How Can Physicians Control their Overdue AR?

Posted by mgsionline on October 4th, 2012

In this competitive world, it is quite hard for independently practicing physicians to take care of their medical billing and claims processing all by themselves. Some physicians try their best to carry out the medical billing process autonomously however, only a few succeed. The reason is that medical billing and collections process is complicated and involves a lot of challenges. One key challenge is handling the overdue accounts receivables. In order to eliminate or minimize the outstanding AR and collect as much money as possible in the shortest possible time, independently practicing physicians have to take complete advantage of medical billing solutions offered by any hi-tech medical billing company. This is typically how a medical billing company will carry out the process,

Accessing AR: The outstanding claims have to be accessed and reviewed for further processing. For this, the physician must transmit the aging AR report to the medical billing company via EMR or FTP.

Generating Aging Report: The claims retrieved from the previous stage are sorted according to their age in different buckets. Consequently, an aging report is generated, which is then sent for analysis.

Analyzing the Claims: In this process, skilled professionals of the medical billing and collections unit will analyze and identify claims that can be adjusted off as per the adjustment policy of the physician while the remaining passes on to the next level.  

Finding Solution: Based on the issue pertaining to each overdue claim, the team will come up with a perfect solution. For instance, certain claims may be frequently denied and rejected, some may be underpaid by its carrier, or marked as uncollectible. While finding a solution, the team will also check for various aspects, including filing/appeal limits of the major carrier and claims submission address. Thus, an in-depth analysis, verification, and validation functions are carried out to arrive at the right solution and improve collection.

Submission: Finally, the expert team will send the overdue claims to their respective carriers for medical claims billing and reimbursement. Once it is done, the payment details will be posted to the outstanding claims and patient bills will be generated for a second follow-up.

About MGSI:

Choosing the right medical billing company is as important as planning to outsource the medical billing and collections process. In this scenario, the physician can look no further than MGSI, LLC. Based in Florida.  MGSI, a company with 20 years of service is one such company that renders high-quality medical billing and collections services to its clients.