Why is it important for billing specialists to track outstanding claims monthly?

Tracking outstanding claims on a monthly basis is crucial for billing specialists to ensure timely payment. This practice allows specialists to monitor accounts receivable proactively, identifying claims that are pending or delayed. By regularly reviewing these outstanding claims, billing specialists can follow up with insurance companies or patients regarding any issues affecting payment. This not only helps to maintain cash flow for the practice but also assists in addressing any potential billing discrepancies swiftly, which could otherwise lead to further delays.

Additionally, timely tracking can help identify patterns or problems with specific payers, enabling the practice to take necessary actions to rectify issues and improve overall efficiency. By ensuring that payments are received on time, billing specialists contribute to the financial stability of the healthcare practice.