Assuring Account Receivables Outcome even before starting the process
Table of Contents
- Introduction
- Account Receivables Management at iMagnum
- Revenue Cycle and AR Management
- Problem Statement
- Approach
- Solution
- Conclusion
Introduction
One of the major requirements of RCM industry is efficient ARManagement. The cash flow runs the business of the healthcare service provider.
The need of the hour is the fastest and efficient way to manage A/Rpayments and collect pending AR outstanding.
According to research conducted by the Medical Group Management Association,better performing practices generate more revenue, create operationalefficiencies, and ensure provider productivity and collect receivables quicklycompared to their peers.
AR management is one of the most important aspects of medical billing that needsto be taken care of. Taking the necessary steps towards AR management can alsohelp in monitoring the performance of your billing department as well as youwill get to know if your in-house billers are efficiently capturing and billingall the services you performed.
There are companies that will have stable patient visits but their revenue willnot be growing. It is a clear sign that they need to do something about theiraccounts receivable. Billing companies can also conduct medical billing and ARaudits to uncover opportunities for enhancing financial performance. They assistpractices in implementing measures for improving cash flow, enhancingproductivity, and superior internal control.
The reasons behind Uncollected Revenue are varied – AR 90-days andolder isusually a result of one of these scenarios:
- Lack of staffing and/or capacity
- Unpaid claims
- Lack of secondary billing
- Secondary claim denials
- Missing or inaccurate adjustments
- Self-pay balance transfers
The one thing all situations have in common is that cost-effective labor isneeded to resolve the issues. The combination of labor costs and timely filingrequirements constricts efforts to assign and recover revenue from older AR,especially on low balances. Organizations leave millions of dollars on the tableby not pursuing this reimbursement.
But what if there is a solution which tells you the assured outcome even beforeyour partner and start the process?
