What Is Accounts Receivable/ AR Management?
Accounts receivable/ AR management is a practice in which customer payment is obtained within a specific period. Organizations selling services and/or products use accounts receivable management for ensuring appropriate management and tracking of all steps in payment collection after customers place orders. It is a significant part of ensuring profitability and liquidity and evading bad debts.
Fast Billing Solutions offers an efficient, strong AR management methodology and Credentialing Services in New York to help practices and providers in the medical industry. Our team of experienced and skilled accounts receivable experts ensures the most effective management of accounts receivable to benefit your practice.
While allocating installments from ERAs/EOBs; every single conflict is settled, making a legitimate move using the ERAs/EOBs set of remark codes rules. It assists immensely in limiting the AR in the medical industry significantly. Our experienced and vigilant specialists work efficiently on your denial resolutions. It truly assists in outlining exceptional billing services.
Unattended claims are the key reason behind a large part of accounts receivable that an insurance company didn’t respond to. Our experienced representatives will deal with your insurance claims just after the beginning of your installment cycle. It allows us to identify the actual reason promptly for faster repayments of your pending claims. The accounts receivable procedure in the medical billing has to keep checking on receivables to make certain that they are under control. As a specialized medical billing company, we will make sure that your collections get a maximum increase.
A claim that allows exchanging balances towards the responsibilities of the payment after the insurance negotiations. Fast Billing Solutions allot the balances of the ledger correctly to patients, delivering declarations every month. If there is an unpaid balance, we will send a letter to request payment collections to the patient as needed.
AR Management Steps
Medical billing AR Management managers must perform right after the beginning of the subscription. RCM consists of different steps and accounts receivable management is the most significant one.
Legal Side
- Do not bill for equipment that is never utilized in the process(s)
- Consider unperformed services
- No under-coding or up-coding
- Pay attention to unbundling charges
Contract Negotiation
- Recognize payment terms
- Claim filling rules
- Reimbursement rates
- Other provisions
- Expiry and effective dates
Compliance
- Running auditing and internal checks
- Detecting offenses
- Assigning the compliance officer
- Establishing practice standards
- Staging training sessions and workshops
Patient Rights
- Solid hospital-patient relationship
- Emergency services access
- Know their healthcare plan
- Consensus to continue with the process
- Select practices on their own
Patient Access
- The attentive front desk team
- Easy to approach medical offices for complaints
- Increase office resources
- Adequate staff training
- Patient demographic info entry
Charge Capture
- Apt medical coding
- Aptness in coding matters
- Non-discriminatory services
- Correct documentation is important for the collection
Patient Financial Services
- Medical billing rules & regulations
- Timely submission of claims
- Follow-up after 7-10 days of submissions
- Knowledge of the insurance company(s)
Health Info Management
- Transmission of patient information following the HIPAA compliance
- Medical necessity
- Filing & retrieval
- Management of medical records
- Medical coding
If you ever find a need to hire the best AR management services for your practice, you can contact us by clicking here.
OUR TRUSTED MEDICAL BILLING SERVICES
HIPAA Security Risk Analysis
Government bodies like CMS, OCR, and HHS randomly but methodically conduct audits for reviewing HIPAA compliance.
AR Management
Accounts receivable/AR management is a practice in which customer payment is obtained within a specific period.
Insurance Eligibility Verification
Patient insurance eligibility & benefits verification is a significant step before submitting insurance claims.
Medical Billing Audit
Medical billing audit is the remedy that they need to follow for a flawless medical billing & coding practice.
Front Desk Services
Fast Billing Solutions has a professional and dedicated front desk staff to deal with its clients in the most professional way.
Medical Billing Software
The advanced design of software deals with reimbursement calculations, RCM, and financial data.
MIPS / MACRA
MIPS eligible need to submit MIPS for avoiding penalties - cutting a few thousand from the Medicare reimbursements.
Patient Statments
At Fast Billing Solutions, we will make sure that you get the best value from patient statements.
Denial Management
At Fast Billing Solutions, we ensure effective denial management with our team of trained billing staff.
24/7 Support
At Fast Billing Solutions, our team is available round-the-clock to answer your queries and questions.
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