Strategies to Improve Account Receivable Management

Category: Others/ Misc

Presentation Description

Achieve greater profitability with our account receivable management strategies!!


Presentation Transcript

Strategies to Improve Account Receivable Management:

Strategies to Improve Account Receivable Management


Introduction Effective account receivable management strategies are a crucial part of running an effective healthcare practice. An improving and streamlined account receivable process carries many advantages to the table. It also impacts the overall medical billing operations. By adopting an efficient strategy, dramatic improvements result in the account receivable process and provide exciting benefits for the business. Let us discuss some of the strategies to improve   account receivable management.

Analyze Your Accounts Receivable (AR) In Detail :

Analyze Your Accounts Receivable (AR) In Detail Looking at a rapidly developing heap of account receivable will just put you on the road to success. For that, we recommend analyzing your account receivables. During the analysis, first, you have to measure the “days in AR” which means the average number of days required to collect the payments due to the practice. Also , you need to measure the aging bucket for instance 0-30days, 31-60days, 61-90days, etc. These factors help you to track progress with older bills.

Prioritize Insurance Eligibility Verification:

Prioritize Insurance Eligibility Verification Prior insurance verification is one of the strongest indicators of AR.  Checking the patient’s insurance eligibility and coverage is the essential step in keeping up the financial growth of the medical practice. There are various ways to verify eligibility, namely: on the payer site by utilizing software and third-party products to gather detailed information. During the  insurance eligibility verification  following details are also checked. Insurance coverage details like coverage  date, in-network or out of network coverage Whether is it Co-pay amount If it is Deductible amount and how much has been met up until now

Identify the Denial Reasons:

Identify the Denial Reasons To improve the billing collections, identify the most common reasons for claims denials. Below listed are few possible reasons for claims getting denied: Incorrect information from the patients Charge Entry mistakes Registration data error Claims Duplications Pre-authorization errors Lack of medical necessity documentation Bundled or Non-covered Credentialing and documentation errors

Outsource Account Receivable Management:

Outsource Account Receivable Management Medical billing outsourcing company  provides end-to-end medical billing services for physicians. They use the latest, technologies to optimize business performance. Benefits of outsourcing the Account Receivable Management Identifies denied claims, unpaid claims, and low payments Improves cash flow Minimize accounts receivable days Ensure error-free claims submission An efficient follow-up to settle outstanding claims and dues Reduce medical billing and coding errors Processes medical claims faster Improves billing collection rates Saves operational cost

About US:

About US Looking for  medical billing companies in India ? .e-care is the best medical billing outsourcing company. We achieve effective revenue cycle management for your business. We provide following services such as, charge entry, payment posting, cardiology billing, radiology billing, Account receivable management, revenue cycle management, etc. To know more about our services visit us or call us 813-666-0028.

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