When you own or run a medical facility, you must have people in place who can facilitate the payments stemming from the vast number of medical claims. And while hiring your own accounts receivable may be a viable option, you’re better off outsourcing the accounts receivable function if you’re a relatively small operation. With that in mind, here are some key benefits of using an accounts receivable firm.
Most companies that work in the Medical Accounts Receivable Solutions industry are highly experienced in dealing with insurance companies, physicians, patients and case managers. And the workers they hire to handle these functions are educated and trained to handle claims and collections. They also know the medical lingo, enabling them to communicate with anyone involved in the claims process.
When you’re searching for a firm to who you’ll outsource your medical accounts receivable function, you want someone who has a successful record in collecting payments from insurance companies and patients. In fact, the closer the firm is to 100 percent collections, the better.
The Medical Accounts Receivables Solutions firm you use will better help you track and collect the proper amount of money from those who owe you. Most of these firms have proprietary systems that can expedite the collections process.
Improve Cash Flow
Like most businesses, you have revenue goals to achieve each quarter or year. And when you have the right medical accounts receivable team in place, you can better meet your financial objectives.
Many Medical Accounts Receivable Solutions companies will offer a number of services, including coding, risk adjustment, offshore medical billing, HIM and RCM solutions, iCode Assurance and patient contact solutions. This means you only have to hire one company to handle all your medical billing needs.
For more information on Medical Accounts Receivable Solution, contact GeBBS Healthcare Solutions today!