Maintaining a healthy Accounts Receivable (AR) is an essential practice system that can often be overlooked and mismanaged. Abnormally high and/or increasing AR balances create many accounting, cash flow and collections obstacles for practices. As these balances continue to age, they become more difficult to collect from both third party payors and from patients.
The results of a mismanaged AR include not only a decrease of cash flow for a practice but also loss in earned income, potential payor relations issues such as audits and denials, as well as possible negative impacts to the relationship between the practice and patient.
Efficient Accounts Receivable systems is part of the professional responsibility that practices have to third party payors and to patients. However, many practices find uncertainty and disorganization with these systems such as:
- How to audit an account if the patient and/or insurance balance is unknown
- How to implement patient billing systems that are effective and consistent
- When and how to follow up on unpaid third party claims
- When and how to determine if a balance is uncollectable
- How to read EOB’s (Explanation of Benefits) to ensure correct processing and/or payment
- How to appeal claims that you believe should have been covered
- How to time manage these critical AR systems to ensure they’re performed on a regular basis
- How to identify the source(s) of AR issues and implement protocol for improvement
- Where to start and what to do first when faced with a large and growing Accounts Receivable
CoreSolution Can Help
The best thing that you can do for your practice when struggling with an unhealthy and unmanageable Accounts Receivable is to take a proactive step forward and seek help. CoreSolution provides professional AR Cleanup services that actively addresses your aging AR balances and provides valuable assistance to your practice on each of the bullet points above.
The CoreSolution AR specialists are trained and experienced professionals in the area of practice billing and collections. Your practice will work directly with a specialist who will be actively working to reduce your AR balance, improve your cash flow, and get those stagnant balances and claims back in motion.
During this process you will also find that your AR specialist will also be an invaluable resource to your team as you work to implement systems to effectively maintain a healthier Accounts Receivable moving forward.
How Long Does It Take?
The length of time to effectively work through Accounts Receivable will vary by practice. This will be dependent upon the size and age of AR as well as the source(s) and systems of the practice that have resulted in a large and/or accumulating AR balance. Prior to beginning your AR cleanup process, a general evaluation of your AR will be conducted. This evaluation will enable the CoreSolution specialist to determine the approximate time period that will be necessary to fully address your Accounts Receivable.
Contact CoreSolution today to begin the AR Cleanup process or for more information!