Accounts receivable (A/R) is the money you are still waiting to get from your clients for the services you gave them. These clients can be patients or insurance companies. This means you have already done things like check-ups or treatments but haven't been paid yet. Keeping track of A/R helps doctors and medical offices know how much money they should get and from whom. It's important to remind people to pay what they owe so the medical office can keep working well and continue helping people.
Accurate accounts receivable records help healthcare providers like Quantum Medical Services predict their cash flow, which is essential for budgeting. Managing AR ensures timely payments and financial stability.
Studies show healthcare providers usually wait 30-120 days for payment. Quantum Medical Services uses an effective collection process to speed up payments. You can also hire us for custom AR solutions and specialized follow-ups.
The process of accounts receivable follow-up includes these steps:
Look at the accounts receivable aging report to find and study the claims. The team checks the provider’s rules and decides which claims to remove from the total.
Identify claims that can’t be collected or when the insurance company hasn’t paid the agreed amount.
After checking all billing details, like the claims address and medical billing rules, refile claims within the carrier’s time limit. Prepare patient bills and follow up with patients for payments.
Keep track of the claims regularly to make sure no delays or missed payments. This helps in identifying any issues quickly and resolving them.
It's not unusual for healthcare providers to note a rise in costs without a matching increase in their earnings. If they don't track their accounts receivable routinely, a pile of unsettled invoices past a 180-day due date could stack up. This is seen often.
Handling unpaid claims takes a lot of time to research, correct, appeal, and refile. A small team can't keep up with this work, making it hard to reduce or eliminate outstanding accounts receivable and collect the money quickly.
By outsourcing accounts receivable services, medical providers can have a specialized team focused on getting payments faster and keeping cash flow steady. This helps the practice run smoothly without overburdening the staff.
Running medical billing smoothly means healthcare providers need to keep several key points in mind. They should check insurance details, understand patient payment requirements, ensure accurate billing and coding, and deal with denied claims promptly. By letting us take on your accounts receivable duties, you can tackle these tough tasks with less hassle and more cost savings.
Here are some important reasons to choose Quantum Medical Services for accounts receivable:
Our accounts receivable ensures you get paid by all your clients. This keeps your income steady so you can pay your doctors and buy the medical equipment and supplies you need.
Our dedicated team does regular accounts receivable to ensure you get the most money back, which means fewer late payments.
At Quantum Medical Services, we send claims electronically so you know if a claim is accepted or denied. If denied, you can quickly send another request.
Our team of experts handles A/R follow-up carefully, reducing mistakes and making sure payments are on time.
We provide custom reports on your A/R status to help you keep track of and manage your money better.
Our efficient follow-up processes improve your cash flow, making sure your practice runs smoothly.
We offer top-notch customer support to quickly solve any issues or concerns you might have.
Accurate A/R records help healthcare providers know how much money they will get, which is important for planning their budget. Managing A/R make sure that payments come on time and keeps the finances stable.
Healthcare providers usually wait 30-120 days to get paid. Quantum Medical Services uses a good collection process to make payments come faster.
Outsourcing A/R services means having a specialized team focused on getting payments faster and keeping cash flow steady. This helps the practice run smoothly without overloading the staff.
