Decreasing the AR days for Urology Medical billing
Bench-marking AR activities, delays, and goals isn’t that difficult job for a Urology practitioner. Given that in-house billing staff is falling short on decreasing the AR days for the services provided, outsourced medical billing & coding work can do wonders as far as lowering the Accounts Receivable days are concerned.
Your accounts receivable (AR) resources are a living, breathing being that is continually advancing. Each transaction in a day increments or reduces the distance towards the imaginary finish line, which your accounts department establishes as an exceptional outstanding balance.
Minimizing days in Accounts Receivable
Every time a claim sits in a payers system, that is a day that your practice or facility doesn’t get paid. These very claims awaiting payment are called accounts receivable (A/R), and there are a number of aspects to A/R that you should consider.
The key metric is average days in A/R, which should be fewer than 50, although 30 to 40 days is preferable. Some experts might say you should shoot for less than 30 days in A/R, but that’s unrealistic for most facilities particularly hospitals, ASC’s, and emergency departments. The important point to keep in mind is that, every single-day reduction equates to a one-day improvement in the time that a procedure can be billed and potentially collected. A healthcare insurance company’s financial performance indicators, including days of revenue in accounts receivable and the amount collected as a percentage of net revenue, will be improved as a result.
Challenges to getting paid quickly are many, but the real issue lies in controlling the billing and coding errors, where the actual fault of increased AR days occurs. Let’s take a gander at some valuable points to decrease the number of AR days for Urology medical billing.
1. Collecting the right information from the front office
At the point when patients enlist, it’s vital that the front office accurately distinguishes the insurance supplier and the plan, check the patient’s eligibility for treatment, and the purpose of the visit, and also check that all the billing requirements are verified with. Doing as such will ensure that the claims don’t get rejected at the time of payments, saving the Urology practitioner from a loss.
2. Utilization of analytical frameworks
Today, every business you venture into has one common string, which is the use of analytics to find the loop holes. So, how can medical billing and coding be left stranded? Your EHR framework ought to have modules or integrated solutions that provide order entry, billing and coding-decision support. If possible, it should interface with your coding and billing software to latch information on the income cycle, so you can analyze the delays in AR by factors such as procedures/services offered, doctor and payer. Flagging outliers such as slow to pay carriers gives you a chance to drill down to discover as to why there are delays, and arms you with the important information to argue for better administration. For instance, if your normal days in A/R are a shade more than 45 and yet Medicaid cases are averaging 30 days, this issue should be addressed. What’s more, you or your outsourced Urology medical billing and coding agency should follow up any un-paid claims after 30 days.
3. Producing clean codes at the time of procedures
The significance of clean code, in view of complete and exact documentation, can’t be exaggerated. Presently, third-party billing agencies are sharing the workload for Urology practitioners are using high-end billing and coding software’s that links the patient, physician, scribe, payer, and medical coder at the point of care. Claims can then be examined by the Urologist more quickly, and can be submitted to payers inside 1 to 2 days, instead of the most standard way of 6 to 10 days.
By quickly submitting well-processed claims, you’ll have an enhanced revenue cycle management and perfectly billed documents, shorten bill drop times and multi-fold reimbursements by keeping away from delays due to inadequately billed and coded documents.