Account Receivable is the outstanding payment for the medical service rendered by the physicians to be collected from the insurance company and the patients. While the physicians and medical practices are tied up with patient care and daily chores of claims processing; it is also essential to look back to analyze what is collected and outstanding payments causing revenue leakage These pending payments need a rigorous process namely “Accounts Receivable Management” to ensure closing the claims with maximum reimbursements so the physicians are duly paid for their service.
Accounts Receivable Management
Accounts Receivable management plays a vital role to maintain healthy cash flow as the focus of this process is towards collecting all expectant and payable revenue due towards the claim from payers and patients. The process also works towards clearing up aging AR to avoid revenue loss. Accounts receivables are categorized in aging buckets based on the number of days they have been paid for. With best efforts and an experienced partner like MGSI; AR can be maintained within 30 days bucket. Our accounts receivable management team can take up old AR and work on them ensuring every penny is collected. Looking for AR Management service or end-to-end medical billing service, MGSI has the expertise to back you with over 29 years of experience.
Why outsource the Accounts receivables Management process to MGSI?
The accounts Receivable process deals with AR report analysis, identifying claim denials, refiling the denied claims appeals, and regular follow-up; which involves tracking, reporting, analyzing, calling, and many more tasks to get the claim closed successfully and profitably; which can be cumbersome to a medical practice or a physician as their time and efforts are focused towards patient care and submitting new claims.
MGSI offers to work on Accounts Receivables as a standalone scope of services or as part of end-to-end medical billing and revenue cycle management services. Our clients leverage our expertise for uncollected revenue and to bring down the AR aging claim ratio, increase cleaner claims and overall revenue flow.
MGSI with around 3 decades of experience in Healthcare Revenue Cycle Management has exceptional track records of being the best Medical billing service provider with 95% claim first pass ratio and 96% of claims paid in 0-30 days. Partnering with MGSI can help you clear up AR backlogs by collecting all outstanding payments in no time.