4 Reasons Why Accounts Receivables Services Are Important in Healthcare
It is imperative that you track and obtain your account receivables in the medical billing process. account receivable is simply the amount that your patient owes you for services rendered, and is an important aspect of revenue flow for hospitals and private practices. To ensure the timely and correct filing, processing, and receipt of these payments, most healthcare institutes hire accounts receivable services.
Let’s see why this is important:
1. A Consistent Revenue Flow
For any healthcare institution, the main revenue source is the payments that are due from patients and their insurers. If properly managed, and if the revenue flow is regular, the institution gets the funds it needs to provide optimal care to existing patients and offer services to new ones too. Outsourcing accounts receivable services to experienced providers will ensure that regular follow-ups are made, and that your healthcare facility is not impacted financially.
2. Quicker Payments
State and federal mandates may dictate the speed of claims processing, but your billing service professionals can shorten the waiting period for payments. They will identify accounts which have outstanding payments, craft a strategy to obtain the payment, and implement it till the payment is received.
3. Handling every Claim
A claim and an account receivable are the same in that they are amounts owed to the medical facility for services rendered. However, a claim is usually the bill sent to the patient’s insurer. Here, delays may happen because the insurer did not get the claim when it was sent, or because of some errors in the claim submitted. Your accounts receivable services provider will look into unpaid claims and investigate the reason for delay or non-payment, and appeal against denials. They will provide documents to support their appeal; if it’s a simple case of non-receipt of the claim, they will just re-send it.
4. Increased Reimbursement Optimization
Another crucial service rendered by a billing service is the follow up they do to ensure maximum, or nearly complete reimbursement. Insurers may deny claims because of errors in the submitted documents with the claim; but professional billers follow up with the insurance company and determine the exact reasons for denials. They proceed to furnish the required details and re-send the claim so that it gets paid.
By outsourcing accounts receivables services to the professionals, you can focus on providing quality healthcare to your patients. The billing company will handle all the admin work with regards to billing and follow ups, which can be overwhelming for you. They can ensure a smooth revenue flow with their professional services, helping you to stay profitable.