Accounts receivable management was not too important and was somewhat limited years ago. However, today provider officers are aware of the importance of having a great accounts receivable management system. It increases cash flow, enhances patient satisfaction and overall, makes the office run so much smoother. As such, it is one of the most important skills of medical billing companies.
An accounts receivable expert from a medical billing company can do the following:
• Have complete data on insurance rejections
• Monitor the A/R payment periodically
• Communicate with alternative departments frequently
• Follow up on documentation of claims before the crucial closing date
Additionally, patients are more satisfied when billing is handled accurately. Confusing bills and overwhelming collections processes can dramatically affect patient satisfaction. Patients become angry over unsettled complex bills which make it increasingly difficult to fully understand their financial responsibility associated with the confusing bill and are, subsequently, less likely to pay on time or at all.
Creating a great accounts receivable process also means employing a medical billing company who will work with your staff to be friendly, committed to providing a stress-free collections process and are above all else professional. Patients have high expectations when it comes to their medical bills and it is not an aspect of their care that they should be worried about in addition to their clinical needs. It is essential that providers make accounts receivable management a primary focus of their provider practice.
Simply put, a healthy accounts receivable system means healthier relationships with patients and a healthier revenue cycle; all of which are extremely important in the healthcare industry. Outstanding and denied claims means decreased cash flow and providers can’t worry about saving lives and paying for them, too. This is where a great medical billing partner, like MedComm Billing Consultants comes in handy. Our medical coding staff helps streamline the process, and is dedicated to helping your medical office reduce the outstanding A/R and collect the maximum amount of cash in a reasonable amount of time. More importantly, however, working with MedComm will help increase professionalism and trust when it comes to patient care.