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 Receivable Management services to facilitate your practice’s growth and financial health.
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.
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.
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.
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.
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!
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