Accounts Receivable (AR) forms the core of invoicing and payment organization. Creating a highly efficient collection system and processes help the organizations in the healthcare industry to provide high quality patient services at optimal costs.
Accounts Receivable refers to the money that is due for the medical providers receival for the services that they have provided to the patients. Invoices generated in the medical billing process are sent to the payers, either the insurance companies or the patients for payment.Accounts Receivable Management Services refers not only to the mere collection of payments but also managing the sub processes and challenges in collecting. Follow-up, denial management which includes finding unpaid or denied claims, sorting and clearing the issues in their denials, correcting the claims accordingly and resubmitting them are all a part of Accounts Receivables Processing.
Timely collection the payments for the invoices generated by the organization is very crucial for any health care organization to sustain and provide services in the industry. Cash flow and credit ratings are very crucial. It helps in maintaining the financial security of the organization.
Increasing accounts receivable means the cash flow in the organization in reduced. Hence it becomes highly difficult to run the operations for the health care provider. Without a steady cash flow, providing patient services will take a hit. A poorly managed accounts receivable services could risk patient security. Finance is the backbone of any business to thrive an sustain. It is imperative that the finances are accurately reported.
Accurate and prompt tracking of payments and reporting is crucial to ensure the company doesn't miss out on payment collection.
With a huge responsibility to deliver high quality patient care and services, it would be ideal to outsource account receivable services to ensure uninterrupted focus on medical services. Also, it saves a lot of time and resources. Outsourcing provides the benefit of professional expert services at an affordable cost.
Effective denial management is very important for AR.
At BIS, our outsourcing accounts receivable services help achieve a good financial security.
The role of an AR specialist plays a significant role in the accounts receivable services process. our team of AR specialists with timely follow-up with insurance companies and patients, reduce AR days significantly. This improves the overall cash flow and the financial position of the organization.
Our scope in accounts receivable management does not stop with obtaining the status of claims. We do a thorough clearance by refiling and submission of denied claims and ensuring payment is received. Claims not being submitted on time is the biggest reason for the payments to be delayed. Through our stringent processes and follow-up, we ensure that no claims go missing.
Our internal quality team with their regular audits of data will help in identifying various issues in the overall accounts receivable process. It will aid in identifying frequent errors, arresting them and improving the processes so that these errors do occur again. Outstanding payment reports, Aging AR reports, from analytics help us understand the actual status of income and expenditure. Out monitoring of aging AR buckets also helps in reducing the AR cycle time and improving the cash flow. Our analysis and evaluation of AR aging reports help us identify claims that are long pending due to various reasons like information required, data mismatch etc. Such identified claims are then closed and recovered through proper intervention by providing the required data.
At Business Integrity Services, our outsourced Accounts Receivable services include but limited to:
• Analysis of Accounts receivables
• Clearance of old pending bills
• Effective and efficient Denial management process with through follow up
• Follow up with patients for the clearance of non-insurance bill and timely collection of the outstanding dues
• Auditing of bills and payments to close gaps of unidentified process gaps
By simplifying effective collection of claims, we help health care organizations to: • Reduce denials
• Reduce and prevent write-offs
• Improve cash flow
• Minimize financial risks
• Provide financial stability to the organization
• Provide uninterrupted superior medical services to patients
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