Medical practices lose a lot of money when they don't deal with denials and underpaid claims. By revising and appealing with the payer, a procedure known as AR recovery is used to pursue denied claims with an insurance company until full reimbursement is received.
2. While practices strive towards efficient and
qualitative medical billing and coding to enhance claims
first-pass rate and monthly collections; conversely
claim denials, rejections and low payments are
inevitable.
Medical Practices lose a tremendous amount of revenue by
not working on denials and ignoring unpaid claims.
These missed revenues can be earned by reworking and
appealing with the payer, the process of following up on
the denials with an insurance company until full
reimbursement is called AR recovery.
Let us look in detail on how effective AR follow-up can
help recover payment even for aging claims.
3. Accounts Receivable Aging Report:
Accounts receivable aging report should help classify
denials based on the number of days the payments have been
outstanding.
The longer the claims are in the aging bucket, the chances
of reimbursement diminish which explains why AR recovery
is critical for your Medical practice.
An effective Denial Management and AR Follow up team
ensure they rework the denials and appeal for
reimbursement with regular follow-up until the payment is
collected and the claim is closed successfully.
4. Tracking and Analyzing your Medical Billing Reports
Tracking all your claims to determine the paid, denied or
low paid, does not only help analyze collection percentage
but also helps pull out the claims to be followed up by the
Accounts Receivable team.
Efficiency in Medical Billing is achieved by establishing
an effective Monthly reporting system, which also ensures
to determine your practice’s revenue progression.
5. Metric-Driven Goals to Improve your Financial System
Every Medical Practice as a business entity has its goals and
metrics to be achieved.
Financial goals are key barometers to keep the business
successful and progressive.
Focusing only on increased patient visits or processing more
claims month on month does not really increase your financial
goals, the bottom line is achieved when a practice ensures
maximum collections.
To ensure maximum collection it is essential to ensure every
penny due to your practice is collected from the insurance
company.
6. Effective AR Follow up
An effective AR follow up will track all denied and low-paid
claims and analyze based on the provider write-off and
adjustment policy.
The claim which has not been paid as per the contracted rate
is identified and followed up based on the appeal and timely
filing limit of the payer.
Outsourcing AR Recovery
Outsourcing AR recovery is the best choice as an
established Medical Billing Company has a skilled and
experienced team of AR follow-up team, who have expertise
working with different insurance carriers and know the nuances
7. About MGSI
MGSI has over 25 years of experience providing Revenue Cycle
Management (RCM) Solutions to Physicians and Medical Practices.
With experience handling 25+ specialties and expertise in major
billing software, we can handle your Medical claims with the best
results.
Our AR recovery services ensure every claim is followed up until
paid fully.
At MGSI we perform AR recovery in three-phase as “Initial
Evaluation, Analysis and Prioritizing and collection.
With timely follow-up and a streamlined approach, we guarantee
maximized revenue and reduce Denial Percentage.
For further details about MGSI, pls. Call 877-896-6474 or log on