10 Signs You Should Invest More Time on Your Accounts Receivable
Could your medical practice accounts receivable (A/R) be in desperate need of attention? Take a look at the list below to identify ways to recover potentially lost revenue.
1. You Seldom Send Patient Statements
Patients won’t know they owe you money if they never receive a bill.
2. Front Office Staff Lacks Quick Access to Patient Balances
Quick access means that front desk staff can notify patients checking in that they owe money.
3. You Don’t Accept Credit Card Payments
Many patients expect the convenience of paying via credit card. When you provide this option, you’re more likely to receive timely payments in full.
4. You Don’t Bill Out Secondary or Tertiary Claims
You absolutely must pursue secondary and tertiary claims because so many people have multiple insurance plans. Develop a system and a service that helps maximize these avenues.
5. Your Insurance Accounts Receivable Is Significantly Higher Than Your Average Monthly Charges
Medical Billing Solutions, Inc. averages an outstanding accounts receivable balance for cardiology at 1.03 times the amount of typical monthly charges and 0.50 times for that of a family practice, internal medicine or pediatrics practice. Do you know your numbers? Are you in charge of your revenue cycle management and cash flow?
6. You Receive Frequent Timely Filing Denials on Your Claims
This one is a huge red flag. Start today to research what failed. Where in the process are claims going unnoticed? After you determine what’s happening and why, educate all parties involved, and file appeals with the insurance plan if possible.
7. Communication With Your Billing Staff Is Minimal
Do you know when your billing staff last notified you of insurance policies and requirements or educated you on coding guidelines and changes? You must have trust and confidence in your billing staff. Their job is to look out for you and for your money. If they’re not informing you of ways to recover money, then your accounts receivable may be in trouble.
8. Your Accounts Receivable Reports Are Reviewed Only Annually or Semiannually
Reviewing these accounts once or twice a year is simply not enough. You must find any problems before they find you. Reviewing your accounts receivable more frequently is a must.
9. You Lack Dedicated, Reliable Billing Staff Working and Resolving Your Insurance Denials
Insurance claims processing is a critical task for any physician’s business, and you need someone trustworthy and full of integrity who can focus on this sole responsibility. Imagine your claims leaving your office and entering a battlefield. Your billing staff is on the “front line” of your claims. Do they have your best interests in mind? Are they letting you know when you could or should be billing differently so you’re not losing revenue? Will they go to battle for you to challenge and appeal that denied service? If you want to maximize your reimbursements and keep your accounts receivable under control, you must have a reliable and dedicated person (or team) to do just that.
10. You Lack Documentation on Claims More Than 45 Days Old
Do you have insurance claims in your accounts receivable that are more than 45 days delinquent? Are claims missing notes or lacking details on why they haven’t been paid? What’s being done to resolve the situation? These are all clear signs that you need to invest more time in your accounts receivable.
If you think that any of the above points might relate to your practice, we can help.
We’re experts in outsourced medical billing services, and we know how to help you find a solution to your accounts receivable woes. We’ve been serving physicians nationwide for more than 17 years, and we’re well-versed in a wide variety of specialties. Visit our website at www.medicalbilling4u.com or call us toll-free at 800-596-5387 to get a free practice analysis and find out how to increase your revenues more than 10 percent, on average.