Medical Accounts Receivables
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The Accounts Receivables process ensures companies get paid on time, improve their payment collection, and process invoices faster, which boosts their income. It also involves checking insurance contracts to ensure healthcare providers receive fair payment.
A good insurance model helps healthcare companies quickly recover overdue payments from insurance carriers. This is where Accounts Receivable (A/R) follow-ups in medical billing come in. They help healthcare providers manage their practices effectively and ensure they get paid promptly.
Managing payments from patients and insurance companies, submitting correct forms, and maintaining a reliable system can be challenging. That’s why busy hospitals, clinics, and healthcare offices often rely on accounts receivable services companies like Centrixx. Their main goal is to maximize cash flow by reducing the time it takes to collect payments and associated costs.
The Accounts Receivable follow-up team investigates denied claims and works to maximize payments from insurance companies. Medical billing Accounts Receivable and Revenue Cycle Management handled in-house are outdated, requiring specialized professionals for A/R follow-ups.
Apart from A/R follow-up, other critical tasks like charge entry, benefits verification, and payment posting need attention. A medical billing professional ensures accurate procedure and diagnostic codes are used
Not adhering to insurance guidelines may lead to claim rejections. Having a specialized A/R staff to follow up with insurers is crucial for addressing rejected claims.
Many medical providers face growing expenses without a proportional increase in cash flow. Without active follow-up on accounts receivable, providers may accumulate excessive amounts in outstanding medical Accounts Receivable, often exceeding 180 days.
Outsourcing accounts receivable services to companies like Centrixx helps reduce outstanding receivables and expedite collections, particularly when dealing with unpaid claims and lengthy administrative processes.
- Preparation and submission of periodic declarations
- Cash reconciliation and resolution of outstanding amounts
- Issuance of customer-approved credit memos and refund cheques
- Maintenance of subsidiary receivables ledger
- Implementation of process changes agreed upon by the customer
- Application of received funds to customer accounts and resolution of short-payment issues
- Monitoring and following up on accounts receivable collection
- Preparation of accounts receivable reports based on various factors
- Generation of invoices using documentation evidence
- Reduction in operating costs and complexities
- Superior capabilities to handle complex projects
- Quality control procedures to ensure error-free billing
Centrixx's Accounts Receivable program
Centrixx's Accounts Receivable program addresses collection delays by assigning a dedicated team to promptly resolve unpaid claims. These professionals are experienced in medical coding and collections, ensuring efficient cash flow management.
Centrixx Offers Comprehensive
Centrixx offers comprehensive and adaptable Accounts Receivable Solutions, working closely with insurers to manage collections effectively while maintaining client relationships. They provide various services tailored to clients' needs, ensuring timely payments without complications.