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Outsource Medical Accounts Receivable Services

Outsource Medical Accounts Receivable Services

Experience the power of advanced receivables management with us! Experience seamless insurance verification, expert denial management, and maximized returns.

Healthcare accounts receivable services help clients manage funds owed to them from both patients and insurance companies. We understand that healthcare revenue cycle management involves billing patients, submitting claims to insurance companies, and ensuring timely payment. It involves complexities like coding diagnoses and procedures and mistakes in these processes can result in denials or delays in payments leading to substantial arrears in payments.

By outsourcing these medical accounts receivable services, you can simplify the process and ensure that all services are billed accurately. Our advanced software omits guesswork by efficiently handling contractual adjustments and calculating patient medical billing. With our secure and regulatory-compliant software, you can be confident that patient data is protected. Partner with us to reduce your write-offs and days sales outstanding. Let experts take care of your A/R management while you focus on patient care.

Client Success Stories

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We Provided Rehabilitation Transcription Services Provided to a Healthcare Provider

We provided reliable and accurate rehabilitation transcription services to its client and helped also helped it sync its data to a new EMR system.

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Quick and Accurate Teleradiology Services Provided to a Medical Imaging Firm

A leading medical imaging service provider requires quick teleradiology services. We provided high-quality and accurate services, thereby reducing the turnaround time and helping the client save on costs.

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Customer Testimonial

Clients Speak

I want to thank you both for the great job you are doing. I could not be happier with my decision to work with you. I am looking forward to our continued relationship and growth.

Owner, Medical Billing Services Company, California, USA

End-to-end Healthcare Accounts Receivable Services We Offer

We fuse blockchain technology with our services to ensure unprecedented levels of transparency and security in A/R management. Our solutions significantly reduce billing errors and safeguard against fraudulent practices:

  • EOB Analysis

    EOB Analysis
    • Comprehensive claim adjudication review
    • Insurance payment discrepancy identification
    • Adjustment reason code interpretation
    • Provider payment trend analytics
  • Medical A/R Follow-up Services

    Coding for Podiatric Procedures
    • Insurance payer communication protocols
    • Claims status update frequency optimization
    • AR days reduction strategies
    • Denial prevention tactics
  • Payment Posting

    Payment Posting
    • Accurate patient account allocations
    • Insurance versus patient payment reconciliation
    • ERA (Electronic Remittance Advice) utilization
    • Financial ledger accuracy maintenance
  • Denial Management

    Denial Management
    • Root cause analysis methodologies
    • Corrective action plan implementation
    • Cross-functional team collaboration
    • Payer-specific denial coding
  • Accounts Receivable Aging Analysis

    Accounts Receivable Aging Analysis
    • Debtor period classification
    • Early intervention trigger points
    • High-risk account prioritization
    • Revenue leakage minimization
  • Patient Account Management

    Patient Account Management
    • Account status real-time tracking
    • Patient liability estimation processes
    • Service charge adjustments handling
    • Financial responsibility communication
  • Remittance Advice

    Remittance Advice
    • Payer remittance breakdown analysis
    • Adjustment and denial code application
    • Financial transaction compliance checks
    • Remittance reconciliation with bank deposits
  • Write-Offs

    Write-Offs
    • Non-recoverable debt identification
    • Contractual adjustment verification
    • Bad debt provision calculations
    • Financial impact analysis

More Services We Offer

 Financial Reporting
 Compliance and Regulation Adherence
 Patient Statements and Communication
 Medical Billing Support
 Financial Counseling Services

Streamlined Process Flow for Medical Accounts Receivable services

Our comprehensive process flow ensures seamless financial management. Each step is designed to effectively track, manage, and recover payments while maintaining clear communication with patients and insurers.

 

01. Payment Posting

We record the payments from patients and insurance companies ensuring all payments, adjustments, and denials are properly accounted for.

 

02. Follow-Up

We continuously track and monitor the submitted claims, ensuring they are processed by the insurance companies. We shortlist unpaid or denied claims and decide the course of action.

 

03. Initiate Appeals

An appeal is initiated, if a claim is denied by the insurance company. Before filing the appeal, we review the claim, correct the errors, and provide any additional information required.

 

04. Patient Follow-Ups

We communicate with patients regarding their outstanding balances. We explain them their bills and discuss available payment options to settle their accounts.

 

05. Collection Strategies

We recover unpaid balances by sending reminder letters, making phone calls, and setting up payment plans.

 

06. Reporting and Analysis

Our reports assess the effectiveness of the accounts receivable process, analyze payment trends, and identify areas of improvement.

