Accounts Receivable Management in Healthcare is the management of payments due by the insurance and patients to the physician for the services provided. It is crucial to manage the due payments and balances on time to avoid financial downfalls from revenue loss. Sustaining regular cash flow from Insurance and Patients within the TAT from the date of claims submission is mandatory to avoid AR accumulation affecting the financial goal of the practice.
Quality Healthcare Accounts Receivable Management is the primary requirement to keep the monthly cash flow of the Medical Practice healthy and evergreen. Missing on managing the AR Follow up can trigger revenue pitfalls and affect business continuity. Effective management of Accounts Receivable on a daily basis to get the cleared to avoid AR aging claims older than 60 days helps keep up with the financial goals steady and profitable.
How AR backlog can Affect your Practice Revenue?
Not all practices have work strategies focusing on keeping Accounts Receivable minimal or clearing them on a daily basis. This practice of ignoring AR claims and delaying re-working on them leads to the accumulation of AR aging buckets missed on the claim submission TAT with low chances of reimbursement of collection possibilities. Acknowledging the fact this is the revenue that your business owes to handle other expenditures like staff salary, business-related expenses, and ignoring them month on month can be intolerant and unmanageable at some point.
How to Tackle the AR Backlogs?
- Analyze and identify AR backlog by aging buckets.
- Start working on the older claims to clear them off with maximum reimbursement.
- Simultaneously keep working on clearing the day-to-day denials to avoid further heaps of backlogs.
- Engage a standalone team or staff to work on AR Management and ensure cash flow.
- Outsource to an AR Expert to have stress-free and lucrative support.
Outsourcing Account Receivable Management
Choosing a billing partner to handle Account Receivable Management or to clear up Aging AR claims yield multiple benefits. Partnering with Medical Billing Company not only fixes AR-related challenges but also provides a complete Revenue Cycle Management Support. Let us look in detail at the benefits of outsourcing Accounts Receivable Management:
- Streamlines Billing Process to eliminate or reduce Accounts Receivables
- Prioritize aging AR to be processed within the TAT and ensure maximum collection
- Clear day-to-day AR claims to keep the cash flow intact and avoid the accumulation of Old AR.
- Engage staff experience with payor related nuances and knowledge of managing Accounts receivable as per standards
About e-care
E-care is one of the pioneering offshore medical billing companies based in India that promises to efficiently manage Accounts Receivable and keep up the industry standards. With more than 20 years of experience in the industry, e-care’s 3 delivery centers have been providing end-to-end medical claims processing services seamlessly to its clients. With its expertise and experience, Ecare has been delivering the best results during this pandemic to its client across US. To know more about e-care and its services, log on to www.ecareindia.com