Little drops of water make a mighty ocean. Similarly, every outstanding debt is a revenue loss and affects the organization’s bottom line. Collection of accounts receivable, though an essential part of the revenue cycle, is always an uphill task. We understand that regular cash flow is important in running a business and one way of achieving this is by following up with AR receivables.
We assist you in analyzing outstanding receivables and recovering them. Not only that, we use an integrated approach to determine the reasons for the AR backlogs. This way, you can remove the causes and limit the backlogs.
Leverage our proven services to collect more unpaid debts and get to your AR goals. Our advanced workflow management system provides real-time reports and status updates to ensure seamless collaboration between teams. A/R management handled by an in-house team is a challenge. Today, it needs billing professionals with a specialized skill-set to chase the follow-ups.
CHALLENGES:
The following hurdles can cost you millions of dollars every year:
- Huge number of claims submitted to payers are denied and have to be re-submitted
- Many denied claims are never re-filed
- AR backlogs are never properly analyzed
- Revenue is affected
Services:
- AR Follow-up – Our team follows up all pending claims and receivable balances, looks into claim denials, and makes the necessary appeals or resubmits the claim with the additional documents
- Clearing AR backlogs – We assist in clearing up large numbers of unresolved AR backlog with our trained personnel
- Accounts Receivable Recovery Services- We analyze your pending claims to help avoid them in future
- Insurance Follow-up – We persistently follow-up with insurance companies for swift payment of claims
- Financial Reporting – We share monthly reports on denial causes and other financial issues
We typically follow a 3-step process for AR management:
- 1. Baseline Evaluation – To identify the claims to decide which ones need to be adjusted
- 2. Investigating and Prioritizing – Detailed scrutiny of identified claims and listing them according to criticality
- 3. Claims re-filed – This happens after verification of all information; once this is complete, patient invoices are generated and followed up for payment
Benefits of Account Receivable Services:
Our experienced team helps optimize your AR management process with aggressive follow-ups. You gain the following advantages with our time-tested processes:
- Improved collection ratio
- Greater probability of payment through timely follow-up
- Reducing TAT of payments
- Timely claim submission
- Claims never go missing
- Improved cash flow and consistent revenue stream
- Financial stability of organization