Strategies to Improve Account Receivable Management

Overdue accounts receivable often gets in the way of proper cash flow. It also causes a great deal of anxiety to medical practitioners, especially when you or your patient is denied by the insurance company because of incomplete claims forms, incorrect modifiers, wrong diagnosis codes, and other factors. Timely payments are essential for your healthcare facility’s financial health, but medical billing AR denials can cause problems. In some cases, you might find yourself hounding your patients or repeatedly calling the insurance company to get them to pay on time. However, there are strategies you can consider to avoid further stress and ensure accurate and timely payments:

Double-check patient information

Inaccurate information about the patient could result in denied claims. It may be helpful to have a patient portal that can make it easier to keep that information up-to-date. The billing team must also be updated on policies on improving and ensuring the integrity of patient information to make sure that the data is consistent with the insurance providers.

Automate

Sometimes, medical billing AR denials are caused by human error. By reducing those errors, denials could be fewer or potentially eradicated. So, it may be best to use billing software or solutions that can automate the process. The software should be up-to-date with the latest codes to prevent flaws and guarantee better reimbursement.

Meet deadlines

Missing the deadlines of insurance companies could result in AR denials in medical billing. Failure to follow the payer’s policies could also negatively impact the filing of the claim. You should consider filing claims as early as possible to avoid chasing after deadlines. This can also give you enough time to double-check HCPCS and CPT codes and correct them when necessary.

Outsource medical billing and coding

Consider outsourcing medical billing and coding to further reduce medical billing AR denials.  Just be sure that you are hiring highly trained specialists with extensive experience in helping medical professionals boost their revenue with their RCM solutions.

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