Accounts Receivables

ACCOUNTS RECEIVABLES MANAGEMENT

One of the key areas in medical billing that directly impacts the cash flow is accounts receivable management. Therefore, it is only logical that a system of internal controls to properly manage medical billing AR follow-up is designed and put in place.

At Reliable Billing and Management Consulting Services, the AR management team is structured to be a complete solution provider to address difficulties that occur in cash flows and is operated as a part of the medical billing team. The goal here is to recover the funds owed to the client as quickly as possible. We aim at accelerating cash flows and reducing the Accounts Receivable days by submitting error free clean-claims, proper analysis of denied claims and regular follow-ups with insurance companies and patients for outstanding claims and dues.

Our Accounts Receivable Management services include:

Insurance Follow up

At Reliable Billing and Management Consulting Services, payment posting in medical billing is one of the key processes that get the utmost attention from our Operations management. The payments in lieu of claims, which are received from the Payer and Patients, are posted in the medical billing system of the client to reconcile the claim. Reliable Billing and Management Consulting Services also does electronic payment posting in to the medical billing software and handles the exceptions (fallouts) manually to make sure no payment is missed. The posted ERAs are stored either in the billing system or a Document Management system (DMS) for future reference.

Insurance Payment Posting: All payers either send an EOB (explanation of benefits) or ERA (electronic remittance advice) towards the payment of a claim. The medical billing staff posts these payments immediately into the respective patient accounts, against that particular claim to reconcile them. The payment posting is handled according to client-specific rules that would indicate the cut-off levels to take adjustments, write-offs, refund rules etc.

Medical billing AR follow-up with insurances is done to obtain the status of the claims, status of appeals and denial reasons in case claims have been denied. Every effort is made to have the claim re-processed on the phone, during the call with the Insurance representative.

Insurance Follow up

When the client’s office delays in either depositing the Payer checks or sending the ERAs and EOBs for posting, then a negative balance prevails for that claim, which is a false representation of the actual scenario. This false representation would show an inflated AR, resulting in the Physicians not knowing exactly how much revenue is due to them.

Patient Cash Posting: There could be several reasons why the patient needs to pay a part of the expenses including co-pays, deductible and non-covered services. If the amount due from the patients is very minimal, the Provider can set a mandate for taking write-offs. If the amount is quite large, then it should be collected from the patients either prior to or after rendering the services. Patients typically pay through checks or credit cards (via patient portals) and these need to be correctly accounted against the claim to avoid any inflated AR and proper closing of the claim.

Bringing healthcare professionals together to accomplish more. Bringing healthcare professionals together to accomplish more

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7419 SW 106TH STREET OCALA, FL 34476

(352) 329-9864 (352) 208-9223

info@rbamcs.com

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