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.
Establish Billing Policies & Procedure:
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.
Monitor Customer Accounts.
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.
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.
Reconcile accounts regularly to ensure that all payments are recorded accurately and claims got paid as they need to be.
Analyze Credit Risks:
Regularly review customer accounts for any potential credit risks. Make sure to adjust credit limits as needed to protect your business.
Track Customer Disputes:
Track customer disputes and investigate any discrepancies. Reach out to customers to resolve any issues.
Negotiate Payment Plans:
When customers are having difficulty paying their invoices, negotiate payment plans with them.
Utilize Collections Services:
If necessary, utilize third–party collections services to ensure timely payments.