The building of your Medical Practice takes time and effort. Once you have a well-thought-out plan and some backing, you can launch and if you've done it right, make it through the treacherous first months. Successful entrepreneurs never take the easy road. The challenges all new start-ups face include long hours, midnight phone calls, and weekends in the office.
Accounts Receivable should be the last thing on your mind. The work you've put in needs to be rewarded, but AR tends to fall behind on the list of "to-dos."
Accounts Receivables represent whether your customers are able or willing to pay their bills, and therefore to pay you! This information is crucial. Also together with customer lifecycle value service it helps you in making a strong relationship with your customer.
The management of accounts receivables involves endless reports analyzing insurance claims, collectibles, bad debt, and write-offs. There is no end to the pain! A practice that is otherwise thriving may be stressed if shares are not paid or collections are delayed. Regulations from state and federal levels can be quite burdensome. When coding methods are changed, reimbursement can be delayed since even the smallest error can lead to a denied claim.
Why not hire a professional team of Accounts Receivable Services professionals before things get out of hand? This not only saves you money but allows your core team to focus on growing the business and driving sales.
Outsourcing accounts receivable service is a complete solution
1. With an Accounts Receivable partner who can improve your billing and payment processes. The Verification Process can be handled with speed and accuracy. Billing is usually completed within 24 hours. Insurance claims can be coded and notified within the same timeframe. Copays are billed after the claims process has been completed and the claim is approved. Normally, this takes no longer than 30 days. The item gets a red flag if it takes longer and moves to the front of the queue.
2. Outsourcing accounts receivable services reduce administrative costs generally speaking. Receivables, however, are a costly task, so any cost savings will be welcomed. When you outsource this function, you'll get a team of experienced professionals who will go the extra mile for you. If you avoid hiring extra staff, you won't have to deal with any of the headaches.
3. The collection process can be speeded up with a dedicated team because they keep track of the payments due. It's their only task, so they devote all their time to it, unlike your in-house staff, who typically have other duties. A skilled, experienced team that works exclusively for you is responsible for doing it. It's not something I do on my own.
4. Do away with a dedicated document management department - when your accounts receivable staff leaves your office and moves overseas, you'll discover your organization is refocused on delivering Healthcare exclusively. The staff will have more time to spend caring for patients, the very reason why you chose medicine as a profession.
5. Time And Operational Costs Are Saved - This is an incredible cost-saving as we discussed earlier. Why not take advantage of an outsourced AR department and save 40% and more? It might be possible to purchase new, sophisticated equipment. Or maybe you'll be able to hire that extra employee you need. Due to the savings from going offshore, the latest diagnostic procedures are now more affordable.
Conclusion
Accounts receivable service help the organization generate and impact its cash flow by efficiently and effectively handling its key finance functions. A successful business must maintain a healthy cash flow. Receivables management enables an organization to receive payments more quickly. An organization's accounts receivable process must ensure that payments are received within a specific period to meet the requirement of cash flow. Further, it increases their cash flow through better collection rates and faster invoices processing.
