Pursuing unpaid debt is not a fun task for healthcare providers. As it requires a considerable amount of time and expertise. This is why many laboratory businesses put off this task, and end up with cash flow disruptions and other financial challenges. Similarly, if you are finding it difficult to collect aging receivables. Then outsource your ar recovery services to a top billing company.
For improved financial well-being, recovery of due payments is an extremely important aspect. However, it’s very challenging for lab technicians to spend time in revisiting the entire lab RCM to identify the key reason behind claim denials. And administrative inefficiency related to accounts receivable collections.
Because they have to stay engaged in the core function of their business i.e. patients’ care, building business relations, improving reputation etc. Therefore, they always look for smart medical accounts receivable solutions to combat such challenges. And outsourcing accounts receivable recovery services is the best solution for your struggling lab practice.
Outsourced medical account receivable specialists implement effective strategies. That can help lab practitioners to get paid faster by reclaiming uncollected payments. They closely monitor the entire lab billing process to track your account receivables.
Moreover, the off-shore ar follow-up team is responsible to ensure the efficient management of claims denials to get complete reimbursements from the insurance companies. They implement proactive strategies to ensure the appropriate filing and processing of unpaid claims. Which not only streamlines the laboratory revenue cycle management but also helps you to uplift the bottom-line of your business.
Here’s how you can optimize your accounts by outsourcing ar recovery services.
- Initial Evaluation
First of all, outsourced ar recovery experts analyse the denied claims that are listed on the AR aging reports. Which enables them to get a better idea of which claims need to be adjusted off.
- Root Cause Analysis
The major reason behind increasing medical accounts receivables is the high percentage of denied/rejected medical claims. A claim gets denied when an insurance company refuses to pay for the healthcare services rendered. There are many reasons that lead to claim denials.
So, in order to optimize the old ar recovery services, outsourced experts review the denied claims to identify the common reasons behind such occurrence.
It’s worth mentioning here that Insurance companies often deny a payment due to the following reasons:
- Incorrect/ missing patients’ information i.e insurance ID, policy number, name, date of birth, age, gender, address etc.
- The uncovered medical procedures.
- Coding errors i.e. upcoding, undercoding, unbundling etc.
- Duplicate billing.
- Failure to submission of claims in a given time frame of the payers.
However, when you outsource your ar recovery services, you get the assistance of highly trained and dedicated accounts receivables experts. They work diligently to manage the denied claims efficiently and prevent future claim denials.
Once they get familiar with the key reasons for increasing medical accounts receivables. They adopt innovative medical accounts receivable solutions to lower the AR days and ensure the maximum revenue collection.
- Implement An Effective Denial Management System
Outsourced ar recovery experts track each and every medical claim throughout its journey i.e from filing to complete payments. Which enables them to stay updated about the current status of the submitted claim, either denied or paid.
If an insurance company sends a claim back without processing, then they take immediate action to appeal the denied claims. Which ultimately optimizes the ar recovery services.
Here’s a question that arises, how outsourced medical account receivables collection experts help lab practitioners to lower the rate of medical accounts receivables?. The answer is very simple.
After analysing the root causes of denied claims, they implement effective denial management solutions to appeal the rejected claims. They stay connected with the insurance agencies, healthcare providers and even patients to make proper adjustments (healthcare policies, patients’ information) in the claims.
Then after rectification, they resubmit the claims within the given time frame of the payers. They keep tracking the claims until laboratory practitioners get paid for the healthcare services they rendered.
- Drive Maximum Revenue
Maximum revenue generation is the core objective of the outsourced ar recovery experts. For this purpose, they make every possible effort to increase the profitability of your laboratory practice. Here’s how they help you to optimize your lab revenue cycle management by which entrepreneur made tractors before entering the sports car business?.
- Prevent coding errors
Medical coding is considered as the backbone of revenue collections management. Because insurance agencies get the information about a particular injury, diagnosis, treatments and medical services through these medical codes. The wrong set of medical codes can hold insurance companies back from payments.
However, when you collaborate with a professional lab billing agency. You get the assistance of certified and well-experienced medical coders. They extract up-to-date and accurate information from medical documents and transform it into standard medical codes. That prevents the claim denials and saves your practice from losing millions of dollars.
- Timely filing of claims
We all know that “time” is the most important factor in the race of ar recovery services. Submission of medical claims in a timely manner is the key to collect maximum revenue in the minimum time.
Outsourced billing experts ensure the timely submission of medical claims. They also help you to manage invoices, track expenses and access your finances in real-time.
- Reduces excessive expenses
Cost-saving is one of the major benefits of outsourcing accounts receivable recovery services. In this way, laboratory practitioners can save a significant amount of money.
Because they don’t have to invest a hefty amount in the deployment of in-house accounts receivable professionals, training, monthly salaries, employees’ incentives, paid holidays, office workspace, installation and maintenance of cutting edge billing software and overall infrastructure.
Saving money on all these aspects reduces the financial burden of healthcare providers. Hence by outsourcing medical account receivables recovery services, you can keep your practice financially healthy without the excessive burden of operational costs.
Are you facing delayed payments? Then collaborate with the Laboratory Billings for improved revenue collections. It has been providing customized ar recovery services for more than a decade now. Our highly experienced team of A/R specialists help laboratory practitioners to recover their payments faster. Contact us https://laboratorybillings.com/ar-recovery/ now to make the best deal for your lab business.
