Aging A/R Collections
Aging Accounts Receivables create increased overhead and inefficiencies throughout the revenue cycle. With each passing day a claim is not reimbursed, the likelihood of that particular claim becoming paid decreases. The time necessary to collect on medical claims is often used as a benchmark in determining the efficiency of medical practices.
The national averages of these benchmarks include:
- 78 to 80% of claims reimbursed within 120 days
- The majority of reimbursements will be collected within 50 to 55 days
- Claim rejection rate of approximately 10%
The high-performance benchmarks for practices are as follows:
- 88 to 90% of claims reimbursed within 120 days
- The majority of reimbursements will be collected within 35 to 40 days
- Claim rejection rate of approximately 5%
MedMD uses a systematic approach in determining the overall efficiency for our clients. Our reports ensure that our clients achieve and maintain the performance benchmarks mandated by our commitment to excellence.
- 90 to 95% of claims reimbursed within 120 days
- The majority of reimbursements will be collected within 15 to 30 days
- Claim rejection rate of approximately 3%
MedMD systematically works these claims to reduce the overall negative impact upon your A/R. In short, aging A/R is created by front office, coding, technology, or payor issues that must be resolved through consistent follow-up. Our A/R management solutions will typically provide your practice with…
- Electronic Claims Release within 48 Hours of Submission
- Follow Up on Surgical Claim within 10 to 15 Days of Release
- Follow Up on All Claims within a 30 Day Cycle
- Analyze E.O.B. Line Items for Proper Reimbursement
- Insurance Follow-up and Appeals
- Oversee Patient Collections
These solutions allow MedMD clients to recover lost reimbursements from claims that have been mishandled and/or placed on the “back burner”. Our professional staff is able to generate the following benefits for our clients' practices:
- Shortened Revenue Cycle
- Improved Cash Flow
- Lower Claim Rejections
- Reduction in Aging A/R
- Decrease Costs Associated with Claim Rework
* Average numbers reflect Workman's Compensation claims and specialty / surgical claims |
