KEY AREAS OF MEDICAL ACCOUNTS RECEIVABLE MANAGEMENT

What is the account receivable?

First and foremost, all the doctors want to receive the proper payments for all kinds of operations they do. It is the process of balancing the revenue of the medical practitioners irrespective of the professional hurdles they face and lack of time. It is an important aspect of any business operation.

Account receivables happen in all kinds of companies and their business transactions. The sole goal of the accounts receivable management is to collect or receive the money in the possible short time.

Account receivables also called patient accounts sometimes. It mentions the revenues generated but not yet collected by the concerned purchaser. Effective management of any medical billing company can determine via ensuring correct cash flow and responsibility to maximize doctor revenue potential.

Let’s explore the way to strengthen the account receivable services and give an effective receivable process in the USA.

Compliance

Check whether they outsource a reliable medical billing company that compliant to HIPPA rules and regulations. Comprehend the compliance program and established policies. It involves the following criteria such as,

Conducting internal monitoring and auditing,

Implementing compliance and practice standards,

Designating a compliance officer,

Conducting appropriate training and education,

Responding appropriately to denied claims and developing improving schemes and

Enforcing disciplinary standards through well-publicized guidelines.

Patient Financial Services

Patient Financial Services is the ultimately responsible factor for the accurate and timely billing and collection of accounts receivables in the medical billing process. The account receivable process in the USA is efficient and effective for the timely collection of the denied claims. A comprehensive medical billing process should possess complete knowledge of insurance payers and laws and regulations of the particular healthcare industry. It is very important to improve the cash flow of the medical practitioners.

Charge Capture

The importance of charge capture given to all the elements in the account receivable process. The clinical staff must be responsible for accounts receivable by accurate documentation and charge capture.

Patient Access

The success of any account receivable process depends on the patient access services or does it perform. It should fulfill a cycle of the patient starts from eligibility verification to credit balance. Building a dynamite patient access team is a crucial step to improve medical billing and coding services. Many medical billing companies in the USA use a distinctive solution to increase revenue cycle performance.