Accounts receivable management is one of the significant challenges faced by the healthcare industry.
FREMONT, CA: An enhanced and optimized account receivable process provides numerous benefits to every practice. A streamlined account receivable process makes a positive impact on the revenue cycle operations. Here are a few ways in which accounts receivable management helps to get paid.
Fast claim reimbursement
For faster claim reimbursement, account receivable management consists of processes like accounts receivable follow up, or insurance receivable follow up, Denial management, patient follow up, and reports.
In AR follows up, initially, the team checks the provider’s policy to find claims that need to be adjusted off. After that, the team ensures which claims are collectible and uncollectible. Then the claims are submitted/resubmitted to the insurance payer. Submitted claims are then monitored across 30 days bucket by AR follow up team. If the claim is an underpayment, the team must take all necessary actions with the insurance company to recover payment. AR follows up group is responsible for maximizing the practice revenue.
Denial Management team finds denied claims by making calls instead of waiting for the denial status code report. They also check the medical coding to identify claims rejection reasons. Based on the denial reasons, corrected claims are resubmitted without any delay. AR team follows-up the claims until it gets paid.
Patient Follow UP
The patient follow-up is carried to collect the missing demographic and insurance information and discuss their outstanding collectibles. AR follow up team always tracks the patient bills and follows up with each patient until payment is received.
See Also: Top Insurtech Startups