Improve your Accounts Receivable

Aging Accounts Receivables create increased overhead and inefficiencies throughout the revenue cycle. With each passing day a claim is not reimbursed, the likelihood of that particular claim becoming a paid claim decreases while the cost to collect that claim increases. The time necessary to collect medical claims owed by insurance companies is often used as a benchmark in determining the efficiency of medical practices.

 

The national average:

  • 78% of insurance claims reimbursed within 120 days
  • Majority of insurance reimbursements collected within 55 days
  • Insurance claim rejection rate of approximately 10%

 

The high-performance benchmarks for practices are as follows:

  • 88% of insurance claims reimbursed within 120 days
  • Majority of insurance reimbursements collected with 45 days
  • Insurance claim rejection rate of approximately 5%

 

MBS's commitment to excellence and systematic approach benchmarks the highest A/R performance standards for our clients' insurance collections.*

  • 92% of insurance claims reimbursed within 120 days
  • Majority of insurance reimbursements collected within 40 days
  • Insurance claim rejection rate at approximately 3%

 

Aging A/R is created by front office, coding, technology, or payer issues that must be resolved through consistent follow-up. Our systematic approach to collecting account receivable will typically provide your practice with…*

  • Electronic Claims Release with 48 hours of approved submission
  • Follow-up on Surgical Claims within 15 days of receipts by insurance companies
  • Follow-up on all insurance claims within a 30-day cycle
  • Analysis of E.O.B. line items for proper reimbursement
  • Oversight of patient collections

 

These solutions allow MBS clients to recover lost reimbursements from insurance claims that have been mishandled and/or placed on the “back burner.” Our professional staff is able to generate the following benefits for our clients' practices*:

  • Shortened revenue cycle
  • Improved cash flow
  • Lower claim rejections
  • Reduction in aging A/R
  • Decrease costs associated with claim rework

 

*All MBS goals and benchmarks utilized on this webpage are generalized and are not meant to create a promise or other obligation to achieve such goals and benchmarks for any individual client. In coordination with clients, MBS will set individualized goals and benchmarks based upon the client's practice model and other variants. Please keep in mind these numbers are impacted by the payer mix and specialty of a particular practice. The numbers are meant as examples of MBS's interval benchmarking and not a guarantee of performance. Additionally, it may be completely inappropriate for comparison purposes to your particular practice.

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