Benefits of Outsourcing Accounts Receivable in Medical Billing

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Benefits of Outsourcing Accounts Receivable in
Medical Billing
Accounts Receivable in Medical Billing Accounts
Receivable in medical billing is retrieving of
payments due by the insurance and patients to the
physician for the delivered services. For the
long-term financial sustainability of your
practice, its crucial to keep accounts
receivable under check. Accounts receivable are
categorized as the number of days the payment
hasnt been received. The accounts receivable are
categorized into five aging buckets, 1 to 30 days
past due, 31-60 days past due, 61-90 days past
due, 91-120 days past due, and 121 days and
above. Any practice having efficient billing
operations will have fewer accounts receivable in
91-120 days, and 121 days and above days
bucket. Most insurance companies will make the
payments within 30 days of claim submission. Even
with claim denials and rejections, you can
receive insurance payments within 60 days of
claim submission. So, accounts receivable in 60
days and above the AR bucket might represent the
inefficiency of the billing team. As working on
accounts receivable is challenging, we discussed
the benefits of outsourcing accounts receivable
in medical billing. Outsourcing Accounts
Receivable in Medical Billing
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Benefits of Outsourcing Accounts Receivable in
Medical Billing
Healthcare practices have a huge amount of AR in
60 days plus buckets due to various reasons. The
prime reason is not having an experienced denial
management team who can tackle claim denials at
the source. Hiring and retaining skilled billing,
coding, and AR professional could lead to huge
expenses for any healthcare practice.
Outsourcing accounts receivable in medical
billing is an efficient, cost-effective, and
practical way. Medical billing companies have
billing, coding, and AR experts who have
experience with billing insurance companies in
your area. When you outsource accounts
receivable, you dont need full-time employees.
Plus medical billing company will charge you on a
percentage basis of the accounts receivable
amount recovered. Benefits of Outsourcing
Accounts Receivable in Medical Billing Medical
Billers and Coders (MBC) is a leading medical
billing company providing complete revenue cycle
services. Along with other billing services, we
also provide accounts receivable services which
include cleaning up old AR for any healthcare
practice. Some of the benefits of outsourcing
accounts receivable to us include
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Benefits of Outsourcing Accounts Receivable in
Medical Billing
Providing financial stability We help you to
quickly recover accounts receivable. The
financial stability of any healthcare practice is
highly dependent on steady payments. Our efforts
in collecting accounts receivables provide a
steady flow of reimbursements that covers
day-to-day practice expenses. Claim status for
every single submitted claim Our team gets
claim status for every single submitted claim. We
use every possible contact channel to get claim
status including the provider portal, billing
software, and phone. Every single claim is marked
as paid, partially paid, denied, and under
process. Payments of paid claims will get updated
in billing software while denied and partially
denied claims are marked for denial
management. Receive quicker denied
payments The primary objective of our accounts
receivable management is to minimize the number
of days required to receive reimbursements of
denied claims. As practices receive quicker
payments, it contributes to steady revenue cycle
management.
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Benefits of Outsourcing Accounts Receivable in
Medical Billing
AR aging report We share the AR aging reports
weekly or monthly basis as per practice
requirements. An AR aging report (or a report
that breaks down the number of debts and how long
theyve been outstanding) will help to
understand, what accounts are delinquent and for
how long. This can help you get ahead of any
problems with habitual late-payers and gives you
the opportunity to intercede with collections or
discontinue providing services to avoid credit
risks. No need to hire a team With our
accounts receivable services, you wont have to
hire billers, coders, or AR callers to work on
outstanding AR. Medical specialty-wise,
experienced billers, coders, and physicians form
our denial management team. They review each and
every single denied claim, understand the
remarked codes, and appeal with corrected and/or
more information. Its cost-effective
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Benefits of Outsourcing Accounts Receivable in
Medical Billing
As you are not hiring billing and coding
resources, it saves a considerable amount on
payroll and training expenses. We charge a
percentage basis only on the amount recovered
from the insurance company. We hope that
provided information is sufficient to understand
the benefits of outsourcing accounts receivable
in medical billing. To know more about our
accounts receivable services, email us
at info_at_medicalbillersandcoders.com or call us
at 888-357-3226.