While practices endeavor towards efficient and qualitative medical billing to enhance claims first-pass rate and monthly collections; contrarily claim denials, rejections, and low payments are inevitable. Medical Practices lose a huge amount of revenue by not working on denials and ignoring unpaid claims. These missed revenues can be received by reworking and appealing with the payer, the process of following up on the denials with an insurance company until full reimbursement is called AR recovery.
AR follow-up in AR Recovery In Medical Billing
Let us look in detail at how useful AR follow-up can help recover payment:
Tracking and Analyzing your Medical Billing Reports
Tracking all your claims to learn the paid, denied, or low paid, helps analyze collection percentage and pull out the claims to be followed up by the Accounts Receivable team. Capability in Medical Billing is attained by establishing an effective Monthly reporting system, which also ensures to determine your practice’s revenue progression.
Accounts Receivable Aging Report
Accounts receivable aging reports should help organize denials based on the number of days the payments have been outstanding. The longer the claims are in the aging bucket, the chances of reimbursement reduce which explains why AR recovery is critical for your Medical practice. An effective Denial Managementand AR Follow up team make sure they rework the denials and appeal for reimbursement with regular follow-up until the payment is collected and the claim is closed successfully.
Metric-Driven Goals to Improve your Financial System
Every Medical Practice has its business goals and metrics to be achieved. Financial goals are key factors to keep the business successful and progressive. Increased patient visits or processing more monthly claims does not really increase your financial goals, the bottom line is achieved when a practice ensures maximum collections. It is essential to ensure that every penny due to your practice is collected from the insurance company to ensure maximum collection.
Effective AR Follow up
An effective AR follow-up tracks all denied and low-paid claims and search based on the provider write-off and adjustment policy. The claim that has not been paid as per the contracted rate is identified and followed up based on the payer’s appeal and timely filing limit.
Outsourcing AR Recovery
Outsourcing AR recovery is the best choice. Because established Medical Billing Company has a skilled and experienced team of AR follow-up team. They have expertise working with different insurance carriers and know the nuances to ensure effective tracking, maximum collections, analyzing, and reporting.
ZEE Medical Billing has years of experience providing Revenue Cycle Management (RCM) Solutions to Physicians and Medical Practices. With experience handling 20+ specialties and expertise in major billing Services, we can handle your Medical claims with the best results.
Our AR recovery services make sure that every claim is followed up until paid fully. At ZEE Medical Billing we perform AR recovery in three-phase as “Initial Evaluation, Analysis, and Prioritizing and collection. We guarantee maximized revenue and reduce Denial Percentage with timely follow-up and a streamlined approach.
We offer a complete business solution to your medical billing and practice management needs. We always stand behind our work, with customer satisfaction being our first priority.
To learn more – Get a free no-sting attached billing services quote from ZEE Medical Billing for your practice.