Assuring Account Receivables Outcome even before starting the process
Table of Contents
- Account Receivables Management at iMagnum
- Revenue Cycle and AR Management
- Problem Statement
One of the major requirements of RCM industry is efficient AR Management. The cash flow runs the business of the healthcare service provider.
The need of the hour is the fastest and efficient way to manage A/R payments and collect pending AR outstanding.
According to research conducted by the Medical Group Management Association, better performing practices generate more revenue, create operational efficiencies, and ensure provider productivity and collect receivables quickly compared to their peers.
AR management is one of the most important aspects of medical billing that needs to be taken care of. Taking the necessary steps towards AR management can also help in monitoring the performance of your billing department as well as you will get to know if your in-house billers are efficiently capturing and billing all the services you performed.
There are companies that will have stable patient visits but their revenue will not be growing. It is a clear sign that they need to do something about their accounts receivable. Billing companies can also conduct medical billing and AR audits to uncover opportunities for enhancing financial performance. They assist practices in implementing measures for improving cash flow, enhancing productivity, and superior internal control.
The reasons behind Uncollected Revenue are varied – AR 90-days and older is usually a result of one of these scenarios:
- Lack of staffing and/or capacity
- Unpaid claims
- Lack of secondary billing
- Secondary claim denials
- Missing or inaccurate adjustments
- Self-pay balance transfers
The one thing all situations have in common is that cost-effective labor is needed to resolve the issues. The combination of labor costs and timely filing requirements constricts efforts to assign and recover revenue from older AR, especially on low balances. Organizations leave millions of dollars on the table by not pursuing this reimbursement.
But what if there is a solution which tells you the assured outcome even before your partner and start the process?
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