AR in Medical Billing*

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Reasons Why A Company Should Choose MedPro to Handle Their Legacy Accounts Receivables Debt

• Expertise: MedPro Services specializes in handling complex healthcare billing regulations, reducing errors, and improving claim acceptance rates. This can significantly reduce legacy AR buildup.
• Improved Efficiency: MedPro Services frees up your internal staff to focus on core patient care activities. Billing companies leverage technology and experienced staff to handle AR tasks more efficiently.
• Cost Savings: Outsourcing to MedPro Services can be more cost-effective than hiring and training dedicated in-house AR staff, especially for smaller practices.
• Faster Resolution: MedPro prioritizes collecting your outstanding debts, leading to quicker resolution of legacy AR and improved cash flow.
• Reduced Compliance Risk: MedPro Services stays up-to-date on billing regulations, minimizing the risk of audits and penalties associated with non-compliance.
• Data and Analytics: MedPro uses data analytics to identify trends and root causes of legacy AR, allowing for targeted solutions and improved future performance.

What is Accounts Receivable (AR) in Orthopedics?
In short, AR refers to the money patients and insurance companies owe an orthopedic practice for services rendered. Managing AR effectively is crucial, but it can be challenging due to:

• Complex billing regulations
• Rejected or denied claims
• Coding errors
• Inaccurate patient information
• Delayed payments

What is Legacy AR?
Legacy AR refers to outstanding balances that are older than the typical billing cycle. These require special attention because they can negatively impact your practice in several ways:

• Reduced Cash Flow: Uncollected funds hinder your ability to operate efficiently.
• Compliance Risks: Failing to follow billing standards can lead to penalties or audits.
• Patient Dissatisfaction: Unresolved bills can strain relationships and damage your reputation.
• Strained Client Relationships: Delays in resolving outstanding balances can lead to lost business opportunities.

Strategies to Tackle Legacy AR
Here are some key steps to address legacy AR effectively:

1. Regular Audits: Regularly review billing records to identify errors, discrepancies, or ignored claims that contribute to legacy AR. Focus on aging reports to prioritize older accounts.
2. Proactive Follow-Up: Following up on unpaid claims, denials, and underpayments promptly can significantly increase collection rates. Establish dedicated follow-up teams or use automated systems to streamline the process.
3. Improved Documentation: Maintaining accurate and detailed records of services rendered is essential to avoid claim rejections and ensure timely reimbursements. Documenting medical necessity properly reduces billing errors and disputes. Consider implementing electronic health record (EHR) systems to improve documentation accuracy.
4. Patient Engagement: Communicate clearly with patients about their financial obligations, including copays, deductibles, and out-of-pocket costs. Offer flexible payment plans, financial assistance programs, or incentives for timely payments to encourage faster resolution of outstanding balances.

Considering Outsourcing
If you need help managing AR, consider outsourcing to a medical billing and coding service. MedPro Services leverages expertise and data analytics to identify problem areas and improve revenue cycle management. They can also integrate with your EHR system to capture charges accurately, ensure code compliance, and handle denied claim resubmissions.