A significant element in the field of healthcare financial management is the accounts receivable management (ARM) in medical billing, which is crucial to the success of one’s practice. Accounts receivable basically means the sum owed to a medical practice for the services provided but not yet paid. It indicates the economic health of any business. If it is managed regularly and consistently it will indicate as to whether a practice is showing growth or stagnation. If not managed carefully such that AR is out of control then it can destruct the most prosperous business.
Regular change in rules and the complex payer processes make it unmanageable for professionals in the healthcare sector to collect the amount due to them. Many medical practitioners are prone to this chronic ailment called bad AR management. This is where the ARM in medical billing service comes into the picture. With the help of an efficient ARM, your processes are simplified. You get paid on time and can collect your money in a speedy and simpler manner. Your practice’s billing cycle and claims processing are handled in the best possible way by the experts. Customized solutions are delivered to you that suit your requirements and turnaround time.
Nowadays we generally hear medical professionals complain about having very low accounts receivables. This can usually be attributed to the failure of setting appropriate benchmarks for measuring performance of the staff. Thus, it becomes difficult to manage and measure the overall performance of the efforts put into ARM.
A wide range of services are offered for ARM relating to the medical billing service, including denials management, collection, etc. The only motto is to ensure maximum profits and reducing costs, and thus, simplifying the ARM in medical billing.
The shortest collection period is the main area of focus in ARM. For a successful AR management a complete understanding of the relation between each department, its impact on the revenue cycle and the collection period is required.
Now, we need to understand the kind of services provided along with the benefits achieved:
- Personalized monthly reports
- Continuous recording and reporting of receivables exposure to risks
- Eligibility checking
- Reviewing charge slips
- Adherence to HIPAA and other laws
- Collections management
- Denials management
- Tracking payments
- Analysis of the receivables
- Insurance follow- up
- Advising medical practitioners regarding coding practices and changes in fee structure
- Decline in overheads
- Training support
- Ensuring round the clock availability
- Coding updates made available on a quarterly basis for your practice
- Claims scrubbing
- Negotiations with insurance companies in respect of fee schedules
- Dedicated and experienced AR team that renders the above mentioned services
There are separate teams like analysis team, resolutions department, etc. which manage the AR in a strategic manner. The rejections received or the claims denied are analyzed by the AR analysts. Following which, a necessary course of action is determined and executed for the collection of the outstanding AR.
It is clear that an effective AR management in the medical billing services paves way for the success of medical practice. For availing all the above mentioned services and reaping the benefits thereof, contact MedicalBillersandCoders.com who are an expert in providing ARM for medical practitioners, and are trusted all over the US for their superior services.