ALL ABOUT ACCOUNT RECEIVABLE(A/R) IN HEALTHCARE
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Introduction
Account receivable or A/R is a term used to signify cash owed to your training for administrations you have delivered and charged. Any installments due from patients, payers, or different underwriters are viewed as A/R
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Account Receivable Services
• Management of reports dealing with insurance, write-offs, bad debt reviews, collection analysis, and ratio analysis. • It contains an analysis of insurance contracts to ensure healthcare providers are being reimbursed correctly.
Account Receivable Management Process • The procedure starts after the provider makes and send Health Insurance claims (Electronic/Paper claims HCFA structures) to different Insurance Companies • It contains an analysis of insurance contracts to ensure healthcare providers are being reimbursed correctly.
A/R SERVICE WOULD INCREASE THE REVENUE COLLECTION OF THE CLIENTS.
Types Of Claims Follow Up 1. No Remark Claims It refers to the claims that have absolutely no status. 2. Last Remark Claims It refers to the claim remain unpaid for various reasons and it followed up on a monthly basis
Steps In Accounts Receivable Follow Up • A/R Analysis In AR analysis, the account receivable summary plays an important role.
• Follow up with payor They are responsible for looking after denied claims and reopening them to receive maximum reimbursement from the insurance companies.
A/R Analysis •
In A/R Analysis, A/R summary will help to see who owes money,how much each customer owes, and who is past their due date.
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While analyzing the A/R summary, each payer class should be examined and check if the pattern of A/R totals by time category
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It is the responsibility of billing staff to perform insurance eligibility verification before the date of service to avoid the patient’s responsibility entering into A/R cumulation.
A/R Follow up with payor
• Providers should collect the charges at the time of service to reduce A/R, also patients with a variable co-payment could be charged at the time of service.
• Forceful catch up with the insurance agency's on all records at any phase of the aging bucket has a significant influence in A/R follow up exercises
Responsibility of A/R team
• Reducing days in A/R, • Claims submission and • Improving collection ratio with an increase in the probability of payment through timely follow up
Ways to reduce A/R days
• Experienced and trained Employees It saves a lot of money for healthcare organizations in the long run.
• Automating your A/R department It reduce costs as well as improve productivity and efficiency across the whole organization.
Outsource Accounts Receivables Services At CapMinds, we can follow-up your pending claims, trace the reasons for claims denials, track outstanding receivable balances by the customer, and by the date when payment is due, initiate collections, and provide periodic reports.
WE HELP YOU TO EFFECTIVELY DEAL WITH YOUR ACCOUNTS RECEIVABLES .
Thanks Contact us: CapMinds Technologies 42240 Mason Ridge Ct, Brambleton, VA 20148 +1 571.213.3245
info@capminds.com https://www.capminds.com .com/