{"id":2998,"date":"2019-08-02T09:53:37","date_gmt":"2019-08-02T09:53:37","guid":{"rendered":"http:\/\/www.ltccs.com\/?p=2998"},"modified":"2022-04-27T14:56:19","modified_gmt":"2022-04-27T14:56:19","slug":"follow-these-4-essential-tips-to-minimize-uncollectible-receivables","status":"publish","type":"post","link":"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/","title":{"rendered":"Follow these 4 Essential Tips to Minimize Uncollectible Receivables"},"content":{"rendered":"<h1><span class=\"ez-toc-section\" id=\"Follow_these_4_Essential_Tips_to_Minimize_Uncollectible_Receivables\"><\/span>Follow these 4 Essential Tips to Minimize Uncollectible Receivables<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>&nbsp;<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/#Follow_these_4_Essential_Tips_to_Minimize_Uncollectible_Receivables\" >Follow these 4 Essential Tips to Minimize Uncollectible Receivables<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/#1_%E2%80%93_Stay_on_top_of_accounts_receivable_deadlines\" >1 &#8211;&nbsp;Stay on top of accounts receivable deadlines.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/#2_%E2%80%93_Dont_let_problems_snowball\" >2 &#8211;&nbsp;Don\u2019t let problems snowball.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/#3_%E2%80%93_Look_at_the_big_picture\" >3 &#8211;&nbsp;Look at the big picture.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/#4_%E2%80%93_Take_a_proactive_predictive_approach\" >4 &#8211; Take a proactive, predictive approach.<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<p><strong>Everyday demands on busy accounts receivable departments make it all too easy for collections to fall behind. Here are some tips on minimizing uncollectible receivables:<\/strong><\/p>\n<h3><\/h3>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_%E2%80%93_Stay_on_top_of_accounts_receivable_deadlines\"><\/span>1 &#8211;&nbsp;Stay on top of accounts receivable deadlines.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Insurance companies have very strict rules on timely filing. A best practice is to check a week after submitting a claim to make sure that the claim is on file with the insurance company. After confirming that your claim is on file, make sure to check back on its status within three weeks. This will ensure that none of your claims are denied for \u201ctimely filing\u201d issues, and that you catch all denials that need to be corrected. Once a claim has been denied because a payor\u2019s deadline&nbsp;has been missed, a formerly simple recovery can become <a href=\"https:\/\/ltcally.com\/articles\/one-thing-never-faced-collections-issue\/#.XUM28m9KiUk\">much more difficult<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_%E2%80%93_Dont_let_problems_snowball\"><\/span>2 &#8211;&nbsp;Don\u2019t let problems snowball.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If claims don\u2019t get corrected and fixed as soon as you catch them, they will build up month-to-month and <a href=\"https:\/\/ltcally.com\/articles\/lost-revenue-claim-denials\/#.XUM2hG9KiUk\">your outstanding AR problem will only get worse<\/a>. You may push it off thinking, \u201cI don\u2019t have time now, I\u2019ll get to it when I can,\u201d but there will always be new work building up.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_%E2%80%93_Look_at_the_big_picture\"><\/span>3 &#8211;&nbsp;Look at the big picture.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Dealing with each crisis as it arises won\u2019t solve the problem. A detailed, overall assessment may reveal common causes or systemic issues <a href=\"https:\/\/www.medicalbillingandcodingonline.com\/insurance-providers-and-medical-billing\/\">with a specific payor<\/a>, process, communication breakdown or inefficiency. Always try to identify why your claims aren\u2019t naturally paying, and try to fix those problems globally so they don\u2019t repeat every month.<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_%E2%80%93_Take_a_proactive_predictive_approach\"><\/span>4 &#8211; Take a proactive, predictive approach.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At minimum, schedule a monthly review. Regular reporting\u2014and follow-through\u2014is essential to tracking trends over time and solving problems while they are still manageable.<\/p>\n<p>You don\u2019t have to go it alone.<\/p>\n<p><em>For a full suite of long-term care facility support services, talk to the experts at&nbsp;<a href=\"https:\/\/www.ltcally.com\/contact\/\" target=\"_blank\" rel=\"nofollow noopener\">LTC<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow these 4 Essential Tips to Minimize Uncollectible Receivables &nbsp; Everyday demands on busy accounts receivable departments make it all too easy for collections to fall behind. Here are some tips on minimizing uncollectible receivables: &nbsp; 1 &#8211;&nbsp;Stay on top of accounts receivable deadlines. Insurance companies have very strict rules on timely filing. A best <a href=\"https:\/\/ltcally.com\/articles\/follow-these-4-essential-tips-to-minimize-uncollectible-receivables\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  Follow these 4 Essential Tips to Minimize Uncollectible Receivables<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":3000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[22],"tags":[5,7],"class_list":["post-2998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-accounts-receivable","tag-collections"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Follow these 4 Essential Tips to Minimize Uncollectible Receivables | Articles | LTC Ally<\/title>\n<meta name=\"description\" content=\"Falling behind on accounts receivables means your 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