Account Receivables does not just mean follow up but it involves clear understanding of the end to end process of medical coding & billing. Accounts Receivables is basically an aspect of health care reimbursement system. This process involves clear understanding of various aspects of the processes involved in medical billing starting from capturing of data to ensuring receipt of payment. Accounts receivables management is not just about the process but also involves strategic planning, operating efficiencies and results.
Account receivables management in a broad spectrum means maintaining of good cash flow by ensuring accurate coding, billing, contract management, claims scrubbing, claims submission, effective accounts receivables follow up and accounts reconciliation.
Good accounts receivables management solutions ensure maximized revenue by streamlining the billing process and collection process. This can be achieved by effective coding, electronic billing to primary insurance and automatic billing to secondary insurance, remittance posting, denial management, accounts receivables follow-up and effective financial analysis.
Accounts receivables management professionals ensure providers run a profitable practice and say focused on patient care. It is always a challenge to be a professional doctor and a business administrative at the same time. Accounts receivables management professionals ensure that doctors are able to run their business profitably without diverting their attention from patient care. Experienced medical billers ensure each code gets the correct reimbursement, if there is any low pay or no pay it is immediately identified and followed-up.
Many good medical billing companies ensure effective revenue cycle management. Medical billing experts keenly review any denials received, they not only make necessary changes to the claim and re-bill but identify the root cause of the problem.
Providers usually see improvements in many areas, when the billing is performed by Medical billing company.
. Performance/tracking of the workflow and staff
. Accurate coding and Billing to the insurance companies/patients
. Eligibility verification of the insurance coverage
. Detailed billing reports
. Documents storage
. Cash flow management
Effective Accounts receivables management is vital area for every practice to stay focused on.