{"id":1380,"date":"2012-01-17T17:00:10","date_gmt":"2012-01-17T22:00:10","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=1380"},"modified":"2012-01-17T17:00:10","modified_gmt":"2012-01-17T22:00:10","slug":"accounts-receivable-best-practices-daily-aging-of-receivables","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/accounts-receivable-best-practices-daily-aging-of-receivables\/","title":{"rendered":"Accounts Receivable Best Practices: Daily Aging of Receivables"},"content":{"rendered":"

Traditionally, receivables are tracked based on 30-day increments \u2013 different actions are scheduled depending on whether a receivable is 30 days old, 60 days old, 90 days old, etc.<\/p>\n

But each payer a medical practice deals with operates on its own schedule<\/a>. Only a software system that enables the daily aging of your receivables can allow you to take action with each payer at the right time.<\/p>\n

<\/p>\n

Power Your Practice<\/em> understands the financial challenges medical practices are facing and is here to help. Every week during our A\/R Best Practices series<\/a>, we\u2019re describing the must-have features managers need to look for in practice management systems to manage and collect all of their receivables.<\/p>\n

Payer Schedules Vary \u2013 Take Action at the Right Time<\/strong><\/p>\n

Two receivables that are 30 days old could require completely different actions if they\u2019re from different payers. Therefore, the 30\/60\/90 model is no longer applicable<\/strong>.<\/p>\n

For example, a practice may typically receive payments from Medicare in 14 days<\/a>, whereas they must wait 40 days for a regional payer to pay. If the practice follows up on unpaid claims after 30 days, the action is way too late regarding the Medicare claim, but way too early for the regional payer claim.<\/p>\n

A practice\u2019s best bet is to act on claims based on each payer\u2019s individual schedule<\/strong>. That can\u2019t be accomplished with a manual process, so it\u2019s important to use a system that allows for daily aging of receivables.<\/p>\n

Those systems can automate collection incidents<\/strong> \u2013 for example, generating a letter, resubmitting a claim, or creating a collection incident and sending it to the collector\u2019s queue \u2013 on outstanding claims to make sure the practice is taking the right action at the right time<\/a>.<\/p>\n

That gives practices several tangible benefits:<\/p>\n

1. Faster collections <\/strong>\u2013 Practices improve their days’ sales outstanding (DSO) figures because they can ask for payments as soon as they\u2019re considered late. And the sooner the practice follows up on late payments, the lower the likelihood that the claim will become lost or ignored.<\/p>\n

2. Improved staff productivity <\/strong>\u2013 A\/R staff members are automatically notified when collection incidents are needed so they don\u2019t need to spend time manually tracking claims.<\/p>\n

3. Less money left on the table <\/strong>\u2013 Automatically tracking outstanding claims ensures that no lost or ignored claims slip through the cracks and that the appropriate action is taken for all of them.<\/p>\n

How does your system monitor receivables?<\/strong><\/p>\n

Next week, we\u2019ll discuss the importance of using practice management software that automates your workflow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Traditionally, receivables are tracked based on 30-day increments \u2013 different actions are scheduled depending on whether a receivable is 30 days old, 60 days old, 90 days old, etc. But each payer a medical practice deals with operates on its own schedule. Only a software system that enables the daily aging of your receivables can […]<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[47],"class_list":["post-1380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-ar-best-practices"],"yoast_head":"\nAccounts Receivable: Daily Aging of Receivables - Continuum<\/title>\n<meta name=\"description\" content=\"Every week during the accounts receivable best practices series, we\u2019re describing must-have features managers need to look for in practice management systems.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carecloud.com\/continuum\/accounts-receivable-best-practices-daily-aging-of-receivables\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accounts Receivable: Daily Aging of Receivables - 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