The main goal of Accounts Receivable (AR) in medical billing is to make sure the healthcare provider gets paid correctly and on time. It involves keeping track of money owed, fixing any issues that might cause delays in payments, and making sure the cash flow is smooth. The aim is to handle the finances effectively, get paid for the services provided, and keep the healthcare practice financially healthy.
Practices that Apexmedisys follows on accounts receivable
The process of tracking Accounts Receivable (AR) at Apexmedisys is a systematic and proactive approach aimed at ensuring the smooth and efficient management of our clients' financial health. It begins with a meticulous review of outstanding claims and payments, utilizing advanced tracking systems to identify any discrepancies or delays. Our dedicated team monitors the entire AR lifecycle, from claim submission to payment receipt, employing real-time reporting tools to keep clients informed about the status of their revenue. In the event of any issues or discrepancies, we swiftly initiate corrective measures, addressing challenges before they impact the financial stability of our clients' healthcare practices. Through transparent communication and a commitment to precision, our AR tracking process is designed to optimize cash flow, minimize outstanding balances, and provide clients with a clear and up-to-date financial overview.
We even segregate the claims into different age buckets as 0-30, 30-60, 60-90, 90-180 & high aged buckets as 180+ so that we can track claims and work effectively towards resolution and generate more revenue for our healthcare providers.
Why Choose Apexmedisys for Account Receivables?
- Dynamic Denial Management: Clients choose us for our proactive approach to identifying and addressing denials swiftly. By minimizing claim rejections and denials, we ensure a more fluid AR process, maximizing reimbursements and reducing revenue leakage.
- Patient-Centric Payment Solutions: A distinguishing feature of Apexmedisys is our patient-centric approach to payment solutions within AR. We implement strategies that facilitate easier patient payments, enhancing the collection process and positively impacting the overall AR performance for our clients.
- Regular Performance Analysis and Feedback: At Apexmedisys, we don't just manage AR; we continuously analyze performance metrics and provide valuable feedback to clients. This collaborative approach allows for ongoing improvement and ensures that AR strategies align with the evolving needs of our clients' healthcare practices.
- Efficient AR Workflow Integration: Apexmedisys seamlessly integrates AR workflows into the existing operational framework of healthcare practices. Clients appreciate the efficiency and ease with which our AR processes blend into their daily operations, minimizing disruptions and promoting a more streamlined financial workflow.
- Comprehensive Training and Support: Recognizing the importance of client empowerment, Apexmedisys offers comprehensive training and support in AR processes. Our client-focused training programs equip healthcare teams with the knowledge and tools necessary to actively participate in and optimize the AR management process.
Why outsource AR Collections to Apexmedisys?
Clients choose to outsource their AR projects to Apexmedisys to conquer challenges such as bandwidth limitations, backlogs, and high aging of accounts. With Apexmedisys, these hurdles transform into opportunities for revenue enhancement. Our specialized approach not only tackles existing issues but propels financial health, making outsourcing to Apexmedisys a strategic move for efficient AR management and sustained revenue growth.