Account Receivable Services in Medical Billing
Accounts receivable is outstanding payments owed to healthcare providers for the services they have rendered. Outstanding claims and delayed payment collections cause a lot of stress and hamper a healthcare organization’s smooth workflow. If denials and refusals are from insurance companies, the challenges multiply.
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Strict federal regulations make it tough to not follow compliance. Non-compliance also causes risk of unnecessary audits and penalties. This mounting pressure needs to be handled with proactive measures to manage denied or appealed claims- showing the importance of account receivable (AR) management in medical billing.
In the context of medical billing and coding, AR is important as it directly impacts healthcare provider's revenue cycle. Accounts receivable solutions by Instapay Healthcare Services covers all unpaid or partially paid claims that stem from insurance companies, patients, or third-party payers. Managing AR effectively ensures timely reimbursement for services provided, providing healthcare providers a streamlined process to manage outstanding payments.
Challenges faced in Accounts Receivable in Medical Billing and Coding
Claim denials and rejections delay payment. It is important to find out the root cause and take corrective action.
Collection of payment from patients is difficult, especially those with financial instability and hardships.
Claim denials, fines and legal issues are unavoidable when being non-compliant with latest regulations.
Integration of various software systems is challenging. It is important for seamless data flow.
Complicated billing codes such as ICD-10, HCPCS, and CPT, and regulations govern the medical coding process. These are constantly on change. Being updated with these ensures accuracy to reduce claim denials.
With a large volume of claims to be dealt with, outstanding payments and following up on overdue accounts gets difficult. A team that is dedicated to only working on these claims and follow-ups is essential to a successful practice.
AR Services by Instapay Healthcare Services Benefits
Responsive team that is working round the clock to help resolve any issues you might face.
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With timely and accurate claim submission and follow-up, we reduce your payment delays. This helps you achieve improved cash flow.
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Our claim management and denial resolution services reduce the frequency of claim denials, increasing chances of claims being paid on the first submission itself.
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Instapay Healthcare Services’ streamlined accounts receivable processes allows healthcare providers to focus on patient care and not be burdened with operational tasks.
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Patient satisfaction is automatically improved when confusion is reduced about bills through accurate and transparent patient billing. Patients have clear expectations regarding payment when communication is open.
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Claims properly coded and compliance with industry standards reduce risk of audits and penalties for incorrect and inaccurate coding.