Accounts Receivable Services enables your practice to accurately report charges and collection. An accurate AR report also explains future prospects and has a lot of valuable information if used properly. Moreover, effective management of Accounts Receivable enables you to identify problems with your receivable’s management process.
Invensis, a leading medical accounts receivable services company, has achieved HIPAA compliance and is ISO 27001 certified for information security. By capitalizing on our qualified professionals and streamlined, secure and cost-effective processes, your healthcare business will be able to collect insurance and payment reimbursements in a more efficient manner.
Accounts receivable Process at Invensis
Insurance Verification
We handle this part of the process quickly and accurately. The verification will be done before the patient sees the healthcare provider.
Denial Management
While we know the coding procedure inside out, often, a claim will be denied because of the misinformation provided by the patient. When this happens, we’re on it, getting the corrected information to the insurance provider and getting the payment process back on track.
Tracking of Accounts Receivable
The process begins with the claim process and the billing for the patient’s copay. Routinely, that should take no more than 30 days. If it does take longer, it gets a red flag and goes to the front of the queue.
Account Receivables Follow-up
Our A/R team will stay on top of the process until the bill is paid. Rely Services has a proven track record of getting things done, and we’ll stay on top of this, so you don’t have to. We’ll make sure both the insurance company and the patient understand this.
Order Management
With detailed reporting, which includes insurance aging reports, your business will have the complete picture of its financial health, and a definitive timeline of accounts receivable settlement and claim collection cycles.
Customer Billing
Starting with the initial bill, our focus remains only on getting them paid. The billing is done and out within 24 hours of getting us the information. The same holds for the insurance coding and notification of the claim.
For healthcare providers and hospitals, the process of filing and following up on insurance claims is critical, especially in light of the trends of falling rate of reimbursement, increasing patient deductibles and rising operating costs. Accounts Receivable (AR) management is a dedicated process where in unwanted account aging, escalating number of AR days and denials can be checked.
Benefits of Outsourced Medical Accounts Receivable Services
Manage Denials Better:
Our expert team identifies the root cause for claim denials and are highly skilled to analyze the reason for claim rejection, correct the claims and re-file without delay. Our team also examines denial patterns and finds proper solutions to eradicate future occurrence of denials.
Timely Follow-up:
Following up on the AR on a timely basis is very important for uninterrupted cash flow. Our accounts receivable management team will keep track of all claims that have been filed. We will execute an action plan immediately if the claims are not paid within the 30-day time limit. Our team will also ensure that there is no underpayment or overdue payment.
Patient Follow-up:
On accounts of self-pay, if there is any outstanding balance, our accounts receivable management team will follow-up with patients through phone calls or emails to ensure that there are no delays. Good patient-provider relationship is the key to timely payments.
Periodical Audits and Reports:
Our accounts receivable management team conducts audits frequently to learn areas of improvement, check for problems, and assess risks and submit reports on them accordingly. Such reports include aging AR reports, outstanding payment report and more. These reports will ensure there are no future claim denials and payments reach on time.
How Invensis makes your Medical Account Receivable Process successful?
Analyzing Reports
AR report is used primarily to collect overdue balances from both insurance companies and patients. Our AR reports are categorized based on payer (patient balance vs. insurance balance), age (e.g., patient balances over 90 days), and balance amount (e.g., within a category, list accounts in descending order of balance owed) to give you a better visibility of all expected payments.
Accounts Receivable Collection
Our expert AR team works from the largest accounts first when making the collection calls to patients. Moreover, we determine the minimum level for small balance write-offs. We never miss any account irrespective of the system you follow for AR.
