Best Practices For The Accounts Receivable Management - PowerPoint PPT Presentation

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Best Practices For The Accounts Receivable Management

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Title: Best Practices For The Accounts Receivable Management


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Best Practices For The Accounts Receivable
Management
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INTRODUCTION
After the state witnessed some outstanding
medical reforms, healthcare suppliers and United
States medical billing companies found it very
exhausting to return up with the new challenges.
though they tried to adapt to those changes, the
impact was massive enough that United States
medical billing companies still struggle to
manage medical coding services. As operative
prices rise and patients with high-deductible
health plans increase, managing AR (Account
Receivables) has additionally become a herculean
task. Mounting account receivables means that
reduced income. This can be things in most of
the United States medical billing companies and
their revenue cycle are affected badly. During
this article lets learn what accounts receivable
management
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What is Account receivable Management?
  • Account receivable (AR) is that the cash owed to
    providers or medical billing companies for the
    treatment rendered to patients.
  • The generated invoices square measure sent bent
    on insurance corporations or patients for
    payment. it's vital that the workers keep a tab
    on the AR and see if the payments reach on time.
  • In easy words, Account receivable Management may
    be a assortment of processes like, characteristic
    denied/unpaid claims, re-filing the corrected
    claims, minimizing AR days, and eliminating aged
    AR.

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Manage Denials
  • Characteristic the basis cause for claim denials
    is one amongst the vital processes in Account
    receivable management.
  • The employees should be extremely masterful to
    research the explanation for claim rejection,
    correct the claims and re-file immediately.
  • Also, it's essential to look at denial patterns
    and realize correct solutions to eradicate future
    incidence of denials.

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Timely Follow-up
  • Following informed the AR on a timely basis is
    incredibly necessary for uninterrupted income.
  • A good Account receivable management team can
    keep track of all claims that are filed.
  • Also, it'll execute associate degree action
    arrange at once if the claims aren't paid at
    intervals the 30-day deadline.
  • The team also will make sure that there's no
    underpayment or owed payment.

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Patient Follow-up
  • Once the introduction of self-pay, medical
    billing companies had to bank additional on the
    patients than insurance companies for payments.
  • If there's any outstanding balance, the Account
    receivable management team ought to follow-up
    with patients through phone calls or emails,
    therefore there are not any delays.
  • smart patient-provider relationship is that the
    key to timely payments.
  • Another best practice is to elucidate the
    patients concerning their monetary
    responsibilities before providing the care.

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Periodical Audits and Reports
  • One amongst the highest qualities of an honest
    Account due management team is conducting audits
    ofttimes to be told areas of improvement, check
    for issues, and assess risks.
  • Then, the team submit reports on the audits
    conducted. Such reports embody aging AR reports,
    outstanding payment report and additional.
  • These reports can guarantee there are not any
    future claim denials and payments reach on time.

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