Best Practices For Addressing Legacy AR In Healthcare Billing

1. Best Practices For Addressing Legacy AR In Healthcare Billing https://www.247medicalbillingservices.com/

2. Best Practices For Addressing Legacy AR In Healthcare Billing Towering stack of unpaid bills from patients and insurance companies, steadily growing taller with each passing day. This pile-up of legacy AR isn’t just a matter of inconvenience; it’s a pressing concern that impacts the financial health and operational efficiency of hospitals across the country. As of 2021, hospitals in the United States were grappling with over $40 billion in unpaid patient bills, according to Healthcare Financial Management Association (HFMA) data. This staggering figure significantly burdens hospital resources, affecting everything from cash flow management to patient care delivery. But the problem doesn’t stop there. The American Hospital Association (AHA) reports that the average hospital spends approximately $1.2 million annually on uncompensated care, further exacerbating the strain caused by legacy AR. https://www.247medicalbillingservices.com/

3. But what are the factors behind Legacy AR? There are several factors that contribute to the accumulation of legacy AR in healthcare billing, such as: ● ● ● ● Inaccurate billing: Errors in coding, documentation, or submission can delay reimbursement. Denials and rejections: Insurance companies may deny or reject claims, requiring additional follow-up. Patient responsibility: Unpaid copays, deductibles, or out-of-pocket expenses contribute to outstanding balances. Complex reimbursement processes: Healthcare billing involves intricate rules and regulations, leading to delays in payment. https://www.247medicalbillingservices.com/

4. What’s Next? ● Regular Audits According to the Healthcare Financial Management Association (HFMA), regular audits can help identify and recover up to 20% of overlooked revenue, making them a critical component of revenue cycle management. ● Improved Documentation As per the research, accurate documentation not only enhances revenue recovery but also contributes to better patient care and compliance with regulatory requirements. ● Streamlined Processes According to the Medical Group Management Association (MGMA), practices with efficient medical billing and coding processes collect over 95% of their accounts receivable, highlighting the importance of streamlined processes in revenue cycle management. https://www.247medicalbillingservices.com/

5. Outsourcing RCM According to Black Book Market Research, outsourcing revenue cycle management can increase collections by up to 15% and reduce AR days by up to 30%. This makes it a viable strategy for hospitals looking to optimize their revenue cycle performance. Outsourcing revenue cycle management to 24/7 Medical Billing Services, specializing in billing and collection processes, can provide hospitals with access to specialized expertise and resources. By partnering with reputable companies, providers can offload administrative tasks, improve collection rates, and reduce AR days. Outsourcing revenue cycle management can also help providers navigate complex billing regulations and compliance requirements, reducing the risk of revenue leakage and penalties. Overall, outsourcing RCM offers a cost-effective and efficient solution for healthcare providers to streamline revenue cycle operations and enhance financial stability. Contact the team at 888-502-0537 to address your legacy AR. https://www.247medicalbillingservices.com/

6. 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. Media Contact: 24/7 Medical Billing Services 28405 Osborn Road, Cleveland, OH 44140 Phone no / Fax : +1 888-502-0537 Email us: info@247medicalbillingservices.com https://www.247medicalbillingservices.com/