Account Receivable Management


Account Receivable Management


Accounts Receivable in Medical Billing are made up of several processes. They are geared towards identifying denied and unpaid claims, ensuring those claims are re-filed, minimizing AR days, and eliminating aging claims from the AR position.

Quick Bill Collection offers an easy way for Healthcare Providers to keep track of their accounts and credit history. In order to collect outstanding Medical Accounts Receivables, extensive follow-ups are conducted. Phone and email follow-ups are used to ensure that the patients remain aware of their debt and that any issues with the payment are promptly resolved. This process helps ensure that the Medical Billing department receives payments on time, which in turn enhances the overall financial performance of the healthcare institution.

Billing patients or their insurance companies start the AR cycle. The following are the specific age categories used by providers to categorize Account Receivables:

  • 1-30 days
  • 31-60 days
  • 61-90 days
  • 91-120 days

When reimbursements aren't collected, providers lose money. This makes the AR cycle longer and increases the risk of revenue leakage.

Accounts Receivable in medical billing
Accounts Receivable in medical billing

What Is The Importance Of A/r Follow-up In Medical Billing?

A constant rise in the number of medical services provided by hospitals, physicians, and nursing homes is to be expected in the future. Healthcare organizations benefit from an effective insurance model for recovering overdue payments from insurance carriers. In this case, Accounts Receivable (A/R) follow-ups come into play and play a key role in the success of the process. It helps health service providers run their businesses smoothly and successfully while ensuring that the money owed is paid back as soon as possible.

What we do in terms of Healthcare Accounts Receivable Follow-Up

The team at Quick Bill Collection handles the following areas of Accounts Receivable follow-up:

Maintain contact with the insurance companies

To provide accurate information on claims, we engage insurance companies through several channels, including websites, faxes, IVRs, and phone calls. Our team also helps end clients improve their use of Websites as a communication channel.

A comprehensive action plan

Obtaining a claim's status is not the end of our work. Furthermore, we take the extra step of refiling claims, appealing for reimbursement, and utilizing analytics to reduce days in collections.

Automated systems

To obtain information about the claim's status, we have created practical tools to log into the payer's website, generate queries, and execute them.

Plan and develop follow-up procedures for A/R

Our team monitors the A/R aging bucket and understands when payers will receive the information. Follow-ups are initiated on the correct number of days after the claim is submitted so that we don't waste time going after the payers before the deadline.

Here's what you get with Quick Bill Collection

The following benefits are offered to our clients through our full suite of Accounts Receivable and Denial Management services:

Resolve claims as soon as possible: Our objective is to fix the claims rather than obtain their status.

Streamlining the work process to reduce the effort: In order to reduce efforts to manually check claims status, we are adopting technologies such as web portals for checking Claims status.

Automation of the workflow process: The insurance companies must answer a set of questions for each claim status code to resolve the claim successfully. With the help of web-based workflow systems, we have established our follow-up work queues for claims.

Metrics and Dashboards: In order to focus our efforts on resolving A/R, we generate multi-variate reports.

Increasing collections and reducing days in A/R: The number of days in A/R is reduced by 20%, and collections improve by 5% to 7%.

Managing Accounts Receivable Clearance Projects
Managing Accounts Receivable Clearance Projects

There are several reasons hospitals, physicians, and medical practices often encounter problems with old accounts receivable, including the lack of staff to follow up, ineffective write-off policies, and ineffective closures. As a result, thousands of insurance claims will be piled up in aged accounts receivable. Clearing the A/R backlog is handled as a one-time project using a robust process that includes the following:

In-depth analysis: To analyze claim quality, claims are grouped based on how old they are, the type of player, and whether or not they were filed on time. As a result of this analysis, we can ascertain the quality of accounts receivable, the number of collectible accounts, and how much the accounts are worth after they have been cleared.

Formulate guidelines: There aren't always clear policies and procedures in a healthcare provider's office. When there is a change in leadership or there isn't a clear policy on write-offs and negotiations with insurance companies, this can make A/R situations messy. A/R backlog clearance projects let healthcare providers and our billing company customers set collection goals, decide how negotiations will work, and decide how many times a claim must be tried to be considered uncollectible.

Quick Bill Collection can take care of your Account Receivable Follow-Ups

With over 10 years of experience in accounts receivable in medical billing, Quick Bill Collection is one of the leading providers of these services. Our team of A/R specialists has a lot of experience and has worked with many different insurance companies, so they know all of their policies inside and out. We ensure that our clients don't have any trouble getting paid for their services.
Don't hesitate to contact us or speak with one of our representatives if you have any such requirements. We'll get back to you within 24 hours.