Understanding Accounts Receivable (AR) in Medical Billing
In medical billing, AR stands for Accounts Receivable. This represents the money that is owed to healthcare providers for services that have already been rendered. This includes patient and insurance payments that are pending. AR is one of the most important financial assets of a medical practice. In this article, we will discuss the importance […]
How Medical Billing A/R Reports Help to Track, Analyze, and Improve Collections
When managing your practice’s financial health, it’s vital to address challenges such as claim denials and delayed payments. Because an efficient billing process is key to the smooth operation of your practice. But how can you ensure every operation runs smoothly and payments are accurate? Medical billing reports play a central role in identifying and […]
The Role of Automation in Streamlining AR and Enhancing Efficiency
In the ever-evolving healthcare industry, managing Accounts Receivable (AR) in medical billing has become an important element for effective revenue cycle management (RCM) and for a steady cash flow. AR management services ensure that providers receive timely payments and recover revenue from old AR accounts aging for 120 days. But in traditional AR processes manual […]
How to Handle Billing Claim Rejections and Denials
Healthcare is constantly evolving, and with these changes come new challenges. Today, the industry faces mounting pressures from expanding regulations, the burden of paperwork on clinicians, and decreasing reimbursement rates. These factors are contributing to billing claims and rejections. A survey by the Medical Group Management Association found that more than 69 percent of healthcare […]
3 Reasons a Medical Billing Company Can Recover Old AR Better than You Can!
The amount of money due from old AR accounts usually represents a significant portion of a medical business’s potential revenue. Getting that money from “potential” to “actual” revenue is the trick, though. The longer a bill goes unpaid, the less likely it is to ever be paid, so efficient management of old A/R is important. […]
Increase Revenue with Denial Prevention Rather than Denial Management
Without a doubt, claim denials are a: a pain in the neck, b: a major source of revenue loss for practitioners, and c: a cause of stress for medical businesses. They do not, however, have to be a common occurrence. Outsourcing medical billing to a professional billing company has proven to greatly reduce denials, but […]
Why AR Follow-up Management Is Such an Important Part of Medical Billing
Since everything that is owed to a medical practice falls under the category of accounts receivable, or A/R, it is easy to see how important good AR management is to the success of any business. Surprisingly, though, millions of dollars are lost every year simply due to a lack of AR follow-up management. Accounts receivable […]
Urgent Care Billing Tips to Increase Revenue
There’s a lot more to urgent care billing than just coding and submitting claims—though doing those correctly will certainly have an impact on your bottom line. The medical billing cycle starts well before the claim form is started, and optimizing each step in the process will greatly increase overall revenue. – Start Before You Encounter […]
