Aging account receivables greatly impact the revenue cycle. It is of paramount importance to ensure that cash flow is seamless and streamlined through efficient processes. Prioritizing action and follow up in time barred denials is important to the financial health of entities. For an efficient workflow and improved financial prospects, it is imperative to shorten the Accounts Receivables (AR). We focus on the need for better denial management services to maintain lower aging in AR.
Minimize the chances of losing reimbursements through better processes
Professionally managed medical billing services utilize efficient billing processes to reduce the prospects of lost reimbursements. This is effectively accomplished through an in-depth analysis of the billing process. The reasons for lost reimbursements are tracked and coded. This helpsin the design of processes that prevent their recurrence in the future. This improves probability of acceptance of claims in initial submissions.
Preferring of appeals against claims that are denied
A denied claim is effectively not a conclusion. The process of appeals has to be handled professionally. The re-submission of documents needs to be carried out with greater care, meeting all requirements, and justifying re-submission. The use of all available channels for liaison post the submission of appeals is necessary for early disposal.
Dedicated follow up to secure missing records and dues
Another important aspect for shortening the AR is the need for dedicated follow up. Improper documentation needs to be corrected by securing missing documents and information which can then be used for re-submission. Dues receivable from various entities stand a greater chance of being cleared faster with proper follow up. Following up is a fine art of contacting at the right time, in the most conducive manner for best results.
The maintenance of shorter AR is vital to the success of stakeholders in healthcare. The use of proven denial management services from professionally managed billing specialists will ensure better financial health. When processes are executed with greater efficiency, including the use of advanced tools, average age of AR is kept under control. This leads to a positive impact on revenue and leads to better maintenance of the revenue cycle! .