Accounts Receivable Management

Accounts Receivable
Management

Accounts Receivables Process

The accounts receivable process guarantees that businesses get paid on time, improves their rate of collection, and expedites the processing of invoices, all of which increase revenue. In order to make sure healthcare providers are fairly compensated, insurance contracts are also examined. Healthcare organizations can swiftly collect past-due payments from insurance carriers thanks to a successful insurance model.

In medical billing, this is where accounts receivable (A/R) follow-ups come in handy. It helps medical service providers manage their businesses profitably and efficiently while making sure that any outstanding payments are paid back as quickly as possible.

It can be challenging at times to maintain focus on your investment, ensure that you get paid by insurance companies and patients, that you file the right paperwork, and that your system functions as it should.

Hence, the ideal choice for hospitals, clinics, and healthcare offices with hectic schedules is an accounts receivable services provider. Reducing the length of time, it takes to collect payments and the related costs is the main goal of accounts receivable management in the medical industry. This helps to optimize cash flow into the business.

Why Is Medical Billing for Healthcare Services Requiring AR Follow-Up?

The healthcare team’s accounts receivable follow-up team is in charge of looking into rejected claims and reopening them in order to get the most money possible from insurance companies. The days of handling revenue cycle management and medical billing accounts receivable internally are long gone. Currently, billing specialists with particular skill sets are needed to manage A/R follow-ups.

A/R follow-up is just one of several crucial tasks that also need to be completed, including charge entry, benefits verification, and payment posting. During these operations, a medical billing specialist determines the appropriate procedure and diagnostic codes based on the treatment plan.

Having a dedicated A/R staff that can follow up with the insurance company to address your rejected claims is crucial because there is a chance that the insurance company will reject claims if they are not submitted in accordance with the insurance guidelines.

Why Collaborate Out Your Account Information Receivable Work?

Many medical professionals today report that while their monthly practice expenses are increasing, their recurring cash flow is not keeping pace. It is typical to find a provider with excessive amounts of medical accounts receivable that are more than 180 days outstanding unless precise and regular active accounts receivable follow-up on the current billings is started. The amount of unpaid claims combined with the time needed to investigate, rectify, appeal, and resubmit the claims will typically result in much longer times than anticipated.

The objective, which is to significantly reduce or eliminate the outstanding accounts receivable and collect as much money as possible in a short amount of time, cannot be achieved by a small number of employees committed to this task.

What are the Reasons for Selecting GodSpeed Medical Billing for Accounts Receivable Services Outsourcing?

The issues that essentially cause the individual providers’ collection efforts to be delayed are resolved by the medical accounts receivable program provided by GSMBS. GSMBS assigns a complete team of people to follow these accounts that have as their sole goal paying off outstanding claims as quickly as possible. Our collectors are skilled, qualified individuals with experience in the medical billing process.

The majority of these staff members have years of medical coding and collections experience. To optimize cash flows and collection operations, businesses need an order-to-cash cycle that is both efficient and seamless. With its ability to optimize cash flows, reduce past-due receivables, find revenue leakages, and fill in gaps, GodSpeed Medical Billing completely changes the way accounts receivable management is handled from start to finish.

Our staff work closely with insurance companies to efficiently handle collection efforts while upholding client relations. Our comprehensive yet completely customizable accounts receivable solutions enable clients to start a new project with a subset of processes, business units, or locations, or they can choose the full bunch of services. Furthermore, we guarantee that our clients have no trouble getting paid for their services.

Accounts Receivable Services GodSpeed Offer

The following accounts receivable services are offered to hospitals, clinics, emergency rooms, and urgent care centers by GodSpeed Medical Billing:

After receiving client consent, we prepare bills and send them to the insurance companies.
Record and account for revenue.
Preparation and submission of periodic declarations.
Cash received on client accounts and short country resolution.
Customer-approved credit memos and refund cheques are issued.
Keep the subsidiary receivables ledger up to date.
Implement process changes that have been agreed upon by the customer.
Applying received funds to customer accounts and resolving short-payment issues.
Monitoring and following up on accounts receivable collection.
Accounts receivable reports are prepared based on examining accounts receivable by age, business sector, customer, and other factors.
We may generate invoices using documentation evidence such as service/product delivery confirmations and copies of sale orders.
Significant reduction in operating costs and complexities.

To guarantee error-free billing, employ quality control protocols, organized billing procedures, and suitable accounts receivable services.