Medcare MSO’s AR Recovery Services Maximize Revenue
Medcare MSO offers a comprehensive range of AR management services, recovering outstanding revenue from old AR accounts that are aging more than 120 days. Our system has been proven to be highly effective at increasing recovery, even from accounts that were thought to be lost causes.
Unlike most medical billing companies, who only offer AR recovery solutions as part of a revenue cycle management package, Medcare MSO offers AR medical billing recovery services as a standalone option. We don’t believe in a one-size-fits-all approach to healthcare recovery solutions and want to meet the unique needs of your business.
2020 Case Study Results
April 1st, 2019
$86,227.53 to $143,710.45
Revenue Increased by
SYSTEMATICALLY INCREASING REVENUE WITH EFFECTIVE CLAIMS MANAGEMENT
Medcare MSO’s innovative system tracks every claim to completion, getting our clients the revenue they deserve.
Medcare MSO’s 4-Part Strategy for AR Recovery
Our strategy for managing aging AR accounts has been developed through years of experience. We have a streamlined approach that is both fast and effective.
When our AR team takes on a new client, the first step is a thorough review of every unresolved claim. There may be some that have expired or are not collectable for some other reason, but we find every one that can possibly be recovered and get to work on it.
We aren’t just looking for the “low hanging fruit” in this process. Many medical billing companies only look for high dollar claims in aging AR, but we know how fast the smaller amounts add up for our clients, so we look at any claim that could still be paid.
Our team analyzes older unpaid claims as a high priority to ensure that none expire before we get a chance to process them. Using advanced analytical tools, we stay ahead of the payers’ requirements to help you collect the maximum revenue possible. We consistently follow up with each payer to recover your overdue payments so you can focus on your practice, knowing that we are looking after your bottom line.
Claim Correction and Resubmission
Our dedicated taskforce doesn’t let a single claim be rejected, denied or underpaid due to lack of follow-up. After the appropriate corrections or clarifications are made, we appeal each of those claims so the insurance or government payer will reconsider the payment. We also monitor your claim denials and rejections, so we can identify any recurring causes and eliminate them permanently from your revenue cycle management system.
If the AR team finds that the outstanding balance should be paid by the patient, we generate a report that is easy for them to understand and send it to them. If you would like us to also handle the direct interactions with your patients, we will do that too. We aren’t a collection agency, so you don’t have to worry about sending the wrong message to your patients.
We’ve found patients are much more likely to pay their bills if they understand the charges and agree with the amount due, so we help make everything clear and easy to understand. We’ll even take their phone calls and answer questions if you would like us to.
AR Recovery Is One of Our Specialties
A tremendous amount of revenue is lost every year due to unpaid claims not being managed properly. We have a dedicated AR recovery team that is extremely successful at getting reimbursements for what others consider “uncollectible.” It is well known in the collections industry that the longer a bill goes unpaid, the less likely it is to be paid—but rather than giving up on old AR recovery & bills. Our AR recovery team takes that as our cue to take immediate action towards identifying and investigating every unpaid claim. Few medical AR billing services are willing to take on aging AR, or if they do, they want a high fee. Our system streamlines the process, allowing us to be efficient enough to work profitably on old AR Recoveries and low-value claims. These are some of the features of our AR recovery system.
All Claims Pursued:
Many billing companies avoid small claims recovery and those that have a lower likelihood of being paid, but not Medcare MSO. Our system’s efficiency allows us to attempt reimbursement for every claim.
Prioritization For Maximum Recovery:
We prioritize claims to ensure that none expire unnecessarily, and the most efficient approach is taken to get the highest recovery possible.
Dedicated AR Recovery Team:
When we contract to assist with AR recovery, we assign a dedicated team of experienced medical billers to focus on investigating every claim in your AR records.
Pay Only For Successful Reimbursement:
Even though it is a lot of work for us to sort through all your unpaid claims, there is no risk of your losing money on old AR. We charge fees only as a small percentage of the amount recovered. If we are unsuccessful at recovering payment for a claim, you don’t pay us, so there is no risk to you.
Collection Ratios Over 90%:
Our highly experienced accounts receivable recovery services team has been able to consistently recover over 90% of claims going back as far as one year. That kind of revenue can easily make a big difference in the financial success of any kind of medical business.
Appeal Rejections and Denials:
Most claim rejections and denials are the results of errors or omissions that are easily correctable by our expert billing team. More complex issues are also identified and resolved with a high success rate.
Medcare MSO is an industry leader and trusted name in medical accounts receivable collections because we know how to get results. Our mastery of complex medical coding and AR management services sets us apart. But it’s our breadth of knowledge that allows us to shine. Our medical billing company successfully serves healthcare facilities of all types and sizes, and we specialize in medical billing for physicians, laboratories, radiology & imaging centers, and hospitals.
We know it’s difficult to remain entirely focused on patient care when you’re worried about your bottom line. If you’re spending valuable time and energy trying to diagnose finances, then perhaps it’s time to enlist the aid of a professional medical billing company like Medcare MSO.
Call or e-mail Medcare MSO today to see how we can help you.