reimbursement that your facility
  needs.
• Here are a few points to follow when managing
  write-offs with precision
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• Choosing which write-offs require managerial
  approval
• Observing or Monitoring each claim overtime

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Are Common Accounts Receivable Problems Plaguing
your Practice Collections?

• Creating claim benchmarking and segregating them
  accordingly
• How bad are the bad debts?
• Patient duties now represent more than one-fourth
  of the human services industrys income, and
  rising bad debts is turning into a common or
  plaguing medical problem stagnating your AR.
• It is no longer adequate to talk about patient
  responsibilities at the time of getting
  treatment. With a specific end goal to enhance
  patient collect, it is basic to start collecting
  it through the entire revenue cycle.
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• Your in-house staff should be educated enough to
  start assembling all-important billing and
  insurance data with a specific end goal to
  compute expected out-of-pocket costs and confirm
  the coverage so that by the time of
  administration the patient already understands
  and has agreed to their responsibility, and their
  insurance claim verifies what they already
  expect.
• Additionally, following up and staying up-to-date
  post-treatment will heed to improve recovery and
  decrease bad debt.

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Are Common Accounts Receivable Problems Plaguing
your Practice Collections?
Embrace a Culture of Collection As a healthcare
professional you enter the field with an end goal
to serve the patients that come to you with
certain physical disabilities or diagnostic
problems. Therefore, it is normal for accounts
receivables to be disregarded in favor of
providing care or an exceptional patient
experience. However, getting paid for services
rendered is crucial for maintaining a successful
and profitable practice and continuing to provide
care. In order to make AR a work priority, you
as a physician need to embrace the culture of
collection in your facility. Remember that aging
and outstanding AR is the number one catalyst
that eats up your profits. If the in-house
charging department is falling short of
completing the tasks, you always have the option
of hiring a professional medical billing and
coding organization that specialize in Accounts
Receivable management services. With their
expertise in appealing for denied claims and
follow-up practices, your practice will surely
benefit from their administrative
services.   Medical Billers and Coders (MBC) is a
leading medical billing company providing
complete revenue cycle solutions. To know more
about our medical billing and coding services,
contact us at info_at_medicalbillersandcoders.com/888
-357-3226.