If you’re a doctor or run a medical facility, you know how important accounts receivables are to your practice or bottom line. However, you probably don’t have the time to hire a team of accounts receivable specialists and get them trained. That’s where a medical accounts receivable company can help you. Here’s how.
Expertise of Staff
Most medical accounts receivable solutions companies have been in business for five, ten, even two decades or more and are highly adept at collecting payments from insurance companies and patients. They also hire experienced accounts receivable specialists who have associate’s or bachelor’s degrees in accounting as well as experience using spreadsheets and various accounting software programs. This qualifies these professionals to assist with your accounts receivable collections.
Keeps Costs Down
It’s generally much more cost-effective to outsource your accounts receivable functions than hire a team of accounts receivable specialists. That’s because accounts receivable specialists earn average salaries of $40,590 per year, according to Salary.com. They’d also require medical benefits and insurance. By comparison, a medical accounts receivable team would charge you a monthly fee that is significantly less.
Expedite Bill Collections
An experienced medical accounts receivable solutions team will review all accounts and post payments as they come in. It will also follow up with insurance companies, send out bills, research the reasons for denials and initiate the collections process against delinquent parties.
Variety of Services
Most companies that offer medical accounts receivable solutions will usually provide other helpful services as well, including HIM solutions, medical coding and billing and revenue cycle management. This enables you to use one source for all of your medical billing needs.
Ultimately, a medical accounts receivable company will dramatically increase the number of collections your office or medical facility receives from patients and insurance companies. This will, in turn, increase your cash flow and revenue.
GeBBS Healthcare Solutions, Inc is a leading BPO company with a world-class team of highly skilled medical and billing outsourcing professionals, and you can reach the company by visiting the website.