Improve Your Accounts Receivable Process

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Improve Your Accounts Receivable Process
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Improve Your Accounts Receivable Process
Does your practice have improper cash flow,
because of poor account receivable management?
This is a normal with practices, the account
receivable problems impact on overall practice
revenue that result in less collections. Experts
in accounts receivable management can transform
your practice revenue from negative to
positive. Nowadays, patients are taking more
financial responsibility for their care and
providers will have to change the way they
collect payments. Healthcare industry is focusing
towards a more patient centric model of care and
providers will also have to change how they
approach for medical billing to provide
sufficient care. Providers can enhance account
receivable process to grow more. During era of
COVID where patients have high co-pays and
deductibles, patient payments continue to grow,
its impacting total revenue of providers
payments. Effective payment collections are more
important to the financial stability of
providers practice. Common Problems with
Accounts Receivable Denial of Insurance
Claims One of the most common and predictable
accounts receivables problem is denied insurance
claims. According to survey conducted by the U.S.
Government Accountability Office, states that
practices can lost about 10 potential profits,
if their denial management is not proper.
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Improve Your Accounts Receivable Process
We can help you to review each and every claim
form prior to submission so that it can meet the
rules and guidelines. This way we can reduce most
of the denials. We can also keep the follow up on
denied claims. We investigate the denied claims
and do the corrections in claims and resubmit
them to that you can get your deserved
amount. Write-offs Many times, accounts
receivable team do not maintain those payments
that are less in amount. This ultimately impact
on the balance sheet of the practices. Because
there might be some patients who wanted to pay
the amount in instalments. Our team is expert in
approving and reviewing each and everything
before any write-offs, whether the payment is
more or less, each and everything we maintain in
the reports. We assure you that your practice
will increase overall cash flow. Payments at the
time of service According to American Medical
Association, as a provider he has many
opportunities to educate their patients about
financial policies and their responsibility, so
that providers can reduce their accounts
receivables in some extent. At every step of
education provider need to mention outstanding
balance.
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Improve Your Accounts Receivable Process

• Correct Accounts Receivables Procedure Selection
• Every practice differs from each other and so are
  their methods of working styles of collecting
  payments. As a provider your focus should be on
  treating patients and providing them better
  services, so you must setup process or select a
  right procedure for Accounts Receivables. We can
  help you to decide which collection method will
  suit your unique practice.
• The healthcare industry is complex in nature and
  managing multiple tasks is not easy. So, you must
  consider outsourcing your accounts receivables to
  experts like Medisys Data Solutions.

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