2. How to reduce AR days for Cardiology Billing?
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Outstanding Accounts Receivable (AR) in healthcare are one of the
most pressing issues confronting the practices. In fact, healthcare
providers are frequently looking for the best solutions to reduce their
receivables for more than 30 days, as well as ways to prevent them
from happening in the first place. Accounts receivable (AR) that is
more than 90 days old is a key industry metric for determining the
health of your cardio practice.
According to healthcare data, AR over 90 days is in the average
15-20% range.
If you have a greater percentage of AR that is more than 90 days
outstanding, you obviously have a severe cardiology billing problem on
your hands.
Lesser the number of days in A/R means greater efficiency and faster
payments. That’s why the majority of
3. How to reduce AR days for Cardiology Billing?
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Reasons for Increased AR Days:
Delays in filing claims
Ineffective eligibility determination
Enhanced claim rejections
Increased denials and a clumsy appeals process
Inaccurate coding
Errors in data entry
Delays in credentialing
Inadequate posting procedure
As you can see, the majority of these issues can be easily
addressed
4. How to reduce AR days for Cardiology Billing?
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Focus on Front-End
By separating administrative work from your cardiology settings, you
can concentrate on your front end.
Collect at the Service Time
You can also follow the policy of insisting each patient to pay their co-
pay before leaving your place.
Accuracy is The Key
The key to quality cardiology billing and coding is accuracy. Accurate
documentation of Medical Reports, correct usage of Codes, accuracy
in Demo entry, Charge Entry, and Payment Posting are critical for the
overall quality of Revenue Cycle Management (RCM).
Tracking and Analysing
A streamlined and systematic process can help you to reduce the
likelihood of denials. However, a monthly tracking system will help you
gain better control over paid vs. low-paid and denied claims and aid in
taking immediate and necessary reimbursement steps.
5. How to reduce AR days for Cardiology Billing?
Management of Denials
A timely and efficient Denial Management Process ensures that
collection opportunities are maximized. Because claims with higher
AR days have a lower chance of being paid, identifying claim denials
and working towards appeal and resubmission within the timely
filing/appeal limit (TFL) should be part of revenue cycle
management.
Follow-up on Accounts Receivable
It is critical to follow up on resubmitted claims on a regular basis in
order to get them paid and revenue collected. When it comes to
processing new claims, any payor prioritizes denials and appeals
over denials and appeals.
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6. How to reduce AR days for Cardiology Billing?
Streamlined and Contemporary Process
Undoubtedly, cardiology billing and coding guidelines and
regulations are constantly changing. Such changes make it
necessary for every cardiology billing company to keep their
process current by updating their policies, protocols, work process,
and training their staff at any time to meet the current demand.
Keeping atop is required at all times to ensure that you do not
encounter denials for any unknown reason.
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7. How to reduce AR days for Cardiology Billing?
Conclusion:
Reducing accounts receivable demands a follow-up of a systematic
approach to cardiology billing for your practice. But most of the
providers are preoccupied with patient care and cannot devote much
time to improving their cardiology billing and collections.
Outsourcing may be the best way to improve your Accounts
Receivable. A cardiology billing company like 24/7 Medical Billing
Services is a need of an hour that can handle the RCM process
efficiently and effectively. 24/7 Medical Billing Services is an
experienced billing and coding company that has the expertise and
connections with the payor to expedite your AR and Denial
Management process.
https://www.247medicalbillingservices.com | +1 888-502-0537
8. How to reduce AR days for Cardiology Billing?
About 24/7 Medical Billing Services:
24/7 Medical Billing Services is the nation’s leading medical billing
service provider catering services to more than 43 specialties across
the entire 50 states. You can rely on us for end-to-end revenue cycle
management. We guarantee up to 10-20% increase in the revenue
with cost reduction of your practice for up to 50%.
Media Contact:
Hari Sudan,
24/7 Medical Billing Services,
16192 Coastal Hwy, Lewes, DE – 19958
Tel: + 1 -888-502-0537
Email - info@247medicalbillingservices.com
https://www.247medicalbillingservices.com | +1 888-502-0537
