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Category Archives: Account Receivable Management

4 Impactful Medical Billing Reports for a Profitable Practice

Medical Billing Reports help a physician to understand the financial health and the business side of the practice. The reports clearly show the different revenue cycle metrics, which indicate the areas of concern needing corrective action and the areas where revenue can be increased. Whether revenue comes from payors or patients, medical reports help a practice stay profitable while delivering excellent patient care.

Listed below are four impactful reports that will help a physician monitor the practice’s financial health and not leave money on the table. (more…)

WHY PRE-AUTHORIZATION IS VITAL IN MEDICAL BILLING MANAGEMENT

What is pre-authorization?

Pre-authorization is the procedure of obtaining prior approval from payors before medical services are rendered to patients. It indicates that the payor confirms the medical necessity of the service, treatment plan, prescription drug, or durable medical equipment being offered/prescribed. (more…)

Cleanup Aging AR Using Onshore and Offshore Resources!

Managing Accounts Receivable (AR) and a healthy cash flow is a major challenge for every healthcare professional and facility. In the healthcare industry, AR represents the amount that is due from insurance companies and patients.

To understand the AR status of a practice, “Days in AR “is computed, which is the average number of days it takes to collect payments that are due to the practice. The AR is then classified into buckets such as 0-30 days, 31-60 days, 61-90 days and so on separately for patients and payors. The aging AR bucket data indicates the performance of the billing department. (more…)