Accounts Receivable (AR) Management Services in Rhode Island
Rhode Island's Top AR Management Firm for Healthcare Practices
With the changes in healthcare regulations and payer behavior, outsourcing medical billing and especially accounts receivable inventory is becoming the norm. The majority of providers choose almost 70% of their revenue cycle management to certified and expert billing professionals to increase revenue, minimize leakages, and also prevent fines and penalties imposed by non-compliance with regulations.
Our approach to AR outsourcing in Rhode Island starts with optimization of the current process while integrating new and advanced methods of finding aging accounts having dues and recovering them with coordinated and joint efforts. With targeted use of automation and robust inventory segmentation, Rhode Island Medical Billing Company maximizes efficiency and increases collections. Our robust actions and insights allow providers across the US to track KPIs and view live updates on payer trends and reimbursement processes. Additionally, our expertise has allowed us to collect over $400 million in AR for our clients annually.
Challenges in Managing Accounts Receivable
In today’s fast-paced medical billing industry, accounts receivable (AR) teams face numerous challenges that impact a company’s cash flow and growth. Even with a multi-faceted team, some issues remain significant and damage your chances of revenue recovery. A weak accounts receivable management process can cause several other unintended consequences, including:
Slow Payment Cycles
AR teams are trained to close the gap between collection and the invoicing schedule, but this process is slow and tidy due to the required manual work. Even the typical task like managing paper or PDF invoices and checks requires much time and manual labor, which decreases the team's productivity and consequently AR becomes overburdened.
Tracking and Reconciling Payments
Tracking and reconciling payments is an essential part of the entire AR process. During this process, losing track of payments can result in inaccurate records, causing problems like partial or missed payments, further damaging the revenue cycle, resulting in delays in collections and cash flow problems.
Above Average DSO
The DSO metric is a key benchmark that shows the average time for credit sales to turn into cash. Higher than average or industry’s standard means insurance payers are taking too long to complete their debts, ignoring the agreed payment terms and reimbursement days. This challenge damages the reimbursement cycle badly, leading to low cash reserves.
Ledger Disorganization
Another challenge that plays a vital role is a disorganized ledger, which has ambiguous information on how much money you're owed, by whom, and when they're expected to pay. A practice’s poor accounts receivable management causes cash flow deficiency, leading to inefficiencies and higher pending claims awaiting concrete solutions.
Poor Customer Communication
Communication is an aspect that is integral for effective recovery from patients and insurance companies, leading to timely payments. Lack of customer service experts or an overburdened customer relations team results in adequate communication with your customers, further reducing financial performance.
Why Choose our Services in Rhode Island?
Local Expertise in Medical Billing Regulations
AR solutions for medical practices offered by us are tailor-made to meet state regulations, which helps your medical practice to avoid and prevent claim denials and revenue cycle issues.
Automated Accounts Receivable
We resolve patient payment delays effectively with our advanced artificial intelligence algorithm and robotic process automation, resulting in a big improvement in cash flow for healthcare providers.
Proven Track Record of Reducing AR Days
We hold a distinction among hundreds of billing companies with 99% accuracy in patient billing, resulting in over $400 million invoices processed, resulting in quick recovery of aging dues.
10+ Years of Perfection
Our efforts result in enhanced profitability with expert billing solutions, an outcome from over a decade of experience in serving prominent healthcare providers across Rhode Island and the US.
Our AR Management Solutions
Comprehensive AR Tracking and Follow-ups
We streamline revenue collection processes by initiating reimbursement tracking and its thorough follow-up. For effective tracking and follow-up, we use all types of contact channels with insurance companies and patients, including phone, text, email, fax, etc., to get an accurate understanding of the claims' status and their standing at the reimbursement phase.
Denial Management and Appeals
Our HIPAA-compliant billing practices increase your reimbursements with the industry's authentic and proven denial management services. We tackle claim denials head-on to improve your practice’s cash flow and remove obstructions. Expert appeal management specialists of our company handle denials and appeals appropriately to ensure denied claims are addressed with the utmost urgency and presented with strong evidence to facilitate recovery.
Insurance Claims Verification and Submission
We provide real-time insurance eligibility verification that helps providers identify the patients’ insurance coverage before rendering medical services. Our proactive approach not only provides quick results prior to patient/provider encounter but also minimizes the chances of future claim rejections and hard denials. Timely claim verification and submission maximize practice productivity in no time.
Patient Billing and Communication Services
Our provider-friendly platform resolves the challenges of patient billing by offering systematic automation, ensuring each stage is as accurate as possible to integrate precision in all aspects of the billing and coding process, ensuring your practice grows rapidly and receives fewer pending claims. Our skilled AR managers are skilled at turning your revenue cycle fortune in weeks rather than months or years.
Benefits of Professional AR Management
- 100% Transparent Services
- Highly Skilled & Certified Professionals
- 24/7 Customer Support
- Accurate Handling of Data
- Cost Effective Services
- HIPAA-Compliant Data Security
- Latest Ai Integrated Technology
- Customized Services for Each Specialty
- Improve the Productivity of Your Practice
- Quick Turnaround Time
- Quick Response to All Emails Within 24 hours
- Transparent Pricing, Flat Rate, No Surprises
- Clear and Timely Updates
- Streamlined A/R Solutions
How Our AR Process Works?
- Generate Invoices
- Track Receivables
- Follow up on Overdue Payments
- Send Reminders
- Receive Payments
- Apply Payments
- Handle Disputes
- Follow-up on Delinquencies
- Generate Reports
- Monitor Aging Report
Frequently Asked Question
Frequently Asked Questions on virtual Medical Assistant
How does outsourcing Accounts Receivable process work?
The receivable outsourcing process typically involves the following steps:
- Identify the accounts receivable functions to be outsourced
- Identify and evaluate potential outsourcing partners
- Negotiate a contract with the chosen outsourcing partner
- Transfer accounts receivable data and processes to the outsourcing partner
- Monitor and review the performance of the outsourcing partner
What is the AR process in medical billing?
The accounts receivable process in medical billing involves taking reimbursement from insurance companies. Typically AR claims are what one payer owes to providers, but due to some technical or human error, payment is withheld. Until the errors are not resolved, insurance companies do not pay for medical services rendered to patients. Thus, medical billers review the submitted claim, find mistakes, and file appeals for expediting reimbursement. Hiring or outsourcing skilled and certified billing teams guarantees insurance companies pay what they owe to providers.
What is the typical recovery rate for AR services?
Do you work with all types of medical practices?
Medheave medical billing and coding company has worked with more than 60 medical specialties and continues to offer innovative AIR solutions across all healthcare domains. We offer our expertise to solo, group, multi-disciplinary hospitals, free-standing emergency centers, chronic care management, remote patient monitoring, behavioral/psychological health centers, rehab clinics, etc.
