One of the first steps to take when following up on accounts receivable is to confirm that the claim has been received by the payer. Most payers have an online portal where you can check the status of your claims, so be sure to utilize this tool. If the claim hasn't been received by the payer, follow up with your billing team to ensure that the claim was submitted correctly.
Once you confirm that the claim has been received by the payer, it's important to keep track of the processing time for each payer. Most payers take between 30-45 days for claim processing, so mark your calendar for the appropriate time to start following up. Regularly contacting the payer for updates on the status of the claim is also important. You can do this by phone or email, but make sure to document all communication in your billing system.
If there are any outstanding issues or denials, it's important to work towards resolving them as quickly as possible. This may involve submitting additional information or appealing the denial. Keep in mind that the longer it takes to resolve these issues, the longer it will take to receive payment.
In addition to following up on outstanding accounts receivable, there are other strategies you can use to manage your accounts receivable. For example, you can offer payment plans to patients who are unable to pay their balance in full. You can also consider offering a discount to patients who pay their balance in full within a certain timeframe.
In conclusion, managing accounts receivable is an essential part of running a successful medical practice. After submitting a claim to a payer, it's important to follow up on outstanding accounts receivable in a timely manner. Keep track of the processing time for each payer, regularly contact the payer for updates on the status of the claim, and work towards resolving any outstanding issues or denials as quickly as possible. By doing so, you can ensure that you receive payment for the services you have provided and maintain a healthy cash flow for your practice.
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