Ageing Accounts Receivables Report
A very large billing company based in Texas.
To analyze and improve the Collection, since the team was unable to meet the set target.
Our BPI team conducted a project improvement exercise and did the following:
- Collected all the relevant reports on ageing AR claims, both bucket-wise and insurance-wise
- Emphasis was on claims with more than 90 days in ageing since these would normally be written-off first
- Analyze the pending reasons of the over 90 days and to provide a solution matrix
- Similarly, for other AR buckets to provide a solution matrix and control points to fix the issues on a permanent basis
Our BPI team took the following initiatives to improve collections and get agents to meet their set targets:
- Post studying 90-days pending claims through root cause analysis, they found various leavers that could have been rectified at the earlier stages of the claim processing.
- The agents were trained to identify such levers and to analyze the claim in-depth to ensure closure within 2 or 3 follow-ups.
- Client pending issues were consolidated and categorized based high dollar value and these were highlighted for immediate attention to the client-resulting in a permanent fix and preventing recurrence.
- To directly reduce claims in the bucket and improve collections our BPI experts also suggested that the agents close pending claims for in-house coding support.
- The operations team implemented the above improvement plan provided by BPI, which resulted in significantly improved collections.
As a result, the client achieved the following benefits:
- Improved revenue
- Decreased ageing claims
- Timely collections
- A robust preventive solution