As many of us come upon the end of our fiscal year it’s a great time to refresh the resource library that our staff has access to. Updating these documents doesn’t have to be painful. Delegate to trusted team members and then meet as a team disseminate the updated information.
Accounts receivable is often one of the most important areas of revenue cycle management as it represents potential money. In fact, A/R is considered an asset for that reason. The challenging part is that if A/R is not followed-up with quickly enough it can become a liability for the organization instead. Non-federal payers typically have timely filing/appeal limits between 120 – 180 days on average. When A/R ages beyond that it largely becomes uncollectable.
Discarded drugs have had a tumultuous history in healthcare. Though there are ways to bill for discarded drugs it can be challenging to receive adequate compensation for the amount wasted and the time taken to bill for them.
This isn’t the first time we’ve discussed this and full transparency, it probably won’t be the last. Though patients have plan changes throughout the year, January 1 is always going to be a significant date to collect new insurance information because of the huge quantity of individuals whose plans expire/renew at the end of each year.
We’d love to see your smiling face in person, but we know that your banking needs happen 24 | 7 | 365. Feel free to bank from your couch, your office or a beach somewhere warm.