What is Accounts Receivable Management?

1. What is Accounts Receivable Management? e-care India - Medical Billing Company India

2. Introduction • After the nation witnessed some remarkable medical reforms, healthcare providers and US medical billing companies found it really hard to come up with the new challenges. • Although they tried to adapt to these changes, the impact was large enough that US medical billing companies still struggle to manage medical coding services. • As operating costs rise and patients with high-deductible health plans increase, managing AR (Account Receivables) has also become a herculean task. • Mounting account receivables means reduced cash flow. This is the situation in most of the US medical billing companies and their revenue cycle have been affected badly. • In this article let’s learn what Accounts Receivable management is and how to manage aging AR prudently: e-care India - Medical Billing Company India

4. What is Account Receivable Management? • Account Receivable (AR) is the money owed to Providers or medical billing companies for the medical care rendered to patients. • The generated invoices are sent out to insurance companies or patients for payment. • It is important that the staff keep a tab on the AR and see if the payments reach on time. • In simple words, Account Receivable Management is a collection of processes such as, identifying denied/unpaid claims, re-filing the corrected claims, minimizing AR days, and eliminating aged AR. e-care India - Medical Billing Company India

5. Manage Denials • Identifying the root cause for claim denials is one of the important processes in Account Receivable management. • The staff must be highly skilled to analyze the reason for claim rejection, correct the claims and re-file without delay. • Also, it is essential to examine denial patterns and find proper solutions to eradicate future occurrence of denials. e-care India - Medical Billing Company India

6. Timely Follow-up • Following up on the AR on a timely basis is very important for uninterrupted cash flow. • A good Account Receivable management team will keep track of all claims that have been filed. • Also, it will execute an action plan immediately if the claims are not paid within the 30-day time limit. • The team will also ensure that there is no underpayment or overdue payment. e-care India - Medical Billing Company India

7. Patient Follow-up • After the introduction of self-pay, medical billing companies had to rely more on the patients than insurance companies for payments. • If there is any outstanding balance, the Account Receivable management team should follow-up with patients through phone calls or emails, so there are no delays. • Good patient-provider relationship is the key to timely payments. • Another best practice is to explain the patients about their financial responsibilities before providing the care. e-care India - Medical Billing Company India

8. Periodical Audits and Reports • One of the top qualities of a good Account Receivable management team is conducting audits frequently to learn areas of improvement, check for problems, and assess risks. • Then, the team submit reports on the audits conducted. Such reports include aging AR reports, outstanding payment report and more. • These reports will ensure there are no future claim denials and payments reach on time. e-care India - Medical Billing Company India

9. About e-care India • With huge responsibilities mounting over their shoulders, US medical billing companies struggle with AR management. • Therefore, it would be a great idea to outsource medical billing and services to an experienced offshore medical billing company in India. • One such reputed company is e-care India. With over 20 years of experience, e-care has been providing unparalleled Account Receivable management and medical billing and coding services to its clients. • This medical billing company in India is HIPAA compliant and has twin ISO certifications to ensure high patient data security. e-care India - Medical Billing Company India

10. To know more about e-care and its services, Call us: +1-813-666-0028 Email us: Info@ecareindia.com Log on to www.ecareindia.com. e-care India - Medical Billing Company India