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5 STRATEGIES TO DYNAMICALLY MANAGE ACCOUNTS RECEIVABLE DAYS

Account Receivables Days or AR Days indicates the time taken to receive payment on a claim. AR Days is a significant indicator of the financial health of a practice. In the United States, the average AR Days is 52.46 days. The lower the figure, the better is the financial situation. A lower figure means that there is more timely payment of claims and patient bills and cash flow is steady.

Know where you stand in terms of AR Days 

Compute AR Days in the following manner 

Average Daily Charges = (total charges for last 180 days) ÷ 180

AR Days = (total accounts receivables) ÷ (Average Daily Charges)

The billing department’s performance can be assessed by pooling the accounts receivables into “aging buckets” of 0-30 days, 31-60 days, 61-90 days and 90+ days.  (more…)

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BRISTOLBYTE: A TRUSTED WORKFLOW MANAGEMENT SOFTWARE

8 Ways How BristolByte Increases Your Cash Flow!

Medical coding and billing is an invisible engine in the healthcare industry. No healthcare entity can sustain itself without consistent cash flow. Efficient medical coding and billing is an essential part of the revenue cycle management. Keeping track of the documentation between patient, provider and payer is vital and a well-designed Workflow Management Solution will keep you on top of the situation.

In this regard, BristolByte, a unique cloud-based workflow software, can give you numerous advantages. It is created by professionals with their experience and expertise of working with thousands of providers. (more…)

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What is a Superbill? What information does it contain?

A medical superbill or encounter form is the primary source of data for preparing claims and contains the list of services provided to a patient. Along with the list of services, the superbill will show the costs and codes for each exam, treatment, or procedure. It will also contain information about the patient, provider, CPT codes, ICD-10 codes. These details have to be accurate so that claims can be prepared correctly.

A superbill is not necessarily needed for preparing claims by the provider. However, a patient would require a superbill in case (i) the provider is not part of their insurance company’s provider panel, (ii) they are having a Health Savings Account (iii) they are utilizing out of network benefits and need to meet a deductible(s). In these cases, the superbill helps the patient to work directly with their insurance plans. (more…)

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