Accounts Receivable
Outsourced expert AR and RCM services with us!
Accounts Receivable, in medical terms, is associated with the outstanding reimbursements that a medical or healthcare provider is owed by patients, insurance companies, or other third-party payers for the services provided. It primarily denotes the total amount or money that is yet to be collected for all the services rendered.
With our rapid follow-up services, which make sure you thoroughly understand the causes of delays in accounts receivable and swiftly follow-up with insurance companies and patients, we assist our healthcare providers in reducing days in A/R.
Every organization, including those in the healthcare industry, needs a strong accounts receivable (AR) process. In fact, effective accounts receivable management is essential for the survival of healthcare businesses since they encounter such unique challenges in their billing operations.
The Accounts Receivable cycle starts when healthcare providers jot down a bill or charge a patient or their insurance company. Despite indicating the money or amount owed, Account Receivable do not qualify as assets.
Providers typically classify accounts receivable in terms of their age:
- 1-30 days
- 31-60 days
- 61-90 days
- 91-120 days
Although Accounts Receivable is a standard step in the medical billing and RCM processes, you shouldn’t neglect it. The fewer funds are collected by your practice the more accounts you have in A/R. Sadly, the longer an invoice or claim remains in A/R, the less likely it is that your practice will get the entire amount due.
Your practice’s cash flow is reduced as the amount of unpaid accounts receivable (A/R) grows. Late or low-paid patient payments may eventually need to be written off (also known as “bad debt”), leading to lost income for the business. Your practice will expand and avoid financial challenges if you can keep your A/R minimal.
Let the experts help you!
It could be time to bring in an RCM team if your medical accounts receivable are making you feel overburdened. These professionals can process your unpaid accounts and assist your practice in receiving payments while lowering the overall number of days that you have unpaid accounts.
Our highly skilled RCM team at MedAR Resolve will work with your clinic to enhance the reimbursement process. They’ll assist you in raising collections so you may establish a successful medical practice by using their industry expertise and a variety of high-potential and premium solutions.