Account Receivable Management

Account Receivables are considered to be a major challenge for the financial growth of any medical practice in the United States. With those scary claim denials piling up, and a number of healthcare services remaining unclaimed, the baggage keeps on adding up. As a result, the financial health of the entire medical practice suffers, and stagnancy is witnessed in its overall operations. To cope with this problem, the medical billing experts at AquilaEHR are offering medical practice with strong Account Receivables Management services to facilitate growth. 

Step One

 

Establish clear billing policies and procedures to ensure accuracy and consistency in invoicing and collection. Make sure all customers are aware of these policies and any changes.

Step Two

Regularly review customer accounts to ensure all invoices are paid on time. Set up automated reminders for overdue invoices and follow up with customers as needed.

Step Three

Set up a system to process payments from customers in a timely manner. Utilize online payment platforms or other methods to make it easy for customers to pay.

Step Four

Reconcile accounts regularly to ensure that all payments are recorded accurately and claims got paid as they need to be.

Step Five

Regularly review customer accounts for any potential credit risks. Make sure to adjust credit limits as needed to protect your business.

Step Six

Track customer disputes and investigate any discrepancies. Reach out to customers to resolve any issues.

Step Seven

When customers are having difficulty paying their invoices, negotiate payment plans with them.

Step Eight

If necessary, utilize third–party collections services to ensure timely payments.

Impact of A/R Backlog on Medical Practice Performance

Account Receivable backlogs can surely impact both the financial as well as healthcare performance of the medical practice. As we all understand, independent healthcare practice or a private medical provider is such that its operations are based on the revenue generated from the services offered and claims reimbursed for them. In case those services are not being reimbursed, they will keep adding up either as unclaimed payments or claim denials, eventually hurting the entire medical practice and its operational and financial health as well. This is why it is important for medical practices to ensure a strong revenue cycle process that eradicates account receivables as much as possible. 

Why Choose Our A/R Management?

It is certainly true that A/R management is being offered by a number of medical billing services across the United States. However, managing account receivables at AquilaEHR is more than a meager professional term, it is a dedication and commitment to ensuring the financial success of healthcare providers. This is primarily because our team has been trained and guided to see healthcare providers as the best ones in our society, who are committed to helping people in pain and providing them with relief. In doing so, these medical providers are assisted throughout their revenue cycle management to ensure that there are minimum account receivables which they have to struggle with.
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