- Starting at as low as 2.8%
MedICD has a dedicated team of experts who offer robust Account Receivable Management services to facilitate your practice’s growth and financial health. Whenever you need assistance, we are here to provide it. We would love to work with you to help you reach your business goals and expand your company. Put your trust in us to handle your data so you can focus on increasing your business.
If you use our Account Receivable Management Services, you may keep your faith in the credit process intact while you concentrate on running your business. “One Size Does Not Fit All” when it comes to the specific requirements of different businesses, and we get that. As a result, we collaborate with you to find solutions that meet your needs in a way that keeps customers, keeps money coming in, and keeps disputes at bay.
With its one-of-a-kind approach to staff augmentation and outsourcing, MedICD provides top-notch Accounts Receivable Management Services that aim to improve customer relationship management and increase liquidity simultaneously.
As a service provider, MedICD’s assigned team follows up on outstanding invoices, with an initial focus on aged receivables, expedites recoveries, and ensures that documentation regarding current balances in individual customer portals is complete for companies that outsource accounts receivable to MedICD. MedICD’s collections team is well-versed in liaising with many internal and external parties, including customer-side brokers, the company’s sales and logistics departments, and the accounts and finance department.
It is certainly true that A/R management is being offered by many medical billing services across the United States. However, managing account receivables at MedICD is more than a meagre professional term, it is a dedication and commitment to ensuring the financial success of healthcare providers. This is important because our team has been guided and trained to see healthcare providers as the best ones in our society who are committed to helping people in pain and providing them with relief. Thus, these medical providers are assisted throughout their revenue cycle management to ensure that there are minimum account receivables which they have to struggle with.
According to reliable estimates, a significant number of claim denials stem from discrepancies and errors early in the revenue cycle management process. These errors can result from issues with benefits breakdowns, eligibility verification, or coding mistakes. At MedICD, we guarantee that your claim denials and account receivables are minimized through meticulously crafted claims that are error-free. Our team of medical billing experts, with over 24 decades of experience as a team, conducts thorough research to ensure clean claims.
Account Receivable Services plays a crucial role in ensuring healthcare practices remain compliant with industry regulations and audit-ready. Proper documentation and tracking of claims, payments, and adjustments are essential for meeting legal and regulatory requirements. By maintaining meticulous records and adhering to best practices, healthcare providers can confidently navigate audits and compliance reviews.
The following are some of the advantages of our Account Receivable management in healthcare:
A key benefit of Account Receivable Management in healthcare is the reduction of financial risk. Managing accounts receivable efficiently helps prevent the accumulation of unpaid claims, which can strain a medical practice’s financial health. By minimizing account receivables and identifying potential issues early, healthcare providers can safeguard their financial stability.
Effective Account Receivable Management contributes to improved patient satisfaction. When healthcare providers have a streamlined billing process and can resolve billing inquiries swiftly, it fosters positive patient experiences. Patients are more likely to return to practices where their billing concerns are addressed promptly and accurately.
Patient, insurance, and third-party payments are represented by the accounts receivable balance. Failure to collect receivables within the agreed-upon or anticipated timescale results in accounts receivable backlogs.
Claim denials primarily occur due to errors in the billing and coding process. However, research shows that denials can also result from errors in eligibility verification and benefits breakdown.
A/R management is a critical component of revenue cycle management, aiming to minimize account receivables for medical practices. Proper Account Receivable management is essential to prevent the development of a financially threatening A/R backlog that could negatively impact your practice’s health.
We retained MedICD for our Medical Director insurance credentialling and billing a few months ago and have been very pleased with the progress and outcome. The credentialling department especially is highly efficient, always on top of things, and keeps us regularly informed on the status of applications. We have completed credentialing process with several payers at a lightning speed.
UMBRINE FATIMA
MD, FACP, CPHIMS
My experience with this company has been nothing short of amazing! This team has worked effortlessly to deliver the best possible customer experience I could ask for. I appreciate all that they have done for my company!
YASSAN TIFFANY
MedSpa Yasthetics
Step up for financial clarity and control your revenue cycle. Click here to avail Account Receivable Management with MedICD
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