Reduce Bad Debt and Improve Cash Flow
Outsourcing Accounts Receivable Follow-Up Services for Faster Payments and Reduced Denials
Accounts Receivable Follow-up Services
One of the most important aspects of revenue cycle management is A/R follow-up. So outsourcing accounts receivable follow-up services to an expert team like Allzone Management Services can help streamline the process. Our accounts receivable follow-up team is in charge of investigating denied claims and reopening them in order to secure maximum payment from insurance carriers.
An effective insurance strategy aids healthcare institutions in quickly and easily recovering past-due payments from insurance companies. Accounts receivable (A/R) follow-ups come into play at this point. It assists healthcare service providers in running their businesses properly and successfully while guaranteeing that the owed money is reimbursed as quickly as feasible.
Services We Offer
When a claim is denied by a payer, it is a common practice to contact the patient/provider for additional information. If the claim is denied again after the patient/provider submits the additional information, it becomes a denied claim with a reopening indicator. All payers have a different process for rejecting claims and sending patients remittance advice stating that the claim was denied to avoid such delays and denial we provide various services given below.
Outsourcing accounts receivable follow-up services from our team of professionals and specialists who are trained to negotiate with insurance to help you recover your accounts receivable. We are offering services to our clients to recover their accounts receivable. We ensure you recover your outstanding accounts receivable.
Financial reporting is a process of collecting, analyzing, and reporting financial information on a regular basis. It is a major part of the management process and can be used to make informed decisions to improve the financial performance of your facility. Financial reporting provides insights into how your facility is run because it provides relevant and reliable information on the status and performance of the facility.
Medical practices often find it difficult to get their claims paid because of the many different scenarios that can arise among patients, providers, and insurance companies. So outsourcing accounts receivable follow-up services from us help you to provide Accounts Receivable Recovery Services.
Outsourcing accounts receivable follow-up services ensure that claims are paid on schedule. Our team works with accuracy to prevent any loss due to inaccurate insurance follow-up. We know how much money healthcare providers lose due to a lack of insurance company follow-up. As a result, we make every effort to give our clients the best insurance follow-up service possible and to assist them in avoiding avoidable losses.
Our AR follow-up experts assist you in strategizing and clearing backlogs in a timely manner.
Benefits of Choosing Our AR Follow-up Services
Account Receivable Follow-Up Services
Our Revenue cycle management solution offer Accounts Receivable Management services, ensuring that pending claims are resolved quickly and insurance funds are collected quickly. Following up on claims in a timely manner will reduce the amount of outstanding AR and guarantee that no timely filing denials are missed.
Claims that are pending more information can be recovered–claims are sometimes maintained pending for lengthier periods due to the necessity for further information. Follow-up can help keep income flowing smoothly by preventing gaps in the billing cycle
Claims that are pending more information can be recovered–claims are sometimes maintained pending for lengthier periods due to the necessity for further information. Follow-up can help keep the income flowing smoothly by preventing gaps in the billing cycle.
All claims should be followed up on within 7 to 10 days of the claim being submitted to the insurance carrier. Pursuing immediate payment of claims will not only cut down on time spent on accounts receivable but will also improve cash flow. Be well-prepared at all times.
The fundamental purpose of healthcare accounts receivable management is to maximize cash flow into the medical or dental business by reducing the collection timeframe and associated expenditures.
A good success measure would be to have no more than 15% to 20% of total accounts receivable in the category of more than 90 days. However, according to the MGMA, better-performing practices have substantially lower percentages, ranging from 5% to 8% depending on the specialization
The phrase receivables turnover ratio refers to an accounting metric that measures how well a company collects its accounts receivable. This ratio assesses how well a company manages and uses the credit it provides to consumers, as well as how fast that debt is collected or paid.
Change the credit terms a firm gives to increase the ART rapidly. To boost the ratio, shorten the time a customer has to pay a bill (provided the customer pays). Review credit policies to ensure that bills are sent out as soon as possible. Accounts receivable collections must also be followed up on carefully.