For every Practioner Insurance claims are very important as they generate the Accounts receivable and any delay in the same would slow down the whole process and bear loss. The staff had to be in constant contact with the Insurance carriers to know the status of the claims. You cannot be relaxed after sending the bill to the insurance carrier for timely response. It should take around minimum of 15 days to receive the payment. If the turnaround time comes to more than 30 days then you need to have claims follow up. Following up the claim status would improve AR days gradually.
Having an Accounts Receivable policy in your office would definitely help get your medical claims payment quickly and this can be achieved easily with the help of billing companies.
Until some years ago, Accounts receivable management was not much important and was limited but nowadays it has become a skilled job. Thus, professionals who have expertise in medical billing and coding work should be hired for the same. It is one of the most important skills of the medical billing companies and choosing the right company is what can make the AR follow up work go smooth.
Why AR Follow up has become so much important?
The medical billing and coding services have become very important, as there are lot many tasks to be carried out to get the payment from the claim submitted. The process involves doing entry charge where codes are written as per the treatment given to the patients in the claim form, Insurance Verification is done as per the set rules and standard stated by the insurance carrier and payment posting is done after the clearance of the submitted claim which is then given to the insurance company. After these AR claims follow-ups is done to quickly receive payments and resolve denials if any.
What is the role of AR team?
An AR team is useful to perform follow up on the claims. The team ought to work for denial analysis, half payments or no payments. There are certain claims, which are not properly submitted, and then the work of AR team is to correct it first and then submit it again. The medical coding team is in direct contact continuously with the patient, physician or his office and the insurance carrier. The AR team ought to be diligent, analytical and attentive.
This makes very much clear on how important is AR follows up for the physicians in their medical billing services. If the AR team is effective the economical health of the hospitals, clinics and other group practices will be at par. So choose the medical billing company wisely for best results.