Tips on How to Reduce Days in Patient Accounts Receivable by Outsourcing the Process - Sybrid MD

Tips on How to Reduce Days in Patient Accounts Receivable by Outsourcing the Process

In medical and Healthcare field, the decline of refunds, rise in deductibles of patients as well as rise in the expenses of operation is increasing the gap between the investment and the returns. The filing procedure and following up on the claims for insurance is getting serious for hospitals and for medical professionals.

Outsourcing the management of your accounts receivables can give you relief from a colossal task and you can benefit from the expertise of the professional AR managers.

About us

Sybrid MD provides one of the best accounts receivable management services. Our aim is to improve the status of your financial health by ensuring uninterrupted flow of cash and undisturbed revenue cycle. Sybrid MD is a certified by entity and all its operation are HIPAA compliant. We can serve you in the following way:

i. We guarantee your business high level of accurate results as we hold the certification of privacy and security.

ii. We guard your data in a rigorous way so to assure you that all your practice information is under complete protection.

iii. For uninterrupted continuity of your business, we expand your resources according to your requirements and can serve you at every scale.

Accounts Receivable (AR) Management Services:

In order to help physician practices and healthcare organizations in the management of their accounts, we have designed a system of experienced AR professionals. This system is responsible for measuring the following aspects:

i. Ever-increasing rate of Accounts Receivable days

ii. Undesirable aging of insurance account

iii. Rising extent of denial.

Our TIPS for reducing in patient Accounts Receivable:

Following are some tips helpful for physician practices:

i. Monthly tracking of claim records:

The monthly tracking of submitted medical billing claims is performed by our squad of accounts receivable experts. This action enables us to detect if the exact payment of a certain claim is received or if there is any case of under-payment. With the help of this detection, we make sure correct and right actions for recovery of your payment.

ii. Managing the denied claims:

Our highly experienced AR managers quickly and efficiently find out the errors in the billing process and rectify it. Doing so, we help our clients stay in control of their accounts. The steps to detect any type of errors in denied claims are as follows:

a) Review of sources of the information

b) Analysis of medical coding

c) Identification of mechanical or repetitive issues

d)Involvement of our Denial Analysts for further queries regarding errors in denied claims.

iii. Further examination by discussion:

After the completion of procedure of claiming a medical bill, further examination of the patients through discussions is being performed for detecting if there is any pending balance. In order, not to dissatisfy our customers, we, follow the rules of good customer service. In case the patient is avoiding the further discussion after medical claim has been submitted, the remaining balance is placed in the collections. A complete documentation is done regarding this process which is then provided to you for making improvements or additional strategies.

iv. Reporting service

We provide you with complete reporting service regarding information about insurance aging procedures. In this way, you will be able to know about your current and previous financial status so to mark up the rate of rises or falls in your revenues. Also, you can measure how long your accounts receivable settlement and cycles of collecting claims is. Our weekly and monthly reports will enable you to stay informed about the revenue status and take knowledge-based decisions for further investments.

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