Every business must track and obtain their account receivables, or A/R, during the medical billing process. An account receivable is the amount a customer owes to a certain business once its services have been rendered and billed. This is an extremely important business aspect behind medical institutions such as hospitals, clinics, and private practices. A great number of medical organizations utilize expert medical billing services to ensure that these payments are appropriately filed, processed, and received.
ECLAT Health Solutions contributes a wide array of healthcare support services for numerous different healthcare providers, from the largest hospitals to smaller practice associations across the country. We seek to alleviate the pressures of medical administration from our clients so that they can concentrate on what is most important: a patient’s health and recovery. Here is why medical billing is one of our most important services provided to healthcare organizations:
A Consistent Stream of Revenue
One of the main sources of revenue for a medical institution, such as a hospital, is the account receivable payments they get either from the patient or their insurance company. If a hospital can manage its A/R system properly, it will receive the revenue it needs to stay open and treat more patients. Therefore, hiring an effective medical billing professional who specializes in A/R follow-ups will assure that your practice, clinic, or larger healthcare facility is successful and equipped to treat more people.
While certain federal and state mandates affect how quickly claims are processed, your medical billing specialists may shorten or lengthen the period of time between a patient’s account being charged and when its balance will be paid. What they also do is seek the accounts with outstanding charges and then discuss the best strategy for ensuring payment, then finally implementing it until the payment is secured.
All Claims Accounted For
A medical claim is basically the same as the account receivable, being the amount owed to the medical facility that provided their service. However, the difference of a claim is that it is essentially the bill for the A/R sent to the patient’s insurance company or other responsible insurance payers, such as the federal government for Medicare and Medicaid beneficiaries. Oftentimes, delays in payment happen because the insurance company didn’t receive the claim when it was first sent. Other times, it is due to a DRG mismatch for an Inpatient claim. Regardless,this is where the valued follow-up service comes in. Once they identify that a claim was made, but hasn’t been paid off yet, they investigate why. This investigation may sometimes involve a denial appeal with supporting documentation to back up the DRG mismatches. After they discover that the insurance company never received the first claim, then it is as simple as sending it again, preferably in electronic form.
Increased Reimbursement Optimization
Another important purpose for a medical biller’s A/R follow-up service is that it can increase the chances of getting your medical service fully reimbursed. Some insurance payers deny claims due to some discrepancies in the documents sent along with the claim itself. Medical billers can commit a follow-up by directly contacting the insurer and requesting the precise reason for denial. If it was due to certain pieces of information missing from the claim, then a corrected claim can be filled and sent again, resulting in the A/R being paid.
ECLAT Health Solutions: First-Rate A/R Follow-Up Services
The business aspects of healthcare can involve such mind-boggling amounts of detailed management and administration work. Help maintain your medical facilities revenue through our skilled and professional medical billing service specialists. At ECLAT Health Solutions, we collaborate with healthcare providers in these areas using our expertise in technology and operational efficiency.
Contact us with your concerns on your A/R follow up process and fill out our form today!