Today, many physicians find their medical practice or facilities generating expected growth in monthly charges but are not realizing the same growth in their reoccurring cash flow.
Unless consistent active accounts receivable follow up on the current billings is initiated, it is common to find a provider with excessive amounts in Accounts Receivable that are greater than 180 days outstanding. Hence, Providers or medical practices lose revenue each year, all thanks to poor or no follow-up with the various insurance companies.
Usually the volume of outstanding claims and the time it takes to\ research, correct, appeal, and/or re-file the claims will take much longer than anticipated. A limited number of staff devoted to this task will not be able to accomplish the goal, which is: "to substantially reduce/eliminate the outstanding A/R and collect as much money as possible in a shortest period of time".
Revenue Cycle Management and Profit margins is the lifeline of medical practice. The health and success of your Medical practice is proportionate to the efficiency of your revenue cycle Management
The A/R Management service provided by MediTrust overcomes the problems that traditionally hinder collection efforts by the individual providers. MediTrust offers you skilled resources that specialize in accounts receivable management. Extensive knowledge and experience of medical billing across multiple specialties, various insurances and various denials makes us a predominant driver of your timely cash flow.
Our team performs their work in three phases:
Phase I - Initial evaluation of Accounts Receivable Follow up
This phase involves identification and analysis of the claims listed on the A/R Aging Report. The team will review the provider's adjustment policy from which we will identify which claims need to be adjusted off. Additional claims may be identified once the analysis of timely filing limits is conducted.
Phase || - Analysis and prioritizing Accounts Receivable Follow up
Experienced A/R analysts initiate this phase by identifying the various issues for claims that are marked as uncollectible or for claims where the carrier has not paid according to its contracted rate with providers.
The filing/appeal limits of the major carriers will be checked and also the "claims submission address" will be checked for the claims to reach the correct processing unit. The team also confirms that "clean claims" will be reimbursed as per the contracted fee schedule
Phase || I - Collecting the maximum of Accounts Receivable Follow up
Based on the analysis and our team's findings, the claims that are identified to be within the filing limit of the carrier are re-filed after verifying all the necessary billing information is correct such as claims processing address and other medical billing rules.
Claims that have exceeded the filing limit of the carrier as well as the claims that appear to be underpaid by the carrier are appealed with the necessary supporting documents. Appeal procedures vary widely depending on the plan, carrier and state. These procedures are collected and applied on claims that are being appealed.
We will transmit the claims electronically directly to the carriers wherever possible and for the other carriers, claims are forwarded through clearing houses and aggressively followed up with the carrier for confirmation. After completing all the above and posting payment detail to the outstanding claims, patient bills are generated as per the client guidelines and then followed up with the patients for payments.
Why Meditrust for A/R Management?
Because Meditrust is already in the field of providing medical billing services, our knowledge of medical billing rules and processes greatly enhances our ability to also conduct successful Account Receivable Program.
Meditrust can enhance the provider's revenue and sequentially increase the organization's bottom line through better AR management by reducing turnaround days, claims submission, improving collection ratio and increase the probability of payment through timely follow-up.
Our system allows us to track and enforce insurance contracts, manage patient collections, and use advanced accounts receivable reporting to pinpoint revenue bottlenecks.
Due to the increase in high deductible and high coinsurance policies, it is now more important than ever to effectively manage your patient collections process.
Our system will allow you to improve patient collections at the time of visit.
Ensure average AR realization within 45days.
Improve Cash Flow and get paid faster.
Reduce claims aging over 90 days to < 10% of Total AR.
Significant improvement in collections.
Educate clients' to reduce future denials.
Maximize reimbursement of each claims.
Minimize the bad debt write-offs (if any).
Analysis of Fee Schedules to ensure correct payment.
Aggressive Follow up of each claim within 30 days of submission.