A/R aging reports help you gauge your facility’s health. They serve as a barometer for measuring your performance—whether you are making money or not.
Specifically, your monthly reports show you whether insurance pays your claims on time and if insurance providers pay you accordingly. Your A/R reports also reveal more than just “payments due to your business.” They can also help you identify any problems with your revenue cycle management.
With over 100 years of combined experience in various niches, including hospitals and surgical centers of all sizes, Coronis Health offers customers tailored medical billing services and high-touch relationships you won’t find at a “big box” medical billing company. We know that billed services and accounts receivable are your most important financial assets. We understand that AR must be safeguarded, tightly managed, and carefully maintained. Below, we identify five key factors to watch out for in your A/R reports:
1. Number of Patient Balances
Too much money owed means your report will not match your estimates. Do you have a process in place to understand your bad debt? What about TFL and “No Auth” claims? Are you equipped to handle bad debt? Analyzing bad debt is vital. Determining the percent of accounts receivable in each “aging bucket” (e.g., <120) is one way to measure your A/R effectively. Then, you must be diligent about collecting balances due from patients so you can see an increase in your A/R.
2. Denied Claims
Do you have an efficient statement process that you can track and report on to ensure you are receiving payments? An increase in denied claims means you are not coding correctly or not conducting follow-ups consistently and efficiently. Your medical billers must routinely work on denied claims because the quicker you resolve claims, the quicker you can settle that open A/R.
3. Highest Balances
To make the most of your efforts, go after the most considerable amounts. You get to avoid TFL by looking at your highest balances by payers and denials and tackling them first. Also, determine if your A/R has codes that are considered unpayable or bundled. Some adjustments might be required.
4. Unresolved Insurance Issues
Whether due to technicalities or uncovered services, you might have unresolved insurance issues. Your facility, therefore, can benefit from a clearinghouse set-up and payer website access. By having access to the websites needed to monitor a claim, you can keep an eye on the adjudication process. This will also help you identify any unresolved insurance issues’ root cause.
5. Average Collection Time
You must be proactive in your collection efforts. All parties must be aware of payment deadlines, payment methods, and amount owed to ensure on-time payment. Your facility will have the best chance of collection if you know any past due receivables and can act quickly. Front-end registration is critical. If it’s set up correctly, along with all the necessary front/back insurance cards, authorization, and a clearly defined collection process, the more efficient and streamlined your system can be when it comes to obtaining payment and closing open A/R. Automating processes can also reduce errors due to manual entry.
How Our Medical Billing Services Can Help Analyze Your A/R Reports
Coronis Health is comprised of the top medical billers in the country, pooling their global resources to bring customers the best in medical billing service and revenue cycle management. We have developed a proven, end-to-end revenue cycle solution based on the measured value we deliver to healthcare providers. We also take a caring approach to collection and get actual results. We ensure your collections are easy to manage and work to keep denials to an absolute minimum. We deconstruct denials and appeals to help your facility discover trends and create better denial management workflows with services such as coding deficiencies, appeals, and authorizations. You care for your patients while we collect.
We are technological innovators who utilize the latest in technology. We create our software strategies, business intelligence, and tailored solutions to achieve an aligned financial relationship, coupled with leading-edge resource and technology positioning. We can therefore provide a solution that reduces RCM costs and increases efficiency, timeliness, and profitability. We will work with you individually to create a valuable partnership that will help your facility reach the next level of financial success.
Let Coronis Handle Your Revenue Cycle Management and Boost Your Collections
We understand that patient collections can become a daunting task for your facility. We work with you to create a collection process at the front and back end of the revenue cycle and we equip staff to take care of collections. By bringing together the best of the best in medical billing, Coronis Health can help you with collections management, allowing you to maintain financial independence and focus on what matters most. Let us help you increase your patient collections and eliminate the time-consuming task of following up. Contact Coronis Health and request your free financial check-up today.