Uploaded on Jan 25, 2021
Medical practices have improved their accounts receivable performance significantly with e-care. Accounts receivable or A/R is a term used to denote money owed to your practice for services you have rendered and billed.
What is Accounts Receivable Management
What is
Accounts
Receivable
Management?
e-care India - Medical Billing Company India
Introduction
• After the nation witnessed some remarkable medical
reforms, healthcare providers and US medical billing
companies found it really hard to come up with the
new challenges.
• Although they tried to adapt to these changes, the
impact was large enough that US medical billing
companies still struggle to manage
medical coding services.
• As operating costs rise and patients with high-
deductible health plans increase, managing AR
(Account Receivables) has also become a herculean
task.
• Mounting account receivables means reduced cash
flow. This is the situation in most of the US medical
billing companies and their revenue cycle have been
affected badly.
• In this article let’s learn what Accounts Receivable
management is and how to manage aging AR
prudently:
e-care India - Medical Billing Company India
What is Account Receivable
Management?
• Account Receivable (AR) is the money owed
to Providers or medical billing companies for
the medical care rendered to patients.
• The generated invoices are sent out to
insurance companies or patients for
payment.
• It is important that the staff keep a tab on the
AR and see if the payments reach on time.
• In simple words,
Account Receivable Management is a
collection of processes such as, identifying
denied/unpaid claims, re-filing the corrected
claims, minimizing AR days, and eliminating
aged AR. e-care India - Medical Billing Company India
Manage Denials
• Identifying the root cause for claim denials is one of
the important processes in Account Receivable
management.
• The staff must be highly skilled to analyze the
reason for claim rejection, correct the claims and re-
file without delay.
• Also, it is essential to examine denial patterns and
find proper solutions to eradicate future occurrence
of denials.
e-care India - Medical Billing Company India
Timely Follow-up
• Following up on the AR on a timely basis is
very important for uninterrupted cash flow.
• A good Account Receivable management
team will keep track of all claims that have
been filed.
• Also, it will execute an action plan
immediately if the claims are not paid within
the 30-day time limit.
• The team will also ensure that there is no
underpayment or overdue payment.
e-care India - Medical Billing Company India
Patient Follow-up
• After the introduction of self-pay,
medical billing companies had to rely more on the
patients than insurance companies for payments.
• If there is any outstanding balance, the Account
Receivable management team should follow-up with
patients through phone calls or emails, so there are
no delays.
• Good patient-provider relationship is the key to
timely payments.
• Another best practice is to explain the patients about
their financial responsibilities before providing the
care.
e-care India - Medical Billing Company India
Periodical Audits and Reports
• One of the top qualities of a good
Account Receivable management team
is conducting audits frequently to learn
areas of improvement, check for
problems, and assess risks.
• Then, the team submit reports on the
audits conducted. Such reports include
aging AR reports, outstanding payment
report and more.
• These reports will ensure there are no
future claim denials and payments reach
on time.
e-care India - Medical Billing Company India
About e-care India
• With huge responsibilities mounting over their
shoulders, US medical billing companies struggle
with AR management.
• Therefore, it would be a great idea to
outsource medical billing and services to an
experienced offshore medical billing company in
India.
• One such reputed company is e-care India. With
over 20 years of experience, e-care has been
providing unparalleled Account Receivable
management and medical billing and coding services
to its clients.
• This medical billing company in India is HIPAA
compliant and has twin ISO certifications to ensure
high patient data security.
e-care India - Medical Billing Company India
To know more about e-care and its services,
• Call us: +1-813-666-0028
• Email us: [email protected]
• Log on to www.ecareindia.com.
e-care India - Medical Billing Company India
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