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Receivables management is the art of keeping track of how much credit the company has given its customers, and the company can expect to return. Typically these include the amount the customer owes the company for the sale of any product or service. Doctors provide patients with the best care possible and expect to pay for their services from insurance companies and patients. The healthcare insurance system works in curious ways in which hand carry services and re-imbursed at a much later date.
Whether we like it or not, the insurance model is here to stay and it is important for both small providers like doctors offices and physician groups and large providers like large hospitals to diligently follow up the payments that are due. The receivables management has developed in the most important department in this organization as they help in recovering money from patients and insurance companies and help to keep the business running.
Projects standard payment management has evolved from a mere head of department activities of specialized skill center by itself and requires professionals so that doctors can focus on providing the best care to their patients. These activities have become an important and integral part of the total collection of services that are offered by Medical Billing companies. The process of accounts receivable follow-up is before the entry charge, verification and claim status. The process to enter a charge code in healthcare claim sheet is called charge transfer. This includes determining the procedure codes and diagnosis codes based on the treatment performed by a doctor. There are special rules defined by the insurance companies on what constitutes a valid claim and there are hundreds of rules some simple and others complex to determine the value of the claim. The audit team reviews usually claim based on the rules and accept the requirement of submission. This is a very important step as this significantly lowers the risk of claim denials. Claims are then submitted to the insurance company for processing. Insurance claim processes and sends the remittance of the billing company’s response time is unpredictable and there is a need separate accounts team. This year the team takes the requirements and the insurance payments.
The AR team analyzes the requirement of denial, payment and non-payment if the claim has been filed incorrectly, the claim is adjusted and re-submitted. The AR team constantly develops communication system with the insurance company, patient and physician office and meticulously follow to ensure prompt and full payment. The skill sets and qualities expected from members accounts receivable management team are good analytical skills, attention to detail, hard work and above all, patience. Team members with these characteristics are valuable assets to the organization and will ensure that the medical office receives payments instead.
The aging report is the most common tool for measuring the efficiency of accounts receivable team. This shows the amount that is due to hand and is broken down into different periods – 0 to 30 days, 31 to 60 days, 61 to 90 days and more than 90 days. An aging report that less than 5% of the total amount pending for more than 30 days is considered very efficient.
Finally, accounts receivable management is an important service offered by Medical Billing companies and the performance of this team will determine the financial health of the company as well as the collection of medical practice. If you have any questions regarding accounts receivable and how to receive prompt payment from insurance companies.
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Source by Ryan Wayne