OLD AR AGED AR
Worried about Old AR? Outsource it to us and sit back and relax while we work it down. A lot of medical billing companies would focus only on projects that shore up the bottom line but shy away from taking up projects with a lot of old AR. At QWay, we have proven techniques and processes to exclusively manage Old AR.
Cleaning up Old AR and managing denials requires prudent and calculated efforts from a medical billing company.
We recover old AR & manage them
Being aware of the TFL:
We are a medical billing company that proactively works towards avoiding AR pile up. The Timely Filing Limit which is considered as one of the main reasons for AR pile -up varies from one payer to another. We learn the pre-determined TFL of the payer and submit claims accordingly.
Timely filing of Appeal:
A denied claim needs to be carefully assessed by the account receivables professional. It is important to file an appeal within 7 days of receipt of denial notice from the payer. We watch it on time when it comes to re-filing of appeals, in order to crunch down on ageing AR.
ATB, AR Report and EDI:
Using an EDI report allows us to easily track the change in the status of the reports. The ATB (Aged Trial Balance) report throws a lot of light on the outstanding amount due and the AR Report enables the accounts receivable professional to contain the DRO (Days in Receivables Outstanding) within the 60 and 90 days.
FREQUENTLY ASKED QUESTIONS
1. How is the aging of Account Receivables calculated?
The aging of the Accounts Receivables can be easily calculated through the tabulated Aged Receivables report. The age depends on the time of the outstanding invoice which has not been cleared by the client in question.
2. Why is the aged AR clearing important?
Aged AR is the main reason for the disruption in the revenue cycle of the healthcare company. Thousands of dollars remain stuck in these areas, which adversely affects the financial health of the company.
3. How are the Aged ARs divided in different segments?
The aged ARs are divided according to the number of outstanding days. They are usually in segments of 0 to 30 days, 30 to 60 days, 60 to 90 days and beyond 90 days. It is advisable to contain the number of days within the 60 to 90 time frame.
4. How is QWay different when it comes to handling of Old AR/Aged AR?
Handling of aged AR is a very complicated process that needs competent and experienced professionals. QWay has a team of experts who have specialized in this field. They will make sure that your appeals are filed on time according to the requirements of the insurance panels, so that your AR does not pile up.