Monthly aging reports can show you how your practice is performing on important revenue cycle metrics, whether claims are being paid in a timely fashion and how well insurance carriers are paying you for key procedures, among other things. Cleaning the aging report helps you maintain a healthy and continuous cash flow in the practice. It helps in eliminating receivables problems early on and reduces the risks of bad debts.
Managing Your Aging Reports
1-30 Days Past Due
When an outstanding payment falls into this category, a reminder should have already been sent to the patient before the invoice was due, followed by another reminder a few days after the due date had passed by. At this point, your dedicated biller can start making phone calls to follow up on where these payments are and when your office can expect them.
30 Days Past Due
Unless the patient has already made a prior payment arrangement, invoices that fall into these group will be placed on a weekly call list. If the patient is still receiving services while having outstanding payments, we do encourage practices to consider putting their accounts on hold until they’re addressed the situation in some way – otherwise, you run the risk of having a much larger outstanding amount once more time has gone by!
60 Days Past Due
Once a patient has an invoice that’s older than 60 days old, their account should be firmly on hold – the only exception is if they’ve already arranged a payment schedule and are adhering to it. Our team will continue to follow up with these patients at regular intervals and can assist practices with taking legal action if there is no further effort to make good on delinquent balances.
90 Days Past Due
Once any bills are older than 90 days past due, it may seem like a foregone conclusion that you won’t be getting paid for them – but that doesn’t mean our biller will stop trying! We will do everything in our power to keep these overdue accounts to an absolute minimum, following up regularly with patients and working with them (based on your guidance) to help make an incoming payment feasible.
One of the biggest keys to getting paid faster is to be proactive! We’ll be happy to set up automatic payment reminders through your software so that patients know when their payments are due. If their outstanding balance is not taken care of by the due date, further reminders will be sent to keep the missing payment at the front of their minds – our team will be sure to stay on top of it.