One of the easiest methods for analyzing the state of a company's accounts receivable is to print an accounts receivable aging report, which is a standard report in any accounting software package. This report divides the age of the accounts receivable into various buckets, which you can sometimes alter within the accounting software to match your billing terms. The most common time buckets are from 0-30 days old, 31-60 days old, 61-90 days old and older than 90 days. Any invoices falling into the time buckets representing periods greater than 120 days are cause for an increasing sense of alarm, especially if they drop into the oldest time bucket.
There are several issues to be aware of when you analyze based on an aging report, example…
*Acceptable performance indicator for greater than 120 day’s claims is between 15 to 18 %
Other Types of Analysis
Upscale Healthcare Billing Solutions(USHCBS) highly-trained accounts receivable follow-up team conducts extensive analysis of outstanding accounts receivables to strategize the right approach for insurance and patient follow-up, an approach most in-house billing departments miss.
These teams proactively follow up with insurance companies on claims open over 30 days to collect payment and improve cash flow. The result is more open claims and denials are paid in a timely manner.
In particular, USHCBS offers the following:
Upscale Healthcare Billing Solutions(USHCBS) is one of the very few end to end health care business process outsourcing companies that offers from Medical Coding to Accounts Receivable follow up and Denials Management. You be rest assured knowing that the services are rendered by experienced professionals in our respective field.READ MORE
We look for opportunities in all areas of our business to provide superior service, more extensive knowledge and performance above industry standards. Going above and beyond client expectations of a medical billing company is what Upscale Healthcare Billing Solutions strives for daily.READ MORE