A professional AR team is essential in saving your practice time and revenue. When healthcare service providers decide to deal with medical accounts receivable recovery services in-house, they may suffer from adequate staff, which causes a delay in the reimbursement process and more administrative work.
However, when they decide to outsource AR recovery services to a professional medical billing team, it will save time, resources, and revenue. This is one of the best strategies to pay more attention to other key business areas. And without burdening yourself, you can provide more quality care services to your patients.
Here in this article, I will discuss how outsourcing AR management services benefit your medical business in an efficient way.
1. Streamlined Billing and Payment Collection process
By outsourcing medical accounts receivable services, you can improve your billing and reimbursement process in many ways. However, when you outsource you can gain access to a professional and fully-trained medical billing and AR management team.
They use automatic and advanced medical billing tools which free up your billing staff’s time and improve billing efficiency. Automatic billing systems help to reduce billing errors that occur most of the time due to manual claim processing systems. Minimal errors result in no or low claim denials that maximize your payments.
2. Reduce Time and Investment Cost
If healthcare service providers decide to outsource AR management services to a billing company. He doesn't need to invest revenue in in-house operations. Managing accounts receivable efficiently brings a lot of administrative workload to healthcare service providers.
Outsourcing means that he doesn't need to invest revenue on purchasing, maintaining, and updating innovative medical billing tools to deal with medical accounts receivable.
In addition, practitioners free up their self, regarding new appointments, hiring and training new medical staff. And they can utilize their time to generate more revenue and improve patient satisfaction by providing timely and quality care services to their patients.
3. Resolved Unpaid Claims
According to the latest research in the United States, healthcare service providers lose about 20-25% of their revenue due to not following up on denial or rejected claims. A simple error like miss digit in patient’s account number, incorrect information, misspelled name, wrong address leads to claim denials. So it is important to check and double-check each claim before submitting a claim to the insurance company.
When a claim gets rejected AR recovery team needs to determine the key reason behind denial, then rectify that problem and submit an appeal. No doubt, it’s a time-consuming activity. The outsourced medical accounts receivable recovery team has professional billing staff who ensure a clean claim process. They efficiently handle all your outstanding accounts and ensure a smooth collection process.
4. Improve your Accounts Receivable Process
Outsourcing your AR management processes enables you to collect your payments fastly and within the deadline. The outsourcing company uses advanced electronic billing tools, e.g., cloud base tools and patient-friendly payment options. So that your accounts receivable are processed and collected as soon as possible.
They handle all your mobile payments and electronic transfers without you having to be present. When you provide multiple payment options according to your patient’s needs, it will improve your patient’s satisfaction, maximize payments and improve your cash flow.
Conclusion:
In terms of dealing with medical accounts receivable, every healthcare service provider faces challenges. To improve the payment collection process and business cash flow, you must employ a professional AR management staff. Who stays up to date with all coding regulations and well-versed with all billing and coding requirements. If it’s difficult for you to manage accounts receivable in-house, outsource your billing service to a reliable and professional medical billing company. Outsourced billing specialists efficiently collect your hard-earned revenue and ensure a fast reimbursement process.
