Best Practices for Addressing Legacy AR in Healthcare Billing

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Best Practices For Addressing Legacy AR In
Healthcare Billing


















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Best Practices For Addressing Legacy AR In
Healthcare Billing

• Towering stack of unpaid bills from patients and
  insurance companies, steadily growing taller with
  each passing day. This pile-up of legacy AR isnt
  just a matter of inconvenience its a pressing
  concern that impacts the financial health and
  operational efficiency of hospitals across the
  country.
• As of 2021, hospitals in the United States were
  grappling with over 40 billion in unpaid patient
  bills, according to Healthcare Financial
  Management Association (HFMA) data. This
  staggering figure significantly burdens hospital
  resources, affecting everything from cash flow
  management to patient care delivery.
• But the problem doesnt stop there.
• The American Hospital Association (AHA) reports
  that the average hospital spends approximately
  1.2 million annually on uncompensated care,
  further exacerbating the strain caused by legacy
  AR.

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But what are the factors behind Legacy
AR?

• There are several factors that contribute to the
  accumulation of legacy AR in healthcare billing,
  such as
• Inaccurate billing Errors in coding,
  documentation, or submission can delay
  reimbursement.
• Denials and rejections Insurance companies may
  deny or reject claims, requiring additional
  follow-up.
• Patient responsibility Unpaid copays,
  deductibles, or out-of-pocket expenses contribute
  to outstanding balances.
• Complex reimbursement processes Healthcare
  billing involves intricate rules and regulations,
  leading to delays in payment.

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Whats Next?

• Regular Audits
• According to the Healthcare Financial Management
  Association (HFMA), regular audits can help
  identify and recover up to 20 of overlooked
  revenue, making them a critical component of
  revenue cycle management.
• Improved Documentation
• As per the research, accurate documentation not
  only enhances revenue recovery but also
  contributes to better patient care and compliance
  with regulatory requirements.
• Streamlined Processes
• According to the Medical Group Management
  Association (MGMA), practices with efficient
  medical billing and coding processes collect over
  95 of their accounts receivable, highlighting
  the importance of streamlined processes in
  revenue cycle management.

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Outsourcing RCM
According to Black Book Market Research,
outsourcing revenue cycle management can increase
collections by up to 15 and reduce AR days by up
to 30. This makes it a viable strategy for
hospitals looking to optimize their revenue cycle
performance. Outsourcing revenue cycle management
to 24/7 Medical Billing Services, specializing in
billing and collection processes, can provide
hospitals with access to specialized expertise
and resources. By partnering with reputable
companies, providers can offload administrative
tasks, improve collection rates, and reduce AR
days. Outsourcing revenue cycle management can
also help providers navigate complex billing
regulations and compliance requirements, reducing
the risk of revenue leakage and penalties.
Overall, outsourcing RCM offers a cost-effective
and efficient solution for healthcare providers
to streamline revenue cycle operations and
enhance financial stability. Contact the team at
888-502-0537 to address your legacy AR.
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About us

• We are a medical billing company that offers
  24/7 Medical Billing Services and support
  physicians, hospitals, medical institutions and
  group practices with our end to end medical
  billing solutions. We help you earn more revenue
  with our quick and affordable services. Our
  customized Revenue Cycle Management (RCM)
  solutions allow physicians to attract additional
  revenue and reduce administrative burden or
  losses.
• Media Contact
• 24/7 Medical Billing Services
• 28405 Osborn Road, Cleveland, OH 44140
• Phone no / Fax [phone]
• Email us info_at_247medicalbillingservices.
  com

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