Accounts Receivable Management is the most crucial part of Medical Billing as any inefficiency in this process can directly lead to loss of payment; thereby affecting the bottom-line of the business. Most times Practices and Physicians seek to outsource their Revenue Cycle Management Process majorly because of the aging AR claims and outstanding accounts receivables which they fear might go uncollected. As a result, they approach an experienced and established medical billing company to support them collect their due payments.
Therefore as a Medical Billing Company, it is mandatory to understand the importance of the Accounts Receivable Process and have the required experience, expertise and upgraded tools and technological platforms to ensure a smooth and faster AR process.
Mentioned below are the benefits of Accounts Receivable Management:
Prioritize Denied and Rejected Claims Processing
As a general practice denied and rejected claims are given less importance and mostly ignored without processing them on time causing the claims AR Aging dates to go beyond the timely filing limit and thereby making it difficult to get the reimbursement. Engaging an Accounts Receivable Follow up team to process them effectively will ensure timely collection.
Clear AR Aging buckets
Most times, the major issue with Claim denials and rejections are that they get accumulated which are later categorized into the aging buckets based on the number of days they have been pending for. To get these pending claims cleared and processed for collection, an efficient AR Follow up team in place is quintessential to clear the backlogs and improve the collection process.
Timely Follow-up
It is essential to do regular follow up with Insurance companies to get the denied claims process sooner. Timely follow-up will help get the claims filed and payment settled. Trained and skilled Accounts Receivable Analyst and AR caller with experience have the knowledge to handle the follow-up calls and to approach the insurance with the right tool to speed up the payment processing.
Enhance Quality Billing and Coding
Account Receivable Analyst identifies the major reasons for claim denials and helps educate the relevant teams on the same to ensure they avoid repetition and thereby curb the denials and enhance quality claims and first past ratio.
The benefits of Accounts Receivable services by an experienced AR team can render quick and faster fix to denied claims, therefore it is advisable to outsource the Accounts Receivable Management Services to an experienced Outsourcing Partner to experience the below:
- Faster processing of denied claims
- Clear Backlogs and keep denials at bay
- Regulate collection process
- Experienced and skilled AR Callers.
- On time claims and payment processing
- Increase Quality Claims
About ecare
ecare – An India based Medical Billing Company with over two decades of experience and expertise providing complete Medical Billing and Revenue Cycle Management Solutions to 100+ clients across the U.S. Our Accounts Receivable team is structured to provide complete solutions to address all difficulties in Accounts Receivables. To know more about ecare and our Accounts Receivable Management Solutions call +1-813-666-0028 or log on to www.ecareindia.com