Account Receivable for Medical Practices

Any service for which the patient or the patients insurance company is billed, the money   Once a patient or the patient’s insurance provider is billed for services, the money payable to the practice is called to accounts receivable (A/R). 

Delay in revenue can cause major problem with cash flow. With our timely follow up A/R time will be reduced. There are different ways to improve account receivable in health care.

Our Team at Ibex works on Medical Account receivable in following ways

Routine follow up:

Our team is in continuous follow up with insurance companies. Through phone calls, website, IVR, fax etc. we get a true understanding about the status of the claim.

Formulate new policies for A/R follow up:

 Ibex team will make follow up calls to the payer post claim submission, so that efforts are not wasted.

Action plan:

Once information regarding status of the claim reaches us, we take actions immediately for medical accounts receivable such as refilling a claim or appeal for reimbursements.

Consistently Run A/R Reports 

In general goal is to keep account receivable days less because this is most helpful for revenue cycle management in medical accounts receivable. This wants A/R to be closely monitored. It is important to carefully evaluate AR data every month to focus on troubling developments or constant issues with gathering payments. 

A/R workflow automation

It frees up time by managing some of the more difficult duties coupled with account receivable in healthcare. Our programs make automated A/R more possible.

Benefits of medical billing and accounts receivable

Our complete package of A/R and denial management services offers Health care providers and hospitals the following benefits:

  • Efforts on resolving the claim. More attention is paid on resolving the claim rather than just finding the status of the claim.
  • Adoption of technologies. By using new and advanced technologies for checking the status of the claim, such as web portals, rather than checking the claim manually.
  • Web based work flow system. Our claim follow-up work has been defined with web-based system that improves our quality of documentation.
  • Increased reimbursements and decrease of days in A/R. There is marked decrease in account receivable days and increased collections for our clients.

With a few combined plans and help from the exact means, Account Receivable for Medical Practices does a better job of backing up the finances  of the process. If you want to improve your account receivable performance visit https://ibexmedicalbilling.com/ for finding out more about our solutions.