Insurance Follow-up Services - AR Management
At RevenueXL, we believe that effective Insurance Follow up and AR (Account Receivables) Management are the most important areas to ensure optimum revenue recovery, acclelerate revenues and increase cashflow. Lost revenue due to denials averages between 6% and 10% of net revenue nationwide. We have a proven track record to enhance the financial health of our clients.
Need for Insurance Follow-up
Consider the following facts:
- 14% of all claims submitted to payers are denied and have to be resubmitted, appealed or written off by Providers.
- 50% of denied claims are never re-filed.
- 90% of denials are preventable.
- 50-70% of denied claims are recoverable.
This can cost your clinic or practice thousands of dollars every year. Aside from the direct impact from the loss of revenue, there’s an additional impact on resources because of the expense associated with reprocessing denied claims.
The reasons for this state of affairs are not hard to see:
- No motivation on the part of billing staff to do adequate follow-up
- Inadequate training in follow-up procedures
- Billing staff turnover
- Lack of time for effective insurance follow-up
- Physicians do not get timely and accurate reports needed to properly monitor aging accounts.
- Expensive resources focus on high value claims alone.
Process for Insurance Follow-up
We use technology and people skills to follow up with the payers to identify, address and rectify the identified problem.
- Identify accounts that require Insurance follow-up with the Payers
- Account Receivables analysis with respect to aging and filing/appeal limits of the various payers
- Focus on those low-value, low-margin accounts that make it difficult for you to profitably recover your revenues.
- Define strategy and process to maximize recovery. This includes identification of difficult accounts and transferring ownership of those select accounts to a specialized team of experts.
- Use all suitable channels of communication for follow-up. This includes web, phone, email and fax.
Even if you and / or your current billing company have written off large amounts of Insurance AR (Account Receivable) balances as unrecoverable, contact us today to determine how RevenueXL can help you to recover lost revenues.
Benefits of Insurance Follow-up Services:
- Your revenue cycle is accelerated
- Your practice experiences improved cash flow
- Your aging Account Receivable balances go down
- You experience improved collection ratios
- You are insulated from staff turnover issues
- Your expensive and trained staff focuses on auditing and patient collections
- Your administrative costs are lowered
Contact us today to let RevenueXL submit a proposal on using our Insurance Follow-up services so that you can get money in your bank - faster.