Stay on Top of Payments with Medical Accounts Receivable Services

It is really obvious that as a medical expert, you always want to receive payments quickly from your patients and their insurance companies. Medical accounts receivable services always play a critical role in your billing process as it is the money owed by your patients and their insurance company. You can think your medical AR as your delinquent account as well. It is really important for you to understand what your days in AR so that you would be able to streamline a perfect medical accounts receivable services management. If your AR days is 60, it means on average it takes almost 60 days for you to receive the payments from patients and their respective insurance companies.

But the goal is to have AR days under 25! The quicker you collect payments, the better it is for the healthcare organization, and it helps everything run smoothly.

Fortunately, you can still implement a perfect medical accounts receivable service by following the tips mentioned below-

Strategies to implement a robust medical accounts receivable service

Prioritize on patient insurance verification

You can only know how much insurance will cover your patients and what they have to pay when you double-check their insurance details. Insurance verification specialists are the ones who help with this by checking things like insurance, personal details, and contact info. For example, if a patient still has an old bill from their last visit, the specialist can find it when they look at the insurance info. It’s really important to make sure all the records are up-to-date before the appointment so everything is ready to go!

Focus more on aged claims

Always remember one thing that it is really difficult to receive full payments from aged accounts. You will only receive 1 cent per dollar owned from an account older than 120 days or older. You must focus on working on the older accounts to ensure improved revenue at the end of a fiscal year.

Provide adequate patient information

You should always tell your patients what their insurance covers and what they will have to pay. This way, they won’t be surprised later! For example, if a patient has to pay a $20 co-pay, make sure to collect that when they visit. After their visit, send them a clear bill and give them easy ways to pay, like online payment or checks. Also, make sure to keep track of any unpaid amounts and check in with the patient if needed to remind them. This helps everything go smoothly!

Make your communication transparent with payers

You need to keep track of all the payments you get from insurance companies. If payments are taking a while, you need to figure out why. For example, if one insurance company hasn’t paid you in weeks, that’s like money just sitting there! medical accounts receivable services can help by giving you monthly reports to show what’s still owed and if any claims were rejected. They’ll make sure to fix the problems and send the claims back out, so you get paid what you’re owed! It’s like having an operational extension that makes sure everything is taken care of.

You should always remember that the money your practice gets really depends on how well you handle billing! If you stay super organized and follow the right steps, you’ll have smooth billing, fast payments, and lots of cash coming in. But if it gets too overwhelming and feels like too much, you can get help by using medical accounts receivable services. They’ll take care of everything for you, so you don’t have to worry about overdue payments or missed claims. With the right help, your practice will stay strong and keep making money like a pro!