What is Accounts Receivable Management?

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What is Accounts Receivable Management?
e-care India - Medical Billing Company India
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Introduction

• After the nation witnessed some remarkable
  medical reforms, healthcare providers and US
  medical billing companies found it really hard to
  come up with the new challenges.
• Although they tried to adapt to these changes,
  the impact was large enough that US medical
  billing companies still struggle to manage
  medical coding services.
• As operating costs rise and patients with
  high-deductible health plans increase, managing
  AR (Account Receivables) has also become a
  herculean task.
• Mounting account receivables means reduced cash
  flow. This is the situation in most of the US
  medical billing companies and their revenue cycle
  have been affected badly.
• In this article lets learn what Accounts
  Receivable management is and how to manage aging
  AR prudently

e-care India - Medical Billing Company India
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What is Account Receivable Management?

• Account Receivable (AR) is the money owed to
  Providers or medical billing companies for the
  medical care rendered to patients.
• The generated invoices are sent out to insurance
  companies or patients for payment.
• It is important that the staff keep a tab on the
  AR and see if the payments reach on time.
• In simple words, Account Receivable Management is
  a collection of processes such as, identifying
  denied/unpaid claims, re-filing the corrected
  claims, minimizing AR days, and eliminating aged
  AR.

e-care India - Medical Billing Company India
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Manage Denials

• Identifying the root cause for claim denials is
  one of the important processes in Account
  Receivable management.
• The staff must be highly skilled to analyze the
  reason for claim rejection, correct the claims
  and re-file without delay.
• Also, it is essential to examine denial patterns
  and find proper solutions to eradicate future
  occurrence of denials.

e-care India - Medical Billing Company India
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Timely Follow-up

• Following up on the AR on a timely basis is very
  important for uninterrupted cash flow.
• A good Account Receivable management team will
  keep track of all claims that have been filed.
• Also, it will execute an action plan immediately
  if the claims are not paid within the 30-day time
  limit.
• The team will also ensure that there is no
  underpayment or overdue payment.

e-care India - Medical Billing Company India
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Patient Follow-up

• After the introduction of self-pay, medical
  billing companies had to rely more on the
  patients than insurance companies for payments.
• If there is any outstanding balance, the Account
  Receivable management team should follow-up with
  patients through phone calls or emails, so there
  are no delays.
• Good patient-provider relationship is the key to
  timely payments.
• Another best practice is to explain the patients
  about their financial responsibilities before
  providing the care.

e-care India - Medical Billing Company India
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Periodical Audits and Reports

• One of the top qualities of a good Account
  Receivable management team is conducting audits
  frequently to learn areas of improvement, check
  for problems, and assess risks.
• Then, the team submit reports on the audits
  conducted. Such reports include aging AR reports,
  outstanding payment report and more.
• These reports will ensure there are no future
  claim denials and payments reach on time.

e-care India - Medical Billing Company India
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About e-care India

• With huge responsibilities mounting over their
  shoulders, US medical billing companies struggle
  with AR management.
• Therefore, it would be a great idea to outsource
  medical billing and services to an experienced
  offshore medical billing company in India.
• One such reputed company is e-care India. With
  over 20 years of experience, e-care has been
  providing unparalleled Account Receivable
  management and medical billing and coding
  services to its clients.
• This medical billing company in India is HIPAA
  compliant and has twin ISO certifications to
  ensure high patient data security.

e-care India - Medical Billing Company India
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• To know more about e-care and its services,
• Call us 1-813-666-0028
• Email us Info_at_ecareindia.com
• Log on to www.ecareindia.com.

e-care India - Medical Billing Company India