Medical accounts receivable (AR) is one of the most basic constituents of medical practices. This is related to the money owed by healthcare providers as a result of services they have already provided to their patients. Proper management of AR ensures timely receipt of payments and, consequently, smooth operation and continued provision of quality care to patients.
Common Hurdles Linked to Medical Accounts Receivables
Efficient medical billing is a challenge that might hurt the financial stability of a healthcare institution. The following are the most common issues:- Insurance Claim Denials: A claim that is submitted to an insurance company may be denied for a number of different reasons, including incorrect information or missing documentation. Denials are problematic because they delay payments and are a significant source of frustration.
- Increasing Bad Debts: If the patient or even the insurance company fails to pay for his services, the practice will face an increase in bad debts. This could exert pressure on the institution/doctor’s finances and work toward decreasing profitability as a whole.
- Delayed Approvals and Patient Interest: Long wait times for reimbursement or authorization from insurers may frustrate patients as well as the providers. If claims are not processed efficiently, the patient may lose interest in continuing the treatment or seeking care, which would then have health implications.
Benefits of Medical Accounts Receivable Firms for a Medical Practice
Utilizing accounts receivable firms by a medical practice offers several benefits, including;- Efficient Claims Submission: The companies only specialize in the right and on time submission of claims that would minimize the chances of being denied.
- Increase in Cash Flow: The quicker and more accurate a collection process is, the better the cash flows in the practice, allowing more funds to be used in running the company effectively.
- Reduces Bad Debts: The accounts receivable companies will collect outstanding payments, reducing the percentage of bad debt that a practice encounters.
- More Satisfied Patients: Reduced problems with claims, payment, and billing procedures enhance the overall experience. This flawless care results in more satisfied patients.
- Cost Saving: With medical accounts receivables outsourcing firms, medical practices can save money spent on staffing costs and time utilized in billing tasks. Thus, allowing you to focus on patients’ needs.
Medical Accounts Receivable Services by HelloMDs
We provide a range of accounts receivable services specifically designed for healthcare specialists and organizations so that you can manage the billing process effectively. Here’s what we provide:- Payment Posting: We ensure that payments received from patients and insurers are posted accurately in order to maintain accurate accounts.
- Claims Follow-Up: Our staff follows up on claims sent to ensure that it is processed efficiently and get any issues resolved as soon as possible.
- Denial Management: We work on denied claims by researching the denial reason and submitting those on your behalf so you capture all the revenues lost.
- Collections Management: Our firm manages all outstanding bills by calling patients and insurers for collection purposes to return cash flow into your books.
- Reporting and Analysis: We make regular reports, analyzing your accounts receivable data so that you understand the trends and may make informed decisions based on such.
- Redetermination: For the rejection of the claim, we assist in the filing of the protest, seeking the redetermination of the decision to appeal against the rejection for payment.
- ALJ (Administrative Law Judge) Hearing: For more complex claims, we can represent you in hearings with the Appeals ALJ and argue against the rejection of the claims, therefore keeping everything together on your part.
- Aging Accounts Receivable: We will track those long-standing accounts, and put efforts into collections so that we increase your financial health.