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Category Archives: Account Receivable Management

Cleanup Aging AR Using Onshore and Offshore Resources!

Managing Accounts Receivable (AR) and a healthy cash flow is a major challenge for every healthcare professional and facility. In the healthcare industry, AR represents the amount that is due from insurance companies and patients.

To understand the AR status of a practice, “Days in AR “is computed, which is the average number of days it takes to collect payments that are due to the practice. The AR is then classified into buckets such as 0-30 days, 31-60 days, 61-90 days and so on separately for patients and payors. The aging AR bucket data indicates the performance of the billing department. (more…)

5 podiatry coding mistakes that impact your cash flow!

Podiatry as a specialty is quite different and coding professionals need to be aware of the complexities in this specialty to reduce denial of claims. Medicare and commercial payors insist on medical necessity for foot care and thus, podiatry coding and revenue cycle management (RCM) is an area where confusion reigns. Most of the payors will reimburse if there is a foot condition but not for its preventive care. Hence podiatry coding procedures need to be dealt with carefully. (more…)

Effective Denial Management with rigorously tested strategies

Denial of claims is a source of stress and a drain on the revenues of a practice. Therefore, denial management is a vital component of the Revenue Cycle Management and consists of four stages, namely, Identifying, Managing, Monitoring and Preventing claim denials.

Medical professionals submit millions of claims every day to payors. Most claims are reimbursed fully by payors. As per the AMA reports, claims denied on the first submission amount to 1.38% to 5.07% of the total claims. Even the best-performing practices see a denial rate of 5%. Denied claims represent delayed or lost revenue to a practice. (more…)