How Your Practice Can Benefit From Accounts Receivable Management?

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How Your Practice Can Benefit From Accounts
Receivable Management?
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• Introduction
• Cash flow is the bloodline for any business.
  Businesses can endure a lack of benefits, yet
  cant endure a lack of cash flow.
• Managing account receivables is fundamental to
  the financial health of the medical practice.
• Account receivable management's objective is to
  keep the inflow of cash healthy.
• The ability to maximize collection and
  productivity relies upon it. Thus, it is
  significant that practices realize what process
  they can actualize to guarantee smooth-running AR
  operations.
• A general guideline for reducing your accounts
  receivable is to focus your energies where there
  is guarantee of return for the least amount of
  exertion.
• For most practices, this implies concentrating on
  decreasing the amount of denied claims from
  insurance agencies.
• Hence it is imperative to think about account
  receivable management solutions.

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• Verify insurance benefits
• For most practices, invalid insurance is the most
  common reason for claims rejection.
• The reason for the rejection is inability to
  appropriately verify benefits prior to the time
  of service.

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• Few Tips to Avoid Claim Denials
• Verify benefits for each patient, on each visit
• Use the billing system to automate the insurance
  eligibility verification
• For the future purpose, scan the patients
  insurance card into the billing system. So you
  can easily recheck the ID number, patient name,
  Insurance information, etc when the claims get
  denied.
• Verify the patient insurance information such as
  co-pays, payable benefits, co-insurances, patient
  policy status, effective date, insurance plan
  type, coverage details, etc.

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• Follow-up with Outstanding Accounts Receivable
• AR follow-ups effectively recover the overdue
  payment from insurance agencies on time.
• AR follows up services enables healthcare
  organizations to run smoothly and effectively
  while ensuring the owed amount is refunded back
  in as short a period as could be expected.
• Account receivable follows up team is responsible
  for denied claims, reopen them to get maximum
  reimbursement from insurance agencies.

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• Benefits of Outsourcing Accounts Receivable
  Management
• Effective account receivables management ensures
  that working capital requirements are kept at
  least.
• Account receivable management can incredibly
  improve your primary concern benefits.
• When you comprehend the expense of carrying an
  unpaid balance and measure your exhibition with
  the correct measurements, you will begin to see
  opportunities to improve.

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• Reduce denials and improve claim management
• Reduce compliance risk
• Improve coding accuracy
• Increase revenues
• Improve billing and collection efficiency and
  reduce the operational costs
• Stop profit leakages

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• About MGSI
• MGSI is the top Medical billing outsourcing
  company in Florida.
• MGSI is an A rated company with Better Business
  Bureau and HIPAA compliant certified company.
• We have 25 years of experience in revenue cycle
  management services.
• We always ensure a high level of patient data and
  network security.
• We provide various billing services such as
  anesthesia medical billing, cardiology medical
  billing, radiology billing, healthcare contract
  management, AR follow-ups, denial management,
  revenue cycle management, Insurance eligibility
  verification, etc.
• We use the latest technologies to minimize
  medical billing errors and maximize billing
  collections.
• To know about our services log on to our website
  www.mgsionline.com and Schedule an appointment
  with us.

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Thanks!

• Any questions?
• You can find us at
• www.mgsionline.com
• 1-877-896-6474
• info_at_mgsionline.com

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