Ageing Report Analysis
Weekly Analysis Service
At Way2Cloud Health, we believe that knowledge is power. Our Weekly Analysis empowers you with valuable information to make data-driven decisions that positively impact your healthcare facility's financial success.
Empowering Your Financial Team:
Enhancing Revenue with Aging Report Analysis.
Timely Resolution :
By proactively pulling the ageing report and evaluating pending claims, we ensure timely action is taken to address any delays, reducing the time it takes to receive payments.
Maximizing Revenue :
Our meticulous evaluation and communication with insurance companies help us identify and resolve claim denials or underpayments, leading to increased revenue collection.
Improved Cash Flow :
By expediting the claim resolution process, we optimize cash flow, allowing your healthcare facility to better manage expenses and investments.
Enhanced Financial Visibility :
Our thorough analysis and categorization of pending claims provide clear insights into revenue cycle performance, helping you make data-driven financial decisions.
Minimized Revenue Leakage :
Our proactive approach reduces the risk of revenue leakage due to unresolved claims, ensuring you receive rightful reimbursements for services rendered.
Improved Patient Satisfaction :
Accurate billing verification and timely insurance processing, leading to higher patient satisfaction and trust in your healthcare services.
Our Simplified Process
- Pulling the Ageing Report:
At the beginning of each week, our revenue cycle management team pulls the ageing report from the system. The report includes details of all insurance claims that have been pending for over 90 days. - Evaluating Pending Claims:
We thoroughly evaluate each claim on the ageing report to understand why it is still pending. This involves reviewing the claim details, including patient information, service dates, billed amounts, and reasons for the delay. - Checking ERA/EOB:
For each pending claim, we check the ERA (Electronic Remittance Advice) or EOB (Explanation of Benefits) received from the insurance company. This helps identify any claim denials, underpayments, or issues that need to be addressed. - Contacting the Insurance Company:
If the reason for the delay or denial is not clear from the ERA/EOB, we reach out to the insurance company for clarification. This communication helps us understand what action, if any, is required from our healthcare facility to resolve the claim. - Compiling the Action List:
Based on the analysis of pending claims and communication with the insurance company, we compile a complete list of outstanding claims. Each claim is categorized based on the action needed to resolve it, such as resubmission, appeal, or additional documentation required. - Sharing the List with the Biller:
Once the action list is prepared, we share it with the Biller responsible for handling insurance claims and revenue collections. The list includes comments from the insurance company, specifying the necessary actions to be taken to resolve each claim. - Taking Necessary Actions:
We reviews the action list and begins the necessary steps to address each pending claim. This may involve preparing and submitting claim appeals, or providing additional documentation to resolve any outstanding issues. - Tracking Progress:
Our revenue cycle management team tracks the progress of claim resolution regularly. We ensure that the Biller is actively working on the outstanding claims and that there is a proactive approach to resolving delayed payments. - Revenue Collection:
As the Biller successfully resolves each pending claim, we can collect the money owed from the respective insurance companies. This helps optimize revenue and improve the financial health of our organization.
