Fighting Rejected Claims in Family Practice with Old AR

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Fighting Rejected Claims in Family Practice with
Old AR
Could old AR be the silent culprit behind the
growing number of rejected claims in your family
practice? For a successful family practice,
managing the revenue cycle efficiently is
crucial. A key element in this process
is accounts receivable (AR). Effective management
of AR can significantly improve the financial
health of your practice. Lets discover how you
can effectively manage and fight rejected claims
in family practice with old AR. Understanding AR
in Family Practice Accounts receivables (ARs) in
healthcare are the outstanding invoices or
reimbursements your family practice is owed.
These unpaid accounts may include patient
invoices and insurance company reimbursements.
The AR process begins once a claim is submitted
or an invoice is billed. The account is then
removed from AR upon receiving the
payment. Importance of Updating a Family
Practice with Old AR Did you know that practices
with more than 10 of their AR over 90 days are
at significant financial risk? This is because
the likelihood of collecting payments drops
drastically after this period.?
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Fighting Rejected Claims in Family Practice with
Old AR

• The more accounts you have in AR, the less money
  your practice collects. Prolonged unpaid invoices
  or claims increase the likelihood of never being
  paid, which can strain cash flow and operations.
  This situation can lead to writing off bad debt,
  ultimately affecting your family practices
  financial stability.
• Key Performance Indicators (KPIs) for AR
• To maintain healthy AR, track these critical
  KPIs
• Average Days in AR This metric represents the
  average days to receive reimbursement after the
  appointment date. Aim to keep this duration at 35
  days or less.
• AR over 90 Days This metric indicates the
  percentage of accounts receivable older than 90
  days. Try to maintain this percentage below 10.
• 5 Best Practices to Improve Old AR in a Family
  Practice
• Update Insurance Verification Incorrect or
  unverified insurance significantly threatens your
  revenue cycle. Implementing a real-time
  eligibility (RTE) tool can ensure quick and
  accurate insurance checks before

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Fighting Rejected Claims in Family Practice with
Old AR

•  appointments. Regular batch checks of patient
  insurance can also prevent issues, reducing the
  risk of denied claims.
• Track AR regularly Monitoring old AR regularly
  is essential. It helps identify trends with
  particular patients or payers and areas for
  process improvement. For instance, if one payer
  consistently delays payments, you can investigate
  and address the issue.
• Send Estimates and Collect Upfront
  Payments Collecting payments at the time of
  service can drastically reduce AR. Providing cost
  estimates before appointments helps patients
  prepare for their financial responsibility,
  leading to timely payments and improved patient
  satisfaction.
• Automate Claims Process Manual billing processes
  are prone to errors. Automating claim submissions
  and billing processes can reduce mistakes,
  rejections, and denials, leading to faster
  reimbursements and less time spent in AR.
• Lean on Experts If managing AR becomes complex
  and time-consuming due to your busy schedule,
  consider outsourcing to a specialized RCM.
  Experts can efficiently manage your AR, reducing
  the number of AR days and increasing your
  practices cash flow.

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Fighting Rejected Claims in Family Practice with
Old AR

• Why Outsource Medical Billing and Coding?
• Outsourcing medical billing and coding offers
  numerous benefits, particularly for managing old
  AR in a family practice. Also, it allows your
  practice to focus on patient care while ensuring
  that billing is handled expertly.
• Here are 3 reasons why a medical billing company
  can handle old AR better than in-house staff
• More Resources Medical billing companies have
  experienced staff, advanced software, and
  established relationships with insurance
  companies. This allows them to resolve claims
  faster and more efficiently.
• Greater Experience Billing companies manage
  numerous claims and have systems to handle
  denials and rejections swiftly. Their expertise
  with various medical insurance requirements
  ensures higher success rates in claims recovery.
• Enhanced Accuracy Professional billers make
  fewer mistakes due to their specialized knowledge
  and experience. They are expert at scrubbing
  claims for errors before submission, leading to
  fewer rejections and denials.

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Fighting Rejected Claims in Family Practice with
Old AR
How MBC Can Help Clear Old AR Medical Billers
and Coders (MBC), a leading consortium in the
U.S., offers comprehensive billing services that
ensure compliance with current regulations,
improve accuracy, reduce old ARs, and optimize
reimbursements. By outsourcing your billing tasks
to MBC, you can focus more on patient care and
less on administrative burdens. Benefits of
Partnering with MBC Cost Efficiency Our
services can help you achieve noticeable cost
savings and a significant 10-15 increase in
revenue.
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Fighting Rejected Claims in Family Practice with
Old AR

• Streamlined Claims Our commitment to clean
  claims maximizes revenue generation for
  practitioners.
• Optimized Reimbursements Our expertise in
  documentation and coding maximizes reimbursements
  for family practice services.
• Dont Let Old AR Ruin Your Family Practices
  Efficiency!
• Contact MBC today to enhance your billing
  processes, boost reimbursements, and ensure
  compliance with family practice billing and
  coding regulations.
• FAQs
• Q How can real-time eligibility (RTE) tools
  improve AR management?
• A Real-time eligibility (RTE) tools can improve
  AR management by verifying patient insurance
  information before appointments. This helps
  prevent claim denials due to incorrect or
  unverified insurance details, ensuring smoother
  billing processes and faster reimbursements.

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Fighting Rejected Claims in Family Practice with
Old AR
Q How often should a family practitioner track
old AR to maintain healthy cash flow? A Family
practices should track their old AR regularly,
ideally weekly or bi-weekly. Consistent
monitoring helps identify trends, promptly
address issues, and ensure the practice maintains
a healthy cash flow. Q How can outsourcing
improve AR management? A Outsourcing to a
medical billing company like Medical Billers and
Coders (MBC) provides access to experienced
staff, advanced software, and efficient
processes, leading to faster and more accurate
claims processing and reduced ARs.