Your accounts receivable report indicates how long insurance claims and patient balances have been outstanding. The lower the percentage outstanding, the better!
Take a look at your report and ask:
How big is your dollar amount in 120+?
Is greater than 10% of your outstanding claims aged beyond 120 days?
While your AR report on its surface doesn’t tell the whole story of your practice, it can give you a really good idea on why your cash flow may not be where you want it.
Has your current billing team been neglecting your outstanding claims and you think your AR is in really, really bad shape? We also have a process for that!
We complete a full insurance and patient AR clean-up in 90 days. Within that 90-day window, each insurance claim will either be paid, expected to be paid, or recommended for write-off. We also call each patient who has a balance outstanding over 90 days to encourage payment in full, to set up payment plans if appropriate, or determine if account collections is the next step. We can also help you implement a process for sending patient accounts to collections if you do not have one yet.
Even if your AR is not in dire need of repair, there are several ways we think LRS could improve on your current AR process. At LRS, we pride ourselves on our standardized A/R management system. We follow-up on every single claim that is outstanding past 90 days (30 days for Medicare). We track this information for you in your EMR system so both our team and yours know why a claim has not been paid and when it is expected to be paid. We are extremely motivated to collect on every penny you have outstanding and will follow-up and appeal, if necessary, each claim until it is collected.
Want to learn more about how we can help you turn your AR around and get your cash flow moving again? Contact us at inquiries@lincolnrs.com to learn more. Mention this blog and you will receive a complimentary AR assessment to see how LRS can get your collections back to where they should be!