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Outsourcing your medical billing to us if you want to work on growing the A/R and increase the collection from aging Account receivable.
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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. Read more… Top 5 Strategies to Work on Growing and Aging Accounts Receivable HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
Top 5 Strategies to Work on Growing and Aging Accounts Receivable HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
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. Top 5 Strategies to Work on Growing and Aging Accounts Receivable HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
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. Top 5 Strategies to Work on Growing and Aging Accounts Receivable HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
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. Top 5 Strategies to Work on Growing and Aging Accounts Receivable HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
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. How to Manage the Aged A/R? HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
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. About Us HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/
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 : +1 888-502-0537 Email us: info@247medicalbillingservices.com Contact Us HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/