What is Accounts Receivable Management? - PowerPoint PPT Presentation

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What is Accounts Receivable Management?

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Medical practices have improved their accounts receivable performance significantly with e-care. Accounts receivable or A/R is a term used to denote money owed to your practice for services you have rendered and billed. – PowerPoint PPT presentation

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Title: What is Accounts Receivable Management?


1
What is Accounts Receivable Management?
e-care India - Medical Billing Company India
2
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
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