Cash flow is the bloodline for any business. Businesses can endure a lack of benefits, yet can’t endure a lack of cash flow. Managing account receivables is fundamental to the financial health of the medical practice. Account receivable management's objective is to keep the inflow of cash healthy. The ability to maximize collection and productivity relies upon it. Thus, it is significant that practices realize what process they can actualize to guarantee smooth-running AR operations. A general guideline for reducing your accounts receivable is to focus your energies where there is guarantee of return for the least amount of exertion. For most practices, this implies concentrating on decreasing the amount of denied claims from insurance agencies. Hence it is imperative to think about account receivable management solutions.

Verify insurance benefits

For most practices, invalid insurance is the most common reason for claims rejection. The  reason for the rejection is inability to appropriately verify benefits prior to the time of service.

Few tips to avoid claim denials

• Verify benefits for each patient, on each visit
• Use the billing system to automate the insurance verification
• For the future purpose, scan the patient’s insurance card into the billing system. So you can easily recheck the ID number, patient name, Insurance information, etc when the claims get denied.
• Verify the patient insurance information such as co-pays, payable benefits, co-insurances, patient policy status, effective date, insurance plan type, coverage details, claims mailing address, lifetime maximum, etc.

Follow-up with Outstanding Accounts Receivable

AR follow-ups effectively recover the overdue payment from insurance agencies on time. AR follows up services enables healthcare organizations to run smoothly and effectively while ensuring the owed amount is refunded back in as short a period as could be expected. Account receivable follows up team is responsible for denied claims,  reopen them to get maximum reimbursement from insurance agencies.

Benefits of outsourcing accounts receivable management

Effective account receivables management ensures that working capital requirements are kept at least. Account receivable management can incredibly improve your primary concern benefits. When you comprehend the expense of carrying an unpaid balance and measure your exhibition with the correct measurements, you will begin to see opportunities to improve.

• Reduce denials and improve claim management
• Reduce compliance risk
• Improve coding accuracy
• Increase revenues 
• Improve billing and collection efficiency and reduce the operational costs
• Stop profit leakages

About MGSI

MGSI is the top Medical billing outsourcing company in Florida. MGSI is an A+ rated company with Better Business Bureau and HIPAA compliant certified company. We have 25 years of experience in revenue cycle management services. We always ensure a high level of patient data and network security. We provide various billing services such as anesthesia medical billing, cardiology medical billing, radiology billing, healthcare contract management, AR follow-ups, denial management, revenue cycle management, Insurance eligibility verification, etc. We use the latest technologies to minimize medical billing errors and maximize billing collections. To know about our services log on to our website: www.mgsionline.com  and Schedule an appointment with us.