In the context of medical billing, accounts receivable refers to the money owed to the doctor for rendered services by patients and insurance companies. You must control accounts receivable if you want your practice to be financially viable over the long run. The number of days that the payment hasn’t been received is how accounts receivable are classed.
The outstanding debts are divided into five ageing groups: past due amounts of 1 to 30 days, 31 to 60 days, 61 to 90 days, 91 to 120 days, and past due amounts of 121 days and above. A clinic with effective billing procedures will have a lower bucket of accounts receivable in days 91 to 120 and 121 days and beyond. After a claim is submitted, most insurance companies will pay out within 30 days.
Importance of AR Management services:
In the RCM cycle, AR management services are crucial since it affects the organization’s financial stability. AR management is crucial to expediting the process from the moment a patient schedules an appointment until the healthcare professional gets paid.
Advantages of The Medicator’s Account Receivables Services:
Following are some advantages of The Medicator’s AR Management services.
1) Helps To Continually Increase Revenue:
It is appropriate to note that one of the main sources of income for any healthcare facility is the revenues it receives from patients or insurance companies. When they streamline their Account Receivables (AR), if all payments are received without any anomalies or delays, they can benefit from a robust revenue cycle. In this sense, it is much simpler to prosper and concentrate more on offering high-quality medical care.
2) Payments Are Safe & Quick:
Certain state and federal set instructions have a significant impact on processing times. However, the medical billing experts have the authority to shorten or lengthen the time between when the patient’s account is charged and when the outstanding balance is collected. They identify the delinquent bills, come up with a plan, and implement it to guarantee payment and collection.
3) Quickly Follow-Up:
It is essential to swiftly follow up on the accounts receivable in order to maintain a steady cash flow. Effective management of accounts receivable guarantees the tracking of all submitted claims and the timely implementation of a plan of action in the event that claims are not paid within the allotted 30-day period. They contribute to preventing delinquent bills or inadequate payments by doing this.
4) Support in the Maintenance of An Excellent Patient-Provider Relationship:
A strong patient-provider relationship is essential for hassle-free, on-time payment receipt. Medical billing firms are forced to rely more on patients than insurance companies for payment whenever self-pay options are available. Before providing medical care, our AR management team makes sure to inform the patient about the out-of-pocket costs. Additionally, they adeptly follow up with patients via emails or phone calls in order to minimize delays in the event that there are any outstanding costs.
5) Avoiding Denials:
One of the most important steps in the accounts receivable process is managing claims. With the assistance of our knowledgeable and experienced staff, the AR management locates the fundamental cause of the denial, promptly investigates the reason behind it, resolves the problem, and promptly resubmits the claim. In order to identify ways to prevent further denials, they also look at the patterns of these denials.
6) Benefit from an Increased and Maximized Number of Reimbursements:
With the help of account receivable management’s regular and efficient follow-up, you can take pleasure in receiving full reimbursement for the medical treatment and services rendered. When a claim is submitted, there is a greater likelihood that there will be differences in the documentation provided, which will lead to the insurance payer’s contract rejecting the claim.
In such an instance, our medical billing staff get in touch with the insurance provider immediately to find out the precise reason for denial. The documents are immediately corrected and resubmitted to guarantee payment of AR in the event that the error resulted from missing information in the attached documents.
7) Frequent Audits and Report Submission:
Regular auditing is one of the finest techniques for managing accounts receivable. You’ll be able to find places that need work, pinpoint problems, and assess the dangers by doing this. Following the completion of these audits, reports are written and turned in that provide clarification on outstanding debts, assist in preventing claim denials, and guarantee prompt payment collection.
The Medicator’s Is Here to Help you:
It should be mentioned that medical billing organizations sometimes deal with enormous responsibilities, which makes managing accounts receivable (AR) a significant challenge. With years of knowledge and expertise, The Medicator’s can help you overcome this everyday fight and ensure that your AR is handled effectively. We expedite the payment collecting process so you may benefit from a robust revenue cycle.
To give you a great patient-provider relationship, we make sure to promptly follow up with insurance payers and patients. Avoiding rejections will enable you to get the most out of your reimbursements. We make sure you can unwind while we expertly guide you through this difficult process of managing AR.