Revenue cycle management encompasses the entire financial journey of the practice, from verifying patient eligibility for visits to collecting all outstanding balances. With more of the financial responsibility falling on the patient than ever before, collecting account receivables can be challenging. Are the balances accurate? How long do you let them go before you send them to collections? Or do you just write them off?
Accurate and timely payment posting can be one way to help in determining just where you stand with your AR balances. You don’t want to attempt to collect payments that have already been settled. That can cause mistrust and negative feelings from patients.
AR is time-consuming and can involve uncomfortable conversations for both you and the patient. Training staff on effective communication with patients regarding financial responsibilities takes effort as does persistent follow-up for collections. Research shows that patient collections normally take more than a month for 74 percent of healthcare providers. Billed Right can help. Our medical billing services include streamlining patient payment processing and the collecting of outstanding balances sitting in your accounts receivable.
In addition to sending out up to three patient statements and following up, our team addresses all the inbound patient calls related to the patient account.
Our medical billing services ensure accurate payment posting and streamline patient payment processing. By focusing on balance verification and patient account management, we help maximize medical practice revenue. We also improve billing accuracy and enhance patient payment collection efforts. Our AR follow-up ensures that you are not wasting time on previously resolved payments. With real-time eligibility verification, we manage your AR efficiently.
