Best maneuvers to manage your medical practice collections

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Information about Best maneuvers to manage your medical practice collections
Health & Medicine

Published on February 4, 2014

Author: billingparadise

Source: slideshare.net

Description

Medical AR Management – Make It a Duck soup Task. Here is how you can manage your practice collections with top strategies.

Best Maneuvers to Manage Your Medical Practice Collections Presented By, Adam DenySmith, BillingParadise

Streamlined automation • Streamlined automation of your revenue cycle management (RCM) is a crucial mode to recoup your ARs.

Thwart potential denials • Thwart potential denials well before the claims submission, so that your claims will be reimbursed right at the first time.

Intelligent engine • You could install the feasible software in need at your practice for improving your denial prevention rates and maximize the collections. • Besides, business intelligence and analytics tools enable you make better decisions, perk-up productivity and catch underpayments and curtail collection delays.

First-pass resolution rate • Improve the scrutiny of your medical bills through software and expert support before submission to accomplish higher first-pass claim resolution rate. • This would drastically mitigate the workload of your practice staff and enhance your claim acceptance and further collection rate.

Contract negotiation and management • Many practices fail to verify the difference between actual payment and the payer’s contract value. • Automated reconciliation of these values aids increased reimbursement and better budget forecasting.

AR Aging • 30/60/90 days aging report model is becoming outmoded. • If Medicare is ready to pay you within 14 days and if you follow the payment after 30 days, that’s a clear loss for you. • Thus, daily AR aging report and follow-up is very essential for faster collections and improved productivity.

Workflow optimization • If there is a barricade in your collection process, the gap between the time of service and the time of collection would be prolonged which culminates in loss. • To overcome this glitch, automated e-mails to the management or superior authority and instantaneous remedial action can be yield better results.

ERA Accuracy • Cross-examine the ERAs against payer contracts for the accuracy of payment details.

Special routing and tracking • Payer-specific collection experts and queue-based collection assignments can be set in an organized manner to follow claims, denials and payments.

Need Free Consultation ? • If you need practice specific consultation on AR management for your healthcare centre . • Contact BillingParadise- AR Calling and Collections Management Expert. Visit : www.BillingParadise.com Mail : info@billingparadise.com

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