Medical Billing Tips for Improving AR Collections

It’s crucial for any medical care provider or DME supplier to ensure their accounts receivable (AR) collections methods are streamlined in order to maximize income and maintain a stable financial position for your company. 

 

At Medbill, we know better than anyone how complicated this can get. Here are some practical suggestions for enhancing your AR collection practices.

Verify Patient Insurance Information Accurately

Incomplete or faulty insurance information from patients is one of the most common causes of denied claims and unpaid dues. In order to avoid this, it’s best to verify and update patient insurance information periodically. 

 

Make it a priority to train your staff how to gather and verify proper insurance information during patient registration, and whenever possible, minimize the chance for human error by utilizing electronic verification methods.

Set Clear Payment Expectations for Patients

Be sure from the outset to express all payment expectations to your patients clearly and consistently. Before service, provide patients an estimate of their out-of-pocket expenses and explain your payment rules, such as when payments are due and what payment methods are acceptable. It’s also critical to follow up with patients who have outstanding balances to remind them of their payment commitments and, if necessary, to provide additional payment options.

Implement an Effective Denial Management Process

Denied claims can have a substantial impact on your revenue and lengthen the time your AR collections take. To mitigate this, try implementing an effective denial management strategy that includes tracking and evaluating denials, identifying fundamental reasons, and taking necessary action to address them to reduce the number of denied claims. 

 

To simplify the process, consider employing specialized management software or outsourcing to a medical billing company that specializes in denial management.

Automate Your AR Collections Processes

Manual AR collection procedures can be time-consuming and prone to errors. You may be able to improve your efficiency and your accuracy while lowering administrative costs by automating the process to whatever extent you are able. 

 

Consider utilizing a system that automates billing and payment reminders, online bill pay portals, and electronic statements to improve convenience for patients and lighten the workload on your staff.

Train Your Staff on Best Practices for AR Collections

Your employees are an essential key to the success of your AR collecting practices. Make sure to put sufficient time toward teaching your employees about the best practices for AR collections, such as communicating payment expectations to patients, managing denials, and successfully utilizing your billing and collections software.

Offer regularly scheduled, ongoing training and professional development opportunities to keep your personnel up-to-date on industry trends and regulations.

Outsource Your Medical Billing and AR Collections

If your staff is regularly overwhelmed with the volume of AR collections work on your hands, or simply lacks the necessary skills to manage it efficiently, consider outsourcing your medical billing and collections to a professional service like Medbill. The right medical billing company can provide you with the necessary expertise and resources you need to optimize your collections practices, reduce denials, and maximize revenue while freeing up your staff to focus on patient care or other important tasks.

Optimize Your AR Collections With Medbill

By implementing these tips, you can improve your AR collections practices and ensure the financial health of your medical practice or facility. If you need help optimizing your collections processes or managing your medical billing, reach out today. Medbill has helped countless providers revolutionize their practices, and we can do the same for you.

 

Contact us today to learn more about how Medbill can help optimize your AR collections.