Account Receivables can pose significant challenges to the financial growth of any medical practice in the United States. The accumulation of claim denials and unclaimed healthcare services can create a growing burden, leading to stagnation in the overall operations of your medical practice. To overcome this hurdle, our team of dedicated medical billing experts at MedICD offers robust Account Receivables Management services to facilitate your practice’s growth and financial health.
Medicd Claims is reimagining the established order of the medical billing industry by offering RCM for physician practices and billing services starting from as low as 2.95% of monthly revenue generated. Our Revenue Cycle Management (RCM) Services provides an approach by allowing our professional billers to manage back-office operational processes of your clinic securely and precisely straight through the application.
Account Receivable backlogs can significantly impact both the financial and healthcare performance of your medical practice. Independent healthcare practices and private medical providers rely on revenue generated from services and the successful reimbursement of claims. When services are not reimbursed, they accumulate as unclaimed payments or claim denials, ultimately harming your practice’s operational and financial well-being. It’s crucial for medical practices to establish a robust revenue cycle process that minimizes account receivables.
Account Receivable backlogs can surely impact both the financial as well as healthcare performance of the medical practice. As we all understand, independent healthcare practice or a private medical provider is such that its operations are based on the revenue generated from the services offered and claims reimbursed for them. In case those services are not being reimbursed, they will keep adding up either as unclaimed payments or claim denials, eventually hurting the entire medical practice and its operational and financial health as well. This is why it is important for medical practices to ensure a strong revenue cycle process that eradicates account receivables as much as possible
It is certainly true that A/R management is being offered by a number of medical billing services across the United States. However, managing account receivables at MedICD is more than a meager professional term, it is a dedication and commitment to ensuring the financial success of healthcare providers. This is primarily because our team has been trained and guided to see healthcare providers as the best ones in our society, who are committed to helping people in pain and providing them with relief. In doing so, 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 two decades of experience, conducts thorough research to ensure clean claims.
The following are some of the advantages of our Account Receivable management in healthcare:
Effective Account Receivable Management in healthcare ensures a smoother and more consistent revenue flow for medical practices. By promptly addressing claims, reducing denials, and optimizing reimbursement processes, healthcare providers can maintain a steady stream of revenue, allowing for better financial planning and investment in patient care.
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.
Account Receivable Management 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.
When a medical practice cannot claim reimbursement for its services and experiences claim denials, the unpaid amount accumulates, creating an A/R backlog.
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.
Helped Over 100+ Medical Practices
Physician, Raynav Family Medicine I transitioned into a private practice hence I did not have prior experience with medical billing or credentialing. MedICD was an excellent choice for getting me credentialed with insurances. Nabeel was always available for any questions I had. I am grateful to MedICD and Nabeel in helping me setup my practice.
The team at MedICD have been amazing. We had a previous biller than was awful and our claims were not getting paid. We switched to MedICD and have never looked back. Their customer service is amazing. They are super responsive, working well with my team as well as making sure we get paid by the insurance company. You can never go wrong with MedICD.