Accounts Receivable Management

Old Accounts Receivable? Use Six Strategies

What is the first step in getting a grip on your healthcare organization’s accounts receivable (A/R) performance? Detailed metrics including A/R aging, payor buckets and time period comparisons to start. Here are strategies to whittle down old A/R while managing current accounts. Assess the Forest and the Trees The first step in getting a grip…

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How to Identify Causes of Denied Claims

According to industry statistics, about 200 million health claims are denied every year in the United States. With such staggering numbers, it is therefore important for your healthcare practice to not only track the major reasons for these denials but also take steps to prevent subsequent occurrences. Here are key areas to identify and reduce…

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How to Reduce Preauthorization Denials

With all of its benefits, such as a significant reduction in unnecessary spending, prior authorizations still come with a lot of burdens, according to the 2018 AMA Survey. For instance, over 75% of respondents are burdened by the preauthorization process for patient treatment. Response wait time averages from one to three business days. The process…

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When is a Child Responsible for the Balance?

The general rule is that parents are not responsible for an adult child’s medical debt, but they are responsible for a minor child’s bills. Confusion about Child-Parent Responsibility for Healthcare Bills However, who is responsible for an account if the parent completes the initial patient forms when the child is a minor and the child…

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When Does the Revenue Cycle Begin?

Your revenue cycle begins at the front desk, as this is the area that typically receives intake information. If your practice uses a self-service kiosk, your patients can also benefit when you arm your front desk team with essential billing knowledge. Front Desk Professional A front desk pro can make a big difference within the…

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Seven Ways to Stop Claim Denials

With denials remaining a significant roadblock to full and timely reimbursement, and while denials occur across the revenue cycle, a high percentage are associated with eligibility, authorization and registration activities, all front-end processes. Consider these sobering industry statistics: Claim denials impact more than 3.3% of patient revenue 63% of denied claims are recoverable on first…

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Top Methods to Avoid Claim Denials

The information below suggests reasons for and ways to avoid crippling your cash flow by effectively managing claim denials. The most common six reasons are: Exceeded time to file limits: With so many payors (the average practice uses 13) and different filing timelines a deadline is easy to miss. Know what your payor time limits…

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Do You Have a Claim Rejection or Denial?

A huge threat to receiving timely healthcare reimbursements are the dreaded claim rejections and claim denials. In addition, these are two phrases often used interchangeably in healthcare billing circles that shouldn’t be because they hold two different meanings. Understand the difference and adjust your workflow to reduce double work. Claim Rejections Claim rejections refer to…

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