Accounts receivable services enable you to keep track of customer payments and manage company cash flow. Our accounts receivable management services may include collections, invoicing, and customer service. Furthermore, accounts receivable services can offer vital insights into client behavior. AR can help you spot trends and improve your collections and billing operations.
MAVA Care ensures prompt recovery of past-due payments from insurance providers. Accounts receivable (A/R) follow-ups have a role in medical billing. It helps healthcare service providers run their practices more effectively and successfully, while also guaranteeing that owed cash is reimbursed as quickly as feasible.
A/R follow-up refers to the process of meticulously tracking and resolving pending claims and unpaid balances with insurance companies and clients. MAVA Care offers the following accounts receivable services to hospitals:
Positive cash flow is critical for a medical practice’s financial stability. A strong A/R management department acts as a watchdog, assuring timely payments and receivables to cover expenses and enable successful accounts receivable management services.
Our skilled A/R follow-up team combats healthcare providers, ensuring that late payments are collected without difficulty. Our team of AR specialists thoroughly examines the explanation of benefits before resubmitting claims with the necessary data to secure late payments and maintain a healthy cash flow for your healthcare practice.
Not all medical billing claims achieve their intended destination, which is the health insurance carrier. Our electronic filing can help to reduce claim losses while also ensuring a seamless payment procedure. To detect any delays in the handling of claims, our AR team quickly follows up on the claims.
Our practical approach to dealing with and handling refused claims is critical. Rather than waiting for paper denials in the mail, the A/R team may reach out to the insurance company to determine the reasons for denials. By promptly addressing denial reasons, the A/R team can expedite the correction process, resubmitting claims up to 7 days ahead of schedule and drastically lowering payment turnaround time.
Pending claims, which frequently require additional information, can become a concern in the revenue cycle. A hands-on A/R team mediates, contacting members promptly to expedite the process and ensure a consistent flow of money.
Accounts receivable services give our medical payments a quick flow through the tools and resources required to streamline invoicing, collections, and reimbursements. AR services can provide a variety of benefits, including the following important advantages:
In AR services we ensure that payment will be done as soon as possible and send reminders to those who do not pay on time. This enhances the flow of cash out as it controls the amount of money that is being used to purchase stocks.
Accounts receivable management services can save you time and money by handling all aspects of invoicing and accounts receivable collections, from creating invoices to issuing reminders and follow-ups. This allows your personnel to focus on other work and helps you avoid penalties for late payments.
Our AR services can provide insights into the behavior of your customers, including trends and payment patterns. Your business strategy and client relations will both benefit from the information. You may better understand your customers’ buying habits and develop products and services that meet their needs by monitoring payment trends.
Managing accounts receivable services can be costly, especially if you lack a professional accounting team. Outsourcing this process to a professional firm allows you to focus on managing your business.
Some of our special situations which we handle carefully include the following: No Remark Claims and Last Remark Claims; we are very compassionate and probe any claim that has no status until all circumstances are clear.
We carefully manage last remark assertion and denial statements which consist of authorization issues, referral issues, and COB disparities. Through our constant focus on improvements and consolidations, we pass by many phenomena, including EDI rejections, worker’s compensation incidents, and PIP.
Several operations and steps come initially when it comes to healthcare billing and management: payment posting, charge entry, and verification among others. In these processes, a medical billing specialist identifies the diagnosis and the procedural code, all from a patient’s treatment plan.
Medical AR management services monitor and follow up on pending invoices from insurance companies and clients. This proactive strategy aids in discovering and resolving outstanding amounts quickly. Most medical providers face multiple challenges, including the long receivable cycles, which essentially:
Contracting out AR follow up in medical billing relieves you from excessive work pressure while the service providers assign a skilled workforce toward your practice’s AR welfare. In this way, it will be possible to level up the healthcare providers and remain more focused on their targeted core competencies wherein they’ll be able to handle multiple challenges effectively and efficiently.
