Account Receivable Services
Accounts Receivables process ensures that companies receive their payments within a particular time frame, enhance their collection rates, and process invoices more quickly, contributing to their income. It also includes an examination of insurance contracts to ensure that healthcare providers are adequately reimbursed.
A successful insurance model enables healthcare companies to and quickly recover past-due payments from insurance carriers. That is where accounts receivable (A/R) follow-ups come in medical billing. It assists healthcare service providers in running their practices effectively and successfully while ensuring that the owing cash is reimbursed as soon as possible.
Sometimes it can be hard to focus on your investment and make sure you receive money from patients and insurance companies, and you submit the correct forms, and your system works as appropriate. That is why an accounts receivable services company is the best option for busy schedule clinics, and healthcare offices. The principal purpose of accounts receivable management in healthcare is to maximize cash flow into the medical business by reducing the collection timeframe and associated expenditures.
Why Is Account Receivable Services Follow-Up Essential In Medical Billing For Healthcare Services
The accounts receivable follow-up team of healthcare team is in charge of investigating denied claims and reopening them to get the maximum payment from insurance companies. Medical billing accounts receivable and revenue cycle management handled in-house are a thing of the past. Billing professionals with specific skill sets are now required to handle Account Receivable follow-ups.
In addition to Account Receivable follow-up, various other critical operations such as charge entry, benefits verification, and payment posting, must be accomplished. A medical billing professional establishes the correct procedure code and diagnostic code depending on the treatment plan during these operations.
There is a potential that the insurance company will refuse claims if they are not submitted according to the insurance guidelines; therefore, having a specialized Account Receivable staff that can follow up with the insurance firm to address your rejected claims is critical.
Why Outsource Account Receivable Services
Today, many medical providers find their medical practice growing in their monthly expenses but are not attaining the same progress in their reoccurring cash flow. Unless exact and regular active accounts receivable follow up on the current billings is started, it is common to find a provider with excessive amounts in medical accounts receivable that are greater than 180 days outstanding.
Usually the volume of unpaid claims and the time it takes to research, correct, appeal, and re-file the claims will take much longer than estimated. A limited number of staff dedicated to this task will not be able to accomplish the goal, which is to extensively reduce/eliminate the outstanding accounts receivable and collect as much money as possible in a short period of time.
Contact Us
- Tyson Corner, VA
- (703) 758-1407
- info@abbmedicalbilling.com
Contact ABB Medical Billing today at (703) 758-1407 for your consultation. There are multiple advantages to allowing us to become a part of your team. We will help you increase your cash and patient flow while also helping you to streamline your work. Our team is more than just a billing company. Contact us to learn more about how we can help you.
