ROLE OF ACCOUNTS RECEIVABLE

ROLE OF ACCOUNTS RECEIVABLE MANAGEMENT IN MEDICAL BILLING FOR THE FAST-TRACK CLAIM REIMBURSEMENT!


Accounts Receivable Management in Medical Billing is referred as a dedicated procedure where an undesirable account aging along with intensifying number of Accounts Receivable days and denials are controlled and managed. AR involves the management of many reports related to collection analysis, insurance, write-offs, ratio analysis, and bad debt reviews. As per current trends of increasing patient deductibles, falling rate of reimbursement, and rising operating costs, it is critical for physicians and hospitals, filing and following up on the process of insurance claims. So, AR brings out the analysis of insurance contracts to make sure that physicians are being reimbursed correctly.

Sometimes, outstanding claims and delayed collections often put an added administrative strain on a healthcare organization because more often in such situations insurance companies may deny or refuse to pay claims.

Moreover, current federal regulations have also become more stringent that further grips and put extreme pressure on healthcare organizations to follow up on appealed or denied claims. Actually, the primary causes for claims denials are incorrect/incomplete medical coding and data entries. In such situations, outsourcing Accounts Receivable Management in Medical Billing services at Bikham can greatly help any healthcare organization to effectively deal with their accounts receivables by enabling clinical staff to aim at mission-critical work and provide the best possible healthcare and full attention to the patients.

Bikham is one of the leading Healthcare BPO companies that offer systematic and reliable Medical and Healthcare Accounts Receivable Management in Medical Billing Services to enable all sorts of clinical or healthcare businesses to minimize the revenue cycle and enhance cash flow.

Our qualified professionals along with streamlined, secure and cost-effective processes can help your healthcare business to collect insurance and patient’s payment reimbursements quickly and in a more efficient manner.

How can we help in accounts receivable management in medical billing?

Regular Follow up with Insurance Company

Physicians and Healthcare organizations may lose a huge sum of money just due to lack of follow-up with the insurance companies on outstanding claims. Our dedicated follow-up team of follow-up team AR at Bikham is designed to ensure timely payment of claims. Our trained staff constantly and aggressively follow-up insurance companies on all outstanding accounts through websites, IVR, fax, and phone to ensure that all pending claims are settled quickly. Our AR management team at Bikham ceaselessly monitors all aging buckets of the ARs and also makes sure that all the claims are followed upon between within 45 days.

We follow-up and interact with insurance executives to obtain the actual status of the claims, appeals, and reasons for denial of claims. We also put our best efforts to allow the claims re-processed on the phone.

We follow three phases Work Approach, such as;

Phase I – medical AR Follow up for Initial evaluation

Phase II – medical AR Follow up for analysis and prioritizing

Phase III – medical AR Follow up for the maximum collection

Cleaning up unresolved or old Accounts Receivable

At Bikham, we also undertake clean-up of old Accounts Receivable management in Medical Billing. Sometimes, due to lack of manpower, proper AR follow-up and poor AR Management from an unprofessional medical billing company may end up with undesirable backlogs of Accounts Receivable. In such cases, we thoroughly study and analyze the different AR reports provided by the clients and determine appropriate strategies to manage unresolved AR. All these strategies are in turn help in the reduction of the bad debts and maximize unresolved AR collections

Various crucial steps followed by Bikham for efficient Accounts receivable management in medical billing are:

  • Study and analyze AR: Information on all Accounts Receivable first collected and reviewed.
  • Preparing AR Aging Report:All Accounts Receivable are properly sorted out and placed into age-wise buckets.
  • Follow-up with Insurance Companies:A regular follow-up with Insurance Payers/ Cos. is followed up for Claim settlement.
  • Analysis and Reporting:An outcome of every Call should be documented and studied to know the receivables trends.

Some of our best solutions provided for Accounts receivable management in medical billing are;

  • Processes of dealing with Insurance Cos.
  • Reimbursement procedures and policy
  • Procedures for Medical Billing
  • Appropriate verification of Insurance claim
  • Instruction on techniques of collection
  • Reviewing the staffing and organizational structure along with recruitment of competent staff

Strategies we adopt for the success of accounts receivable management in medical billing-

  • We provide accurate and complete data account information.

We have years of expertise to provide the protocols and resources necessary to perform comprehensive and collective efforts.

  • High level of customer support and cooperation

At BIKHAM, with our best knowledge of medical billing rules and processes, we provide efficient and reliable Accounts receivable management in medical billing services to conduct successful Cash Recovery Programs.