Outsourcing your medical billing to us if you want to work on growing the A/R and increase the collection from aging Account receivable.

1. Top 5 Strategies to Work on Growing and
Aging Accounts Receivable
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Any medical practice requires continuous cash flow to ensure the
smooth running of the facility. Therefore, the need of the hour for any
medical facility is to have an effective revenue cycle management to
have an effective practice and provide the best services to the patients.
A part of managing the revenue cycle is to maintain the records and
keep them up-to-date, manage the physicians' compensation, ensure
correct billing and coding for reimbursements and invest in the new
technology for a seamless flow of revenue.
Undoubtedly, effective revenue cycle management is crucial to
decreasing the time period of Account Receivables (A/R) and increasing
efficiency. Therefore, understanding your practice's business model and
optimizing the A/R will help you to support and improve your cash flow
while consolidating the working capital. A part of such process must
include optimizing the AR and collecting the revenue from the aging AR.
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2. Top 5 Strategies to Work on Growing and
Aging Accounts Receivable
HTTPS://WWW.247MEDICALBILLINGSERVICES.COM/

3. Top 5 Strategies to Work on Growing and
Aging Accounts Receivable
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1. Making the Revenue Cycle Patient-Centric
One of the best ways to increase the A/R growth and improve the
collection from aging A/R is by developing a patient-centric revenue
cycle. It will help the healthcare facility distinguish between clinical and
administrative work easily.
The process also helps in enhancing the experience of the patients and
the clinicians. The building of a patient-centric revenue cycle means
after the confirmation of the appointment is received from the patient;
staffs get informed automatically.
2. Training the Staff
Proper staff training is essential to optimize the A/R and ensure the
smooth financial operation of the facility. But once in a while, training is
not enough. Since medical billing and coding are changing continuously,
the staff must be trained regularly to be updated about the changes. In
addition, if new technology or software is installed for medical billing and
patient management, training for that is also mandatory.

4. Top 5 Strategies to Work on Growing and
Aging Accounts Receivable
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3. Data Analysis
For managing any revenue cycle management, a robust collection of
data and its analysis is a must. The collection of Electronic Data
Interchange (EDI) and analyzing them gives the medical billing team
much-needed insight into the claim status. A part of the process also
requires using Aged Receivable Report or Aged Trial Balance reports to
ascertain the debtors' outstanding claims. Also, the goal of any A/R
management is to contain the outstanding A/R between 60 and 90 days.
4. Investing in Technology
The practice needs to invest in technology to ensure that a healthcare
facility keeps up-to-date with its A/R and also get the money from the
aging A/R. Mainly automated technology gives overall support to medical
billing and is multi-dimensional. It collects and analyses the data,
provides a reminder per the claim timelines, and helps with appealing for
claims denied. In addition, the technology helps keep the financial
records on track by reminding the staff about the deadlines.

5. Top 5 Strategies to Work on Growing and
Aging Accounts Receivable
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5. The Time Blocks
When it comes to A/R management, preparing for time blocks is
essential. It helps in staying updated with the data. Typically, a
professional medical billing company that manages the A/R divide the
accounts into four receivable blocks –
0 – 30 days
30 – 60 days
60 – 90 days
90 days and beyond
The collection must be prepared between 7 and 14 days of invoicing
because it helps with on-time revenue flow. Also, part of it includes the
billing team being ready to appeal if the claim is denied immediately.

6. How to Manage the Aged A/R?
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The experienced and the top-most medical billing companies such as
24/7 Medical Billing Services are known for managing aged A/R. They
have helped recover thousands of dollars from aged A/R, thus improving
the financial health of the medical facility.
Also, when you hire such an expert medical billing company, you can
rest assured they will take care of the entire revenue cycle management
with a dedicated team to look after your medical billing and coding
operations. A company such as 24/7 Medical Billing Services has the
latest billing software with advanced technology to warrant minimum
claim denials and rejections. Outsourcing the medical billing process for
your medical practice will earn an improved revenue cycle with on-time
A/R.

7. About Us
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We are a medical billing company that offers ‘24/7 Medical Billing
Services’ and support physicians, hospitals, medical institutions and
group practices with our end to end medical billing solutions. We help
you earn more revenue with our quick and affordable services. Our
customized Revenue Cycle Management (RCM) solutions allow
physicians to attract additional revenue and reduce administrative
burden or losses.

8. Contact Us
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Media Contact:
24/7 Medical Billing Services
Georgia
3001 Greenfield Drive, Marietta GA
Ohio
28405 Osborn Road, Cleveland, OH 4414030068
Texas
2028 E Ben White Blvd, #240-1030 Austin TX, 78741
Delaware
16192 Coastal Highway, Lewes, Delaware 19958, United States
Phone no / Fax : +1 888-502-0537
Email us: info@247medicalbillingservices.com