Every medical practice wishes to improve their clean claims rate by doing medical billing and coding more efficiently and qualitatively. However, claim denials, rejections, and underpayments are unavoidable. Most medical practices’ revenue cycles are stressed as a result of neglecting to work diligently on denials and disregarding unpaid claims. These lost revenues have a good probability of being recovered if they are reworked and appealed to the payer. AR Recovery is the process of continually following up on denials with an insurance company until full reimbursement is received. Effective AR Recovery in medical billing aids in the recovery of money for aged claims.

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Denials are classified using an accounts receivable aging report based on the total number of days the payments are outstanding. The AR process is crucial in medical practices because the likelihood of payment decreases if claims sit on the aging list for an extended period of time.

The Denial Management and AR follow-up teams must ensure and successfully rework denials and appeals in the queue for reimbursement. They must continually follow up in order to collect the funds and close the claim favorably.

If all claims are regularly checked, it is easy to establish whether payment was received, claims were denied, or claims were underpaid. You can immediately examine the collection percentage and find those claims this way; the Accounts Receivable team must follow up strongly.

Developing an effective monthly reporting system improves Medical Billing expertise. You may also track the progress of your practice’s revenue this way.

Achieving defined goals and KPIs is critical for a medical practice to function as a company. Financial objectives are required to keep the firm thriving and moving forward. The true key to the medical procedure is when they ensure that they boost their collections rather than just maximizing patient visits or improving the monthly claims processing pace. The medical practice can only enhance its collections if every single due sum is collected from the insurance company.

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It is simple to track the full refused and underpaid claims through an effective AR follow-up based on the write-off and the provider’s adjustment policy. Determine the payer’s appeal and on-time filing limit, identify and follow up on the specific claim that has not been paid as per the contract rate may all be readily tracked.

Enrollment in Electronic Fund Transfer (EFT) and Electronic Remittance Advice (ERA) should be considered by Providers whenever it is practicable to benefit both them and the payers. To begin, you must first be able to recognize the remittances and paper payments that have been received. You could then see if these EFT and ERA enrollments are available to you. Through these methods, posting errors are reduced and payment delivery is accelerated.

Account receivable management must be seamless in order to detect important difficulties while dealing with and working closely with insurance companies’ claim denials. By doing so, you can easily devise a strategy to avoid similar claims and rejections in the future. The following are some of the issues in the Account Receivable Process:

• Determining the duration of an Insurance Company
• Identifying the main cause of claim denials
• Understanding the payers’ CAS codes 
• Claims with no response

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One of the most effective tactics in the Accounts Receivable Process is patient outreach. You can draft letters asking the patient for assistance in the claims resolution process. Asking for particular information during patient outreach is greatly appreciated. The letter must be comprehensive and include all required facts on benefit coordination, insurer side delays in payment processing, and why they are delayed, as well as demographic information. By doing so, you reveal to the patient all of your efforts to get them compensated for the claim. When this kind of information is shared, it is easier for the patients to build trust, and they are eager to help in care if any issues arise with the insurance company during the claim processing cycle.

I-Conic Solutions is the best option for a smooth Accounts Receivable Recovery and a healthy revenue cycle.

With their skills, the Business Integrity Services competent team can expertly handle your AR follow-up. Allow us to walk you through a painless AR recovery period while keeping your revenue cycle healthy and your billing procedure more flexible and precise.

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