Managing accounts receivable is a critical point of running a successful healthcare business. AR involves tracking payments owed to your practice by patients and insurance companies. It also includes claim submissions and resolving disputes over unpaid bills.
Even though it is a crucial process, AR management is time-intensive and can wear your resources thin if you try to run it in-house. That’s where AR outsourcing comes in. It can also be an area where, through the help of a skilled third-party solution provider, you can simplify operations, curtail costs, and most importantly, accelerate reimbursements.
Why Outsourcing Accounts Receivable Makes Sense
Save Valuable Time
If accounts receivable are handled internally, staff must be designated to follow up on claims, monitor payments, and maintain denials. For busy health systems and provider staff, this is time out from providing care to patients and addressing other operational matters.
Outsourcing AR transfers these tasks to experts who specialize in financial management. These professionals ensure claims are handled promptly and accurately, saving time and reducing stress.
Cost-Effective Solutions
Keeping AR in-house can be expensive. Hiring and training employees, purchasing software, and fixing errors caused by inexperience add to operational costs. Additionally, unresolved claims or incorrect billing can lead to lost revenue.
When you outsource AR, you gain access to experienced professionals at a fraction of the cost of maintaining an in-house team. Companies offering AR services often use advanced systems to streamline processes and ensure minimal errors, ultimately saving money for your business.
Improve Cash Flow
Cash flow is the lifeline of any healthcare practice. Delayed payments from patients or insurance companies can disrupt your operations.
By outsourcing AR, you ensure that claims are tracked and followed up promptly. Professional AR teams work to minimize delays, improve claim approval rates, and get your practice paid faster. This consistent cash flow strengthens your financial stability and allows you to focus on growth.
Access to AR Expertise
Medical billing and accounts receivable management require a thorough understanding of healthcare regulations, insurance policies, and coding standards.
Outsourcing AR gives you access to experts who stay updated on industry changes. These professionals ensure that your AR processes are compliant, accurate, and efficient. Their expertise reduces the risk of errors, saving your practice from costly penalties or denied claims.
Why MedICD is the Right Choice for AR Outsourcing
If you’re considering outsourcing accounts receivable, MedICD offers a reliable and cost-effective solution tailored to healthcare practices. They provide comprehensive services that include billing, coding, and AR management.
Here’s how MedICD stands out:
Affordable Pricing Structure
MedICD combines billing, coding, and AR services into one seamless package. Their pricing is straightforward and highly competitive:
- Billing Services: 2.8% of total charges
- Coding Services: 0.5% of total charges
- Accounts Receivable Services: 0.2% of total charges
Total for all services: Only 3.5% of total charges
This low-cost structure helps healthcare providers save money without compromising on quality.
Time Savings with MedICD
By outsourcing to MedICD, your team can stop worrying about unpaid claims and patient follow-ups. Their AR specialists manage everything, ensuring faster payments and more time for you to focus on patient care.
Comprehensive and Customizable Services
MedICD understands that every practice is unique. They customize their services to meet your specific needs. Whether you require end-to-end billing support or AR-specific solutions, MedICD provides a solution that works for you.
The Benefits of MedICD’s AR Services
- Reduced Administrative Burden: MedICD handles the tedious tasks of tracking claims and payment follow-ups, allowing your staff to focus on core responsibilities.
- Cost Savings: At just 0.2% for AR services and 3.5% for combined billing, coding, and AR, MedICD offers one of the most affordable solutions in the market.
- Faster Payments: MedICD works diligently to reduce payment delays, ensuring consistent cash flow for your practice.
- Expert Support: Their team brings years of experience in medical billing, coding, and accounts receivable management.
Why Outsourcing AR is a Game-Changer
Outsourcing accounts receivable is more than just a cost-cutting measure; it’s an investment in your practice’s efficiency and profitability. By partnering with experts like MedICD, you:
- Save time on tedious tasks.
- Reduce overhead costs.
- Improve claim approval rates.
- Ensure steady cash flow.
Conclusion
Handling accounts receivable doesn’t have to be a headache in your healthcare business. Outsourcing AR to a trusted provider like MedICD saves time and boosts your practice’s financial health.
With its transparent pricing—only 3.5% for billing, coding, and AR services combined—MedICD offers a cost-effective solution tailored to your needs. Let MedICD take care of your AR so you can focus on what matters most: delivering excellent patient care.
Frequently Asked Questions
Q1. What is accounts receivable outsourcing?
Accounts receivable outsourcing involves:
- Hiring a third-party service provider to manage tasks like tracking unpaid invoices.
- Following up on payments.
- Resolving claim disputes.
It allows businesses to save time, reduce costs, and improve cash flow.
Q2. How does outsourcing accounts receivable save time?
Outsourcing AR transfers the workload to professionals who efficiently handle claims and payment follow-ups. This frees your staff to focus on other priorities, such as improving patient care or growing your practice.
Q3. Why should I choose MedICD for accounts receivable services?
MedICD offers affordable and comprehensive AR services. Their transparent pricing—just 0.2% for AR services and 3.5% for billing, coding, and AR combined—ensures you receive high-quality solutions without overspending.
Q4. How can outsourcing accounts receivable improve cash flow?
Outsourcing ensures timely declaration submissions, faster follow-up of unpaid bills, and fewer delays. This consistency facilitates preserving a consistent coin glide, allowing your commercial enterprise to run smoothly.
Q5. Are MedICD’s services customizable to my practice’s needs?
Yes, MedICD tailors its services to meet your specific requirements. Whether you need complete billing, coding, AR support or AR services alone, they provide the best solutions for your practice.
