Medical Receivables

Helpful Tips To Manage Your 120+ Days Medical Accounts Receivable

By April 9, 2020 No Comments

It is not uncommon for time-consuming tasks like complicated insurance claim processes, appeals and denials, financial eligibility, payment monitoring, and overall patient follow-up to overwhelm your medical office staff. With declining reimbursement rates, higher patient deductibles and an increase in business operating costs, many healthcare organizations find that a more sensible program of accounts receivable management would greatly benefit the business end of their offices. Despite a decent billing department, your aging medical accounts receivables (A/R) are unmanageable. 

It is easy to start thinking that eliminating your 120+ days category is just an illusion. However, with these tips, you can begin managing and removing these claims quite quickly. 

  1. Identify what makes up your 120+ days category. Is it a bunch of uncollected A/R that you won’t adjust off? If you did not meet the timely filing deadlines, it is time to adjust and submit those invoices. If you did not obtain proper authorization or pre-certifications, then adjust them or fight to get them retro-authorized.
  2. Get claims to be reprocessed. Assign an individual or team to rebill these uncollected claims. Brace yourself as some of these may be uncollectible.
  3. Place a staff member to follow up regularly. Because your accounts receivables should not reach the 120+ category you should have dedicated staff following up on claims.
  4. Consider factoring. Medical funding companies like PROVE can purchase your aging accounts receivables. We provide you with positive cash now without having to worry about uncollected accounts.

Managing your business account receivables or the money owed to your practice is a vital part of running a business. Whether you work in a large hospital or a physicians group, effectively managing accounts can increase your revenue significantly as well as streamline staff tasks and improve in-office efficiency.