Accounts receivable aging is a problem for any substance abuse treatment center. It’s clear that the longer bills are not paid, the more complex the problem gets. That’s why it is so important to have a proper billing and claims management process in place. This can significantly reduce the risk that your organization suffers financially from nonpayment. Aged receivables support is one of the tools we offer at CodeMax Medical Billing to help reduce some of those risks.
What Are Aged Receivables Costing You?
Aged receivables are those medical bills that have yet to be paid and are getting older. Our goal is to help determine how long it is taking for payment to be made in accounts receivable aging. Some of the key answers organizations need include:
- How long is it taking for your invoices to be paid?
- What percentage of accounts are currently late?
- How much money is owed?
- What percentage of your invoiced medical bills are late?
- What can be done about outstanding invoices?
By working with our team at CodeMax Medical Billing, we can create reports that shed light specifically on these areas, allowing you to understand better where your current accounts receivable standard. This is something that changes often. Keeping an eye on this can help to ensure your receivables do not get behind.
An Aged Receivables Report Offers Insight
If you are utilizing an internal medical billing system, you may not be getting a full picture of what is owed. You may have payments coming in, but there may still be older debts owed to your organization that is never collected. With an aged receivables report, we can clearly indicate where you stand and, after looking at costs over the long term, if things are improving or worsening.
Why Accounts Receivable Aging Is So Valuable
There are many reasons accounts are not paid. Sometimes there are problems with medical billing procedures. Other times, codes are wrong, leading insurance companies to deny payments. Other times, patients need help getting caught up on the debts they have. It is possible to get those payments back on track with proper updating and tracking in all of these situations. In addition to this, we’ll work closely with you to ensure you know which accounts are in good standing and which may need additional support.
How Our Company Can Enhance Your Outcome
At CodeMax Medical Billing, we offer a wide range of resources to support your organization’s medical billing. That includes aged receivables reports. It also includes better overall billing and claims management. Some of the services we offer greatly enhance the outcome your company has with managing accounts receivable. When using our services, we can help with:
- Reducing operational costs. By shifting your internal medical billing costs, you’ll save money and get enhanced services from our company.
- Improved quality of care. It’s possible to improve overall patient outcomes in your location when you can provide them with additional recovery time and support.
- Fast VOB. This is at the heart of success for many drug and alcohol treatment centers and mental health programs. You don’t have to make your patients wait to get the support they need.
- Accurate coding solves problems and reducing costly mistakes. It can help ensure your organization is billing properly to reduce the number of questions and concerns from insurance companies – as well as denials.
Allow Us to Help You at CodeMax Medical Billing
Managing your accounts receivable doesn’t have to be such a challenge. With the help of our dedicated team of professionals and superior service, we can provide more peace of mind for your practice. In addition, CodeMax Medical Billing offers a wide range of resources to support your best outcome. Learn more when you call 866.471.3267 or connect with us online now.