Find Hidden Money and Reduce Your AR with Maxwell Healthcare Associates (MHA)
Author: Vivek Mathew Posted: January 19, 2021
Who doesn’t like finding money in their pocket? The thrill of finding a $20 in that jacket you wore last year can feel like hitting the jackpot. But imagine finding “hidden money” within your agency. That is where Maxwell Healthcare Associate’s AR specialists come into play! Our group of AR specialists receive assignments to infiltrate your agency’s AR to find your “hidden money”. Walk with one of our top consultants, Peggy Porter-McGee, as she discusses how this is accomplished.
Hidden money
What is “hidden money”? Hidden money can include money that is unbilled, tied up with old claims, misapplied, billed to the wrong payor or with wrong claim data elements. MHA will sift through the aging reports and identify amounts that should be reduced for contractual adjustment and those that need to be written off.
How MHA can help with AR reduction
MHA looks at the claims that are over 60 days old to figure out why no payment was received and then proceed to re-bill or find the payment/adjustment and post it to the claim. We educate and work with the billing staff on any changes needed to the claim settings so that the claim is acceptable by the payor and/or clearinghouse.
Through the 40+ years of experience that our team has, they know what a good claim looks like and know what most insurance companies need to process and pay said claims. MHA is equipped with the right questions to ask when on phone inquiries with insurance companies to get to the right specialist or maneuver through the insurance jargon to get to the real issues.
AR reduction is a multiple level scope of the business and with our familiarity of accounting cycles – GAAP, month-end close processes and the accounting language, we can interpret for clinician to accountant and vice versa.
MHA’s expertise in AR and revenue cycle management
MHA reviews and educates on reports either at the federal or state level and at a statistical or daily status. MHA knows Medicare and Medicaid billing and payment practices for all the MAC’s (Medicare Administrative Contractors). MHA keeps up with the regulations, not just billing but those that impact billing (which is everything else), and helps agencies stay within compliance.
Depending on the needs of the agency, MHA can serve as billers/collections, AR reduction specialists, RCM assessment/analysis, operations/implementations/upgrading existing software with newly released enhancements and efficiencies.
We tie in this education and hands-on experience to launch ourselves into training employees in functionality of software from beginner to super user level. MHA stays invested with our agencies and because of our team’s intimate knowledge of the industry and our partners’ unique policies and strategies – we can jump back in months later to assist with reviewing and fine-tuning their processes.
Do you qualify for RCM/AR reduction services?
How do I know if we need RCM/AR Reduction services?
Agencies that meet any of the following criteria:
- Agencies that are in a growth pattern
- Agencies that have lost members of the billing staff
- Agencies with new billing staff
- Agencies with greater than 15% aging over 90 days
- Agencies with greater than 25% unbilled
- Agencies that have acquired other agencies
- Agencies that are preparing for sale
- Agencies that have started new service lines
With our expertise and level of knowledge, MHA is ready to assist your agency with AR reduction services. Contact us today to learn how we can be of assistance.