Software We Leverage

Kareo eClinicWorks AdvancedMD medisoft athenahealth

Why Choose Our Services in Medical Accounts Receivable Services?

To attain financial efficiency and revenue growth for your healthcare practice, partner with us today. The key indicators of our services include -

  • Integrated Electronic Health Records (EHR)

    We integrate various EHR systems with our services to ensure the seamless flow of patient data from clinical records to billing systems. This supports real-time eligibility verification, pre-authorization and accurate coding practices.

  • Advanced Predictive Analytics

    We utilize machine learning models and predictive analytics that forecast potential disruptions in cash flow and identify risky accounts receivables. This proactive strategy allows for timely interventions and adjustments to maintain a healthy cash flow.

  • AI-Based Automation for Claim Submission

    We use artificial intelligence to automate the claims submission process, reduce errors, and increase processing speed. Our algorithms adapt to denial management patterns, enabling continuous improvement in claims processing efficiency.

  • Blockchain for Secure Data Sharing

    We implement blockchain technology for secure and transparent sharing of medical records and billing information across providers and payers. This enhances data integrity and expedites the verification processes leading to faster claim approvals.

  • Cloud-Based Infrastructure

    Our cloud-based accounts receivable platform offers scalable and adaptive solutions tailored to your needs, ensuring high uptime and minimizing local IT maintenance demands. It guarantees uninterrupted billing operations and a consistent revenue flow.

  • Real-Time Reporting Dashboards

    Our dashboards provide actionable intelligence from payer performance to individual claim status enabling effective management of receivables at a granular level.

Industries We Cater To

Medical billing & RCM companiesMedical billing companies
Healthcare providers Healthcare providers
Property managementProperty management
Insurance companiesInsurance companies
Collection agenciesCollection agencies

Additional Services You Can Benefit From

Medical Billing and Coding Services

Our services comply with ICD-10 and CPT coding guidelines. Our consistency in payer reimbursements streamlines your financial operations and reduces denial rates.

Healthcare Claims Adjudication Services

Beyond automated reviews, we also conduct manual checks of claims to flag potential duplications, discrepancies, or treatments that don't align with standard medical guidelines.

Medical Transcription Services

Our services extend the reach of your medical journals with our 99.9% accurate voice-to-text transcriptions, provided by medical experts with two decades of experience.

Medical Claims Processing Services

Our services accelerate the claims submission and reimbursement cycle. We ensure quicker turnarounds by minimizing delays and errors in the handling process.

Outsource Medical Accounts Receivable Services to O2I

Outsourcing your medical accounts receivable services to us gives you an extra edge in this current competitive healthcare industry. Our proficiency in using advanced AR systems delivers accuracy and speed in claims processing and receivables management. Our globally recognized team tailors strategies for diverse healthcare sectors, ensuring optimal financial operations by addressing industry challenges such as delayed reimbursements and regulatory compliance, enhancing your cash flow and revenue cycle. Our offshore services provide seamless communication and real-time updates, delivering efficient remote management for your accounts receivable. Choose us to leverage the power of innovative, technology-driven solutions, and drive your practice towards financial excellence.

Contact Us

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Flatworld Solutions Address

USA

116 Village Blvd, Suite 200,
Princeton, NJ 08540

Our Customers

  • Movement Mortgage
  • Alcon
  • ARI
  • Maximus
  • Redwood E-Learning Systems

Frequently Asked Questions (FAQs)

What role does an Accounts Receivable (AR) representative play in the medical billing cycle?

An AR representative in medical billing is responsible for tracking and following up on outstanding payments owed by patients and insurance companies. They ensure that the healthcare provider receives timely payment for services rendered.

How does the Accounts Receivable (AR) function differ from the general billing operations in healthcare?

The AR function focuses on managing payments after claims have been submitted and involves following up on unpaid claims, while general billing operations encompass the creation and submission of medical claims based on services provided.

Is it feasible to outsource the management of accounts receivable tasks?

Yes, outsourcing accounts receivable tasks are not only feasible but can also enhance efficiency and revenue recovery. It allows healthcare providers to focus on patient care while specialists handle the complexities of AR management.

Can you outline the workflow of the accounts receivable process within the medical billing framework?

The AR process starts with insurance verification, followed by claim submission, payment posting, denial management, and follow-up on outstanding claims. It's a cycle aimed at maximizing revenue collection for healthcare services.

What strategies are effective for addressing and rectifying negative balances in accounts receivable?

Addressing negative AR balances involves reviewing and reconciling accounts, identifying any billing errors, processing adjustments, and issuing refunds if necessary. Regular audits and clear communication with payers and patients are key strategies.