Top Strategies to Tackle Medical Accounts Receivable Issues

Accounts Receivables (AR) management is the essential chore that has a significant impact on a medical practice’s profitability. About 30 percent of claims are not paid on the first submission, for various reasons. Shockingly, more than half of these denied/rejected claims are not resubmitted, leading to substantial losses for the providers.

So what is AR management? It involves dealing with receivables from both patients (deductibles, copays, and direct payments) and payors – Medicare, Medicaid, Private Insurance, and Workers’ Compensation Boards. In either case, sound knowledge of the rules and close attention to billing, claim submission, and follow up regarding collection is required.

Let’s have a look at the commonly recurring AR issues and strategies to tackle them.