Why is it Important to Outsource Accounts Receivable Management?

Managing your accounts receivable (AR) is necessary to maintain the productivity of your healthcare practice and ensure its sustainability. Accounts receivable or claims that are unpaid by insurers can prove extremely detrimental to your financial well-being. The primary aim of AR management is to resolve your unpaid claims and increase cash inflow in the shortest possible time. As a busy medical practitioner, you would have little time to follow up on your claims. The best way to accomplish this is by outsourcing your accounts receivable management.

Outsourcing AR Management – Many Gains

AR management has now become a specialized discipline. Managing accounts receivable in your healthcare facility can pose many challenges. You would have hire and manage your in-house AR team. Besides increasing your workload and causing a lot of stress, denials can persist if claim management is not handled professionally.

By outsourcing your accounts receivable management to a reliable medical billing company would ensure a well-managed AR process. The first step would be a thorough analysis of your AR position including the reasons for claim denial. Then a detailed report would be provided, recommending corrective action to collect your outstanding dues.

A professional medical billing company would have specialists on the job such as AR analysts and calling teams. Once the analysts determine the AR position of your practice, the calling team begins interacting with the insurance companies on claim status and reasons for denials. The insurer is called up to check the position of the claims, whether they are being processed or denied. New and old ARs are researched separately. This information helps the analysts to compile the AR report and initiate corrective action. 

Partnering with the right medical billing company can save up to 30-40 percent on your costs and offer many other benefits as well:
  • An expert team to handle complicated reimbursement issues
  • Quarterly coding updates
  • Customized monthly reports
  • Correction of system-based claims before they go out
  • HIPAA compliant processes
Professional AR analysts continually interact with insurance companies, your patients and your office and precisely monitor your AR position to ensure speedy and complete payment.

Choosing the Right Outsourced Service Provider
 

Since there are many medical billing companies offering billing and accounts receivable management services, you need to make the right choice. Consider the service provider’s reputation and experience, and make sure the services are priced to suit your budget. Some reputable companies offer their prospective clients a free medical AR analysis. 

1 comment:

  1. Here i agree with this point,such as The best way to accomplish this is by Outsourcing Our Accounts receivable management.To resolve our unpaid claims and increase cash inflow in the shortest possible time.overall it is informative and useful post.

    ReplyDelete