Sagewood Medical PM has your solution!
6 Reasons Why Following Up Is Essential to Accounts Receivable:
1. In case the claim was never received.
One of the biggest delays in payment is resulted by the claim not getting filed. In simpler words, the claim was not received by the insurance firm. This normally happens after paper claims get lost or misplaced somewhere along the way before they are delivered, thus lowering your accounts receivable percentage.
To avoid such blunders, it is wise to send claims electronically if you can. In case the claim has not been followed up on quickly, it could be weeks or longer before your firm realizes that the insurance firm never received your claim.
For paper claims, let 10 business days pass prior to calling the insurance firm to confirm whether the claim was received.
2. Help in recovering overdue payments.
Sagewood Medical PM does follow ups to assist all your practice in recovering the late payments without a hassle.
When your practice has a team that can constantly involve itself in the claims follow up procedures, it becomes stress-free for the health care provider to receive payments in a timely manner.
3. Ensures financial stability of the healthcare provider.
The financial stability of every healthcare provider highly depends on maintaining a healthy cash flow. The hospitals and physicians need to maintain a secure flow of revenue to cover expenses and provide the needed patient care services effectively; Sagewood Medical PM makes sure that all this is taken care of.
4. Denied claims can be followed up.
Depending on the denial reason, you can actually send out a new claim request with all required corrections before you even receive the paper denial via mail.
By contacting the insurance firm and enquiring why they denied your claim rather than waiting for your paper denial explaining the reason through the mail, Sagewood Medical PM can make sure that all claims get corrected as fast as possible.
Resubmitting the claims up to 7 days earlier instead of waiting for the mail will undoubtedly reduce the turnaround time for your payments.
The bottom line here is, granting yourself a head start on your denied insurance claims so as to get all claim processes moving again.
5. It can reduce the time for outstanding accounts.
The main objective of every accounts receivable department is to reduce the amount of time that accounts are permitted to stay outstanding. Sagewood Medical PM tracks accounts that have not been paid yet, evaluates an appropriate action required to secure payment, and then goes ahead to implement necessary procedures for secure payment.
6. We want to recover claims that are kept pending for information.
At times, claims will be kept pending for a certain duration of time because of additional information needed for the respective member.
By executing a proper follow up, Sagewood Medical PM can notify the member regarding the situation so an appropriate action can be taken, and the entire process is sped up again.