subject: Medical Billing Ar Management Services Help Improve Cash Flow [print this page] Though providing efficient patient care is primary for a health care practice, proper AR management is crucial when it comes to keeping it afloat. Busy physician practices rarely have the time to manage their own financials and are increasingly outsourcing the work to medical billing service providers. Professional medical billing AR management services help improve cash flow and increase the profitability of the practice.
Competent Medical Billing Services
Health care practices could lose a lot of money because on unpaid claims. Insurance companies reimburse only bills that are submitted in the proper format. Billing and coding errors result in non-payment, adding to the accounts receivable of the practice. A medical billing company can help avoid these issues and ensure that the medical practice maximizes its revenue. Services provided by a reliable outsourcing company include
Patient enrollment: All demographic and insurance information is checked to ensure that it is entered in correctly and in the proper format
Insurance verification: This involves obtaining the patient's insurance details by calling the insurance payer or through online verification. All details are verified: payable benefits, patient details, pre-authorization number, co-pays, co-insurance details, deductibles, patient policy status, effective dates, plan details and much more
Coding: Diagnostic and treatment codes are assigned by AAPC (American Association of Professional Coders) coders who are up to date on coding procedures and compliance. They provide error-free coding services for all medical specialties
Charge capture, claims processing and scrubbing and payment posting: All charges are reviewed for accuracy. The claims are validated for patient information and codes and double checked before submission. ERA and EOB payments are posted daily, EOBs reviewed, and claims readied for follow-up.
Timely Accounts Receivable Management Services
A dependable medical billing company also aggressively pursues all unpaid insurance claims. EOBs and claims are assessed, prioritized and followed up on immediately. Claim denials are evaluated and appealed if they are incorrect. No claim is ever written off without being appealed first. The service provider is well equipped to handle claim follow up. The follow up analysis team contacts the insurance companies and effectively dispute unjustified denials.
Partner with the Right Medical Billing Company
Efficient medical billing and AR management services help improve client cash flow by reducing days in accounts receivable and increasing reimbursement by reducing claim denials.
If you are looking for medical billing and AR management services, see if the company offers the following service advantages:
Proper research of accounts to determine a suitable action plan
Continuing analysis of accounts
Regular QA checks
Daily, weekly and monthly status reports
24/7 support technical support, with special assistance during emergencies
Competitive pricing that is at least 30% to 40% lower than market rates.
There are firms that offer a free billing analysis too. Partnering with the right service provider ensures the best results.
