Accounts Receivable Management

Transform Your Revenue Cycle With Accounts Receivable Management Services

Healthcare professionals often grapple with administrative stress that leads to losing millions of dollars due to increased collection risks and denial rates. It is coupled with strict government regulations that put high pressure on medical practices. This pressure can be managed by regulating claims and denial management. Accounts receivable management services are the best solution for these issues.

It controls and monitors the payables by ensuring clinicians receive timely payments. CareMedix provides accounts receivable management services by identifying the root cause of these issues and improving financial health. We also develop effective strategies to optimize your payments for a streamlined future.

Elevate Your Medical Practice By Achieving Financial Measurables and Proven Results With Accounts Receivable Management Services

Accounts Receivable Management Services Help You In

Reduction of immediate Days Sales Outstanding (DSO)

Accounts receivable management services help you set a time to receive the payments. CareMedix provides these services by efficiently managing the records of patients, making final payment lists, and ensuring on-time collection. A low Days Sales Outstanding (DSO) is always a good sign for a medical practice and we help you in this regard.

Eliminating collection risks

Accounts receivable management services minimize payment errors and make the patients clear about their payables without any hesitation or investigation.

Leaving Time to Focus on Patients

Accounts receivable management services simplify the payment of medical bills for both patients and physicians. By using errorless data, a smooth flow of payments is guaranteed that leaves you with ample time to practice your specialty.

Eliminating credits and collection

Inculcating accounts receivable management services in the administrative structure of your medical practice ensures near-to-zero credits and collection. It is done by notifying the patients to avoid getting negative financial remarks on their profiles to get future loans easily. It also helps notify patients of their unpaid dues before time so physicians don't have to walk on narrow roads financially. This is how it benefits both the clinicians and the patients.

Facilitate Your Medical Practice With Accounts Receivable Management Services And Witness A Perpetual Stability In Your Revenue Cycle

Key Steps Involved in Accounts Receivable Management Services

The following steps are involved in providing the best accounts receivable management services:

Eligibility Verification

This includes checking the coverage of insurance and the subsequent benefits.
01

Communicating with Patients for Billing

This is done by sending billing statements to the patients by stating clear details with due dates.
02

Collecting Payment from Patients

It involves collecting payments via different portals like in-person payments, online portals, and phone payments.
03

Follow-up on Outstanding Accounts

Accounts receivable management services also involve contacting patients with outstanding payments to decide on new payment plans.
04

Aging Report Analysis

It involves identifying the potential issues to monitor the outstanding accounts based on their aging.
05

Reporting and Analytics

It includes keeping an eye on the key performance indicators (KPIs) like days sales outstanding (DSO) to map out the efficiency of accounts receivable management services.
06

Let’s Discuss More About Accounts Receivable Management Services

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    CareMedix is ready to take the challenges of your medical practice. Be it faulty medical billing, poor clinical quality reporting, or complex cash flow, our expert team analyzes your system to come up with a perfect solution.