Accounts Receivable Management 101
With the revenue cycle industry evolving every day, RCM practitioners and decision-makers need to stay updated on the trends. Trust Revel, a Revenue Cycle Industry Newsletter from Medical Billing Wholesalers, to bring you updates on issues impacting the revenue cycle business.
Overcoming Common issues in Accounts Receivable Management
Most Central Billing Offices (CBOs) and outsourced billing companies rely on dedicated accounts receivable calling to overcome their receivables' challenges. Running an AR calling team requires a firm grip on the receivables patterns and dynamic processes to follow-up and close underlying issues. In this article, we list some of the critical operational issues and solutions to overcome them.
Improving Days In A/R – A Best Practices Guide To Improve Your Revenue Cycle
The days in accounts receivable (A/R) is a critical performance indicator that measures the average time taken for a claim to be paid based on average daily charge volume. While the measure may vary for different types of care and medical specialties, the Medical Group Management Association (MGMA) provides a benchmark of fewer than 40 days. Improving days in A/R to MGMA benchmark requires a comprehensive relook at the entire revenue cycle and concerted efforts to improve. In this article, Medical Billing Wholesalers brings you insights into reducing the number of days in AR.
Correct Coding And Re-Submission Of Pain Management Claims Help Recover $300K Of A/R Backlog
Standardized billing and coding practices for Spinal Cord Stimulator (SCS) Procedure using Code 63650 reduced medical necessity denials and collected 281 claims valued at over $ 300K in 2 years. The Customer saw over 36% improvement in Collections, a 75% reduction in old AR over 61 days, and a reduction of denied SCS claims from 68 to 8 in seven(7) months. Read more about the dynamic approach used in this case study.
About Medical Billing Wholesalers
Medical Billing Wholesalers (MBW) provides business process outsourcing, revenue cycle KPI measurement, and robotic process automation tools. The company operates from 5 delivery centers in Chennai and Bangalore and has sales offices in New York, Dallas, Fort Lauderdale, Las Vegas, and Nashville. Through our clients, we support over 2,000 physicians across over 20 medical specialties and uses over 15 EMR/practice management systems today. The company applies proprietary workflow tools, and robotic process automation capabilities to help clients do more with the revenue cycle.
