With so many methodologies for working your accounts receivable, developing a targeted approach is crucial to ensure your teams are working the correct claims to get you paid faster. Here are four ways you can make sure your team is working the right claims:
Utilize your Practice Management System
Most practice management systems now have dashboards or high-level reporting that will tell you how much has been collected per provider or how much AR is outstanding by aging. Use this data to determine which claims should be worked first to bring in the most revenue for your practice.
Evaluate timely filing limits
Every payor has different timely filing limits. Contact your payors to determine which payors have smaller timely filing limits and make those a top priority. Payor contracts can be complex and Legacy can help you understand and even renegotiate payor contracts on your behalf.
Set a benchmark
Prioritize your data by aging and highest dollar accounts. Setting a benchmark amount for your team to work from will bring in the highest and quickest reimbursement. The benchmark that you set will depend on how many dollars and accounts are in each aging category. Don’t forget to work the smaller balances to avoid write offs due to timely filing limits.
Ask for Help
Managing a practice’s AR can be a daunting task. At Legacy, we focus on billing and paperwork, so you can get back to what matters most, your patients. Legacy can help develop a plan to tackle your AR and implement effective strategies for your team. We can also handle the medical billing process from beginning to end, allowing you and your staff to focus on providing quality patient care.
For more information, contact us today for a free 30-minute consultation.