Accounts Receivable Recovery
Coding & Billing Solutions specializes in helping hospitals, doctors’ offices, and other health care organizations with aging accounts receivable recovery in medical billing. Our team has years of experience in managing and collecting outstanding payments owed to our healthcare provider clients for services rendered and we can help you too.
The following are some of the key steps that CBS takes in aging A/R recovery:
Analysis of Accounts Receivable Aging Report
The first step the Coding & Billing Solutions team takes is to generate an aging report from our client’s billing system, which categorizes outstanding invoices based on their age (typically 30 days, 60 days, 90 days, and over 90 days). This report helps identify which accounts are overdue and require attention based on our client’s receivables management parameters.
Identification of Delinquent Accounts
Reviewing the aging report helps identify accounts that have not been paid within the expected timeframe. These delinquent accounts are prioritized for follow-up.
Verification of Insurance Information
If the outstanding balance is with an insurance company or other payer, our billing team verifies the insurance information, including coverage details and any outstanding claims that may have been denied or underpaid.
Appeals and Resubmissions
For denied or underpaid claims, the CBS medical billing team may need to submit appeals or resubmit claims with additional documentation to ensure proper reimbursement.
Negotiation and Payment Arrangements
In cases where insurance companies or other payers are unable to pay the full amount owed, the CBS billing team may negotiate payment arrangements or settlements based on the financial situation of the responsible party.
Monitoring and Reporting
Throughout the process, the CBS billing team monitors the progress of A/R recovery efforts and generates reports to track collections performance. This helps identify areas for improvement and measure the effectiveness of collection strategies.
Write-offs or Bad Debt Management
For accounts that are deemed uncollectible after exhaustive efforts, our healthcare clients may need to write off the balance as bad debt. This involves adjusting the accounts receivable balance accordingly and may require compliance with regulatory guidelines.
Continuous Process Improvement
Aging A/R recovery is an ongoing process, and Coding & Billing Solutions helps its healthcare provider clients continuously evaluate and improve their billing and collection procedures to minimize outstanding balances and optimize revenue cycle management.
By effectively managing aging accounts receivables, CBS helps physicians and healthcare providers improve cash flow, reduce bad debt, and ensure timely reimbursement for services provided.
If you would like to explore how Coding & Billing Solutions can help your healthcare organization maximize its accounts receivable recovery, contact the CBS team today.