With the increase in demand for substance abuse and behavioral health services, we are seeing an increase in denied claims, frozen claim payments, and delayed overall reimbursement. Often, there are simple remedies for delayed aging. Other times, it requires ongoing persistence to pursue and receive delayed claims. RevWerx is well equipped to identify what the barrier is and pursue the claims to closing. Consider us to be your billing department, not your billing company.
Aging Collections Defined
Aging collections are patient bills that have gone unpaid, usually by more than thirty days. Outstanding customer invoices and credit memos are categorized by date ranges to determine how long a bill has been overdue. Healthcare companies apply aging to understand the effectiveness of its credit and collections functions and to estimate potential bad debts.
The bottom line is that aging collections hold up the entire healthcare RCM billing process. Proactive strategies can help providers with complex claims, unpaid bills, and practice profitability. Our RevWerx team can reinvent your billing approach by:
- Improving communication between the patient and payer communication
- Enhancing engagement between all parties involved
- Increasing system integration
Aging Collections Management Process
Typically, our RevWerx team starts this process with an in-depth review of all aging claims. We do this by auditing all insurance correspondence and reconciling billed and captured claims. We also audit the corresponding documentation and records requests from payors. Regardless of the issues, we will pursue the claims to the end. That means that RevWerx will stay on the case until all appeals are denied, or claims are paid and closed.
Tips to Receive Aging Collections Payments
The RevWerx team is composed of experts in the aging collections management field. We have a wide range of methods to improve the aging collections process, and some of our tips include:
- Be proactive in invoicing and collections. – One of the important steps to ensuring on-time payment is making sure all parties are on the same page regarding payment deadlines, amounts owed, and payment methods.
- Move quickly on past-due receivables. – Studies show that the longer receivables go uncollected, the less likely they are to ever be collected, either partially or in full. For that reason, your organization will have the best chance of collecting if you are aware of any past due receivables and can act quickly.
- Diversify your patient base. – Focus on acquiring additional smaller clients and ensuring they pay on time, so you ensure healthy cash flow while you wait for the longer-term payments.
- Consider offering an early payment discount. – When patients have an incentive to pay their bills early, there will be fewer delinquent bills, especially aging collections.
These tips are part of the comprehensive training that your team will receive as part of your collaboration with RevWerx. We not only perform outstanding aging collections management, but we will also teach your team how they can sustain the changes to systems and workflows. That’s one of the many reasons why RevWerx is unlike any other resource in the healthcare industry. We want to give your team the aging collections tools that they need and make ourselves irrelevant in the process.
Allow Our Team to Help Manage Your Aging Collections
If you are a substance abuse treatment center or mental health treatment facility, your focus is on your patients. Your day-to-day priority is the health and well-being of the people in your care, not tracking down delinquent payments or dealing with insurance companies. Our RevWerx team can handle your aging collections management, insurance reimbursement, and insurance claim management. Reach out to our team today by calling 833.309.0138 or completing our secure online form to learn more about our aging collections management services.