Reduce Your Cardiology Billing AR Days

One of the most pressing issues in healthcare is outstanding accounts receivable. In fact, healthcare providers are constantly looking for the best plausible solution to revive their AR buckets and sustain the financial stability of the practice. Cardiology practices are already struggling with increasing patient volume and workload. As providers are focused on providing a better life to their patients, handling Cardiology billing and coding is becoming a major challenge for them. The dynamism of the healthcare realm and the complex requirements of Cardiology billing and coding make it difficult for the providers to revive the AR buckets older than 30 days.

Research has found that AR over 90 days is in the average 15-20% range. If you have a greater percentage of AR than this, you must rethink your Cardiology billing strategies to enhance the performance of your practice.

Reasons behind Increased AR Days in Cardiology Billing

  • Ineffective eligibility determination
  • Insufficient documentation
  • Errors in data entry and coding
  • Delays in claim filing

As you can see, you can easily address these issues.

Strategies to Reduce AR Days in Cardiology Billing

  1. Focus on the front end: You must separate your billing procedures from Cardiology sitting as it requires specialized knowledge and understanding. When a patient is scheduled, your staff member should carry out effective eligibility verification and prior authorization processes. Data entry and management, and managing the front-end operations are crucial aspects of effective billing and coding. Maintaining them can drastically reduce errors within the process and enhance reimbursements.
  2. Upfront collection: You can also follow the policy of insisting each patient pay their co-pay before leaving the healthcare facility. This can reduce aging receivables and bad debt. Also, you can ask your in-house staff to submit a report on the co-pays collected for the services rendered. This way you can track the payment process and reduce the chances of increased AR days.
  3. Tracking and analyzing: A monthly tracking system of the key performance indicators of your practice can help you gain insights into gaps in the billing process. It will help you achieve better control over the payment process and your revenue cycle. Furthermore, you should identify the denial rates, patterns, and reasons to reduce the errors within claim submission and consequently shrink your AR buckets.
  4. AR follow-up: It is critical to follow up on submitted claims and their status regularly to get them paid and maintain the financial stability of your practice. You need a dedicated AR follow-up team who are well-versed in the nuances of following up on claims regularly until they are fully resolved.

The Challenge

Implementing these strategies seems quite simple. However, hiring and managing an in-house team is never easy. With increasing staff shortage and escalating wages, it is becoming difficult for the practices to maintain an in-house billing team. Hiring, training, and sustaining this kind of team take up a lot of your time and increase your overhead costs. On the other hand, if your staff is already serving patients and handling the administrative responsibilities, it’s a no-brainer that there will be exhaustion and staff burnout. This will result in reduced care quality and patient health outcomes, along with deteriorated financial stability of your practice. More burned-out staff means more errors in care and Cardiology billing and coding, increased AR buckets, and reduced functional and financial stability of your practice.

The Sunknowledge Solution

We have been working successfully in the healthcare billing realm for more than a decade for both payers and providers. By partnering with us you can reduce your Cardiology billing and coding errors and optimize your revenue. Our team of expert medical billers & coders has extensive and detailed knowledge of the revenue cycle management process that can enhance your practice’s performance. With 100% HIPAA compliance, our team of dedicated employees can reduce your overhead expenses by 80% almost immediately. Also, we have a defined strategy for AR follow-up and denial management, which can effectively reduce your AR buckets within days. In the medical billing realm, we have successfully worked on AR buckets older than 90 days and provided solutions to some of the biggest providers within the country. You can join us on a non-commitment call to understand our tailored RCM services that can drive your growth in the long run.