Account Receivable
Efficient Accounts Receivable
Healthy revenue flow is the lifeline of any healthcare facility and this explains the need for efficient Accounts Receivable in medical billing. However, with the involvement of multiple stakeholders and the ever-increasing complex nature of the healthcare industry, AR can be a drain on the resources of healthcare facilities.
Most medical practices are understaffed to handle the plethora of backend tasks necessary to cut down costs, reduce medical billing errors, and improve cash flow, and as a consequence,their focus on patient care gets diluted.
Accounts Receivable Precision Med Billing
The term “accounts receivable” is used to describe the unpaid balance due from clients such as patients or insurance companies for medical care provided. Accounts receivable are an important part of a medical practice’s financial success, as it serves as a significant source of cash flow. It is an important component of revenue cycle management in the healthcare industry.
At Precision Med Billing, we have devised the ideal way to deliver customer-centric medical accounts receivable services to enable healthcare businesses to identify and mitigate all causes of revenue leakage.
Importance of Accounts Receivable in Medical Billing
Accurate records of accounts receivable enable healthcare providers to anticipate their cash flow, which is essential for effective budgeting and forecasting. AR management is important for healthcare providers because it streamlines the medical billing process and makes sure their accounts receivable is paid on time and their finances are safe.
According to recent studies, the average Accounts Receivable in the healthcare industry ranges between 30-120 days. This means that healthcare providers may have to wait several months to receive payment for their services.
As a leading medical billing company, our results-driven collection procedure helps generate faster payments across the entire credit portfolio of your healthcare facility. You can also outsource accounts receivable services to us for customized solutions for receivables that demand specialized treatment and strategic follow-ups
Scope of Accounts Receivable
- Invoice creations as per the service delivery and Estimates
- Invoice update onto the systems
- Accounts receivable details updated on time
- Collection of receivables on a regular basis
- Dealing with incomplete payments by raising appropriate queries
- Preparation of account statements and updating clients for reconciliation
- Cash Flow prediction based on outstanding receivables
Expert Accounts Receivable Management
- Evaluate the aging of unpaid claims and prioritize follow-ups accordingly.
- Understand payer-specific stipulations to accelerate payments.
- Carry out comprehensive eligibility and benefits verification to prevent potential issues
- Certified billing and coding professionals.
- In-depth knowledge of payer-specific policies.
- Adherence to HIPAA and CMS regulations.
Speak with one of our health tech experts
What are the key metrics for measuring Accounts Receivable performance?
Key metrics for measuring AR performance include Days Sales Outstanding (DSO), outstanding claim rate, and denied claim rate.
How can I reduce the Accounts Receivable aging and improve cash flow?
Reducing AR aging and improving cash flow can be achieved through efficient insurance claim follow-up processes, reducing denied claims, and implementing technology solutions to automate and streamline the billing process
Insurance payments are correctly posted to patient accounts?
To ensure that insurance payments are correctly posted to patient accounts, it is important to have a thorough understanding of insurance payment posting policies and procedures, as well as implement a system for accurately tracking payments and posting them in a timely manner.
Awesome Return on Investment
On based of $500,000
Annual Insurance Collection
In-House Billing Cost
Prospa Charges
3% of collections for $500,000 & above
Annual Savings
$21,500
Opening & Closing Times
Mon - Sat: 8.00 am - 6.00 pm CST
Have Additional Questions?
26585 W. Agoura Rd,
Calabasas, CA 91302
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