AR Follow Ups In Medical Billing
AR Follow-Ups in Medical Billing: A Critical Component for Financial Health
Nowadays, most physicians find their medical practice or facilities generating expected but are not realizing the same and desired growth in their recurring cash flow.
To avoid significant loss of revenue, a healthcare organization or a medical billing company should take care of one of their most important tasks known as AR follow up . Many face a lot of challenges while dealing with their AR follow up in Medical billing.
At Medvantis, our primary goal is to reduce the time of AR follow up in healthcare with regular standard follow-up of pending claims. Our highly-trained accounts follow up team members creates and delivers a strategy with the right approach by conducting a detailed analysis of pending accounts receivables with regular follow up of insurance providers and patients.
We proactively follow up with insurance companies on all those claims that are pending for more than 30 days to settle payment and improve the desired cash flow. Therefore, this will result in more open claims and all denials will be settled in a timely manner.
Our team members are experienced and well-trained individuals in the medical billing process as our collectors. Most of these associates have years of experience in medical billing collections and coding.
What is AR Follow-Up in Medical Billing?
AR follow-up refers to the process of tracking and managing unpaid or denied claims within the accounts receivable department of a healthcare practice or organization. The process involves contacting insurance companies, patients, and other payers to ensure outstanding balances are paid in full and claims are processed correctly.
When a claim is submitted to an insurance company or payer, it can take time to process and determine reimbursement. If there is any delay, denial, or partial payment, AR follow-up ensures that these issues are addressed promptly. The goal is to resolve any payment-related issues and reduce the time it takes to collect payments.
The 3 Stages of Medical Billing A/R Follow-up
Most of the medical billing specialists perform the A/R follow-up in a very systematic manner, which is usually conducted in three stages:
Stage 1: Initial Evaluation
This stage involves the identification and analysis of the claims listed on the A/R aging report. The team reviews the provider’s policy and identifies which claims need to be adjusted off.
Additional claims may be identified once the analysis of timely filing limits is conducted.
Stage 2: Analysis and Prioritizing
This phase is initiated once the claims are identified which are marked as uncollectible or for claims where the carrier has not paid according to its contracted rate with the healthcare provider.
Stage 3: Collection
The claims identified to be within the filing limit of the carrier are re-filed after verifying all the necessary billing information such as claims processing address and conformation to other medical billing rules. After completing the posting of payment details for outstanding claims, patient bills are generated as per the client guidelines and then followed up with the patients for payments.
Why Are AR Follow-Ups Essential in Medical Billing?
Ensures Timely Payment
AR follow-ups help prevent claims from becoming overdue. When claims are left unchecked, they can lead to delayed payments, which negatively impact a practice’s cash flow. Timely follow-ups reduce the time between services provided and payment received, helping healthcare providers maintain a steady income.Identifies and Resolves Billing Errors
AR follow-ups allow billing professionals to identify and correct errors on claims before they escalate. Issues such as incorrect patient information, coding errors, or missing documentation can delay payments or result in claim denials. Proactively following up on claims helps rectify these problems and ensures that claims are processed correctly, avoiding revenue loss.Maximizes Reimbursement Rates
A consistent and thorough AR follow-up process can improve reimbursement rates by addressing denied or underpaid claims. Insurance companies may deny a claim due to minor errors or lack of information. By following up and providing the necessary documentation, practices can resubmit claims or appeal denials, often leading to higher reimbursement.Prevents Bad Debt
An efficient AR follow-up strategy helps prevent bad debt by ensuring that unpaid claims are addressed promptly. If claims remain unresolved for too long, they may be written off as bad debt, which negatively affects the financial stability of the practice. Regular follow-ups help reduce the likelihood of uncollected payments, keeping financial losses at bay.Improves Patient Satisfaction
Patients also play a role in the AR process, especially when they are responsible for co-pays, deductibles, or outstanding balances. Effective AR follow-up includes communication with patients to inform them about their financial responsibilities. By addressing patient inquiries promptly and providing clear billing statements, practices can improve patient satisfaction and encourage timely payments.
Contact Medvantis for AR Follow UPs in Medical Billing
If you are also looking further to ensure your unsettled claim is paid promptly and in full for each healthcare claim then contact Medvantis and request your healthcare AR follow up Services, and actually see how your revenue increases beyond your expectations. Call us today at 915 400-7970.
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