Accounts Receivable (AR)
Improve cash flow and support healthy revenue flow with expert accounts receivable services
Accounts Receivable Management Services
The prime focus of every healthcare facility and physician’s office is patient treatment. With the majority of the personnel involved in patient care, essential aspects such as managing accounts receivable can take a backseat.
Without efficient accounts receivable management solutions the healthcare facility faces revenue crunches and a compromised cash flow which can impede their overall functions. Outsourcing accounts receivable management services to experts can help organizations reduce their revenue cycle, improve cash flow, and allow for timely remuneration.
What is Accounts Receivable (AR) in Healthcare?
Accounts receivable refers to the money owed to healthcare providers for the medical care provided. Based on the treatment provided, the medical bills are created and sent to the patient or insurance company for payment.
A lot of times, these bills get delayed leading to a delay in revenue. In some cases, insurance companies may reject the claim wing to technical inconsistencies. All these aspects and more can compromise the revenue of the healthcare organization. Partnering with a professional accounts receivable management services company, allows providers to focus on healthcare while ensuring that all their dues are cleared on time.
Processes Involved in Accounts Receivable Services
Accounts receivable management solutions include a host of processes ranging from processing insurance claims to managing bad debt reviews, write-offs, identifying unpaid claims, and more. Every claim may come with its own set of details and requirements which can be overwhelming for medical practitioners.
Some of the important aspects of accounts receivable management services include:
Timely dispatch and follow-up: Once treatment has been provided, the correct invoices need to be generated and sent to the insurance companies or patients. However, a lot of claims are left unprocessed at this stage. Timely follow-up is an essential component of AR to ensure reduced wait times and allow for timely payments.
Manage denials: For maximum efficiency, generating accurate invoices that are paid the first time around is a critical feature. However, in the event of a denial, timely understanding and correction of the cause must be adhered to for a healthy revenue cycle.
Re-file claim submissions: Once the corrections have been made, the claims need to be refiled within the time period advised to receive their payout.
Periodic reviews: One of the important accounts receivable services include constant review and updates to their processes based on changing regulations in the healthcare industry for maximum efficiency.
Also, checkout about our Medical Billing and Coding Services
Accounts Receivable Management Solutions at Vitality
Vitality offers clients comprehensive AR services that allow for improved cash flow and a steady stream of revenue flow. Our services include:
- Medical billing
- Denial management
- Tracking and follow-up of accounts receivable
- Cash flow management
- Bad debt analysis
- Credit balance services
- Insurance verification
- Detailed and comprehensive reporting
Along with the above accounts receivable management services, Vitality creates and maintains ad detailed account receivable summary analysis. This allows providers to easily check which patients or insurance claims owe money and any patterns in payment inconsistencies to improve efficiency in the future.
The Vitality Advantage
Accurate and error-free accounts receivable management solutions that allow for timely payouts and minimum denials.
Scalable solutions that have the ability to process high volumes of work while maintaining accuracy.
Professional teams dedicated to enhancing productivity as well as possessing superior industry knowledge to always stay on top of any government or professional regulations.
Quick turnaround times owing to time gap advantage between the USA and India. Our experts work through the night to process your claims by the next morning.
HIPPA-compliant solutions that meet all stringent requirements for faster claims processing.
Contact us today for professional and trusted accounts receivable management services.