What are Accounts Receivable (A/R)?

A/R refers to the total amount of outstanding payments from patients and insurance companies for services your practice has provided.  This includes:

• Patient responsibility: Co-pays, deductibles, and any remaining patient balance after insurance coverage.
• Unpaid insurance claims: Claims submitted to insurance companies that haven’t yet been processed or reimbursed.

Effective A/R Management is Key:

Managing A/R effectively is vital for maintaining a healthy cash flow for your practice. Here’s why:

• Improved Cash Flow: Minimizing outstanding balances ensures you get paid faster for the services you deliver.
• Reduced Administrative Burden: Streamlined A/R management frees up your staff’s time to focus on patients.
• Enhanced Financial Reporting: Clear understanding of A/R allows for accurate financial forecasting and decision-making.
• Reduced Risk of Bad Debt: Proactive A/R management helps minimize the risk of unpaid balances becoming uncollectable.

Medical Billing Solutions Can Help:

We offer comprehensive services to optimize your A/R management, including:

• Detailed A/R Reports: Gain real-time insights into your outstanding balances, categorized by patient, insurance company, and age of the receivable.
• Efficient Follow-up: Our team follows up on outstanding balances promptly and professionally, ensuring timely collections.
• Clear Communication: We maintain clear communication with patients and insurance companies regarding A/R balances.