{"id":1355,"date":"2020-06-10T11:52:40","date_gmt":"2020-06-10T11:52:40","guid":{"rendered":"https:\/\/www.ecareindia.com\/blog\/?p=1355"},"modified":"2020-09-24T12:43:20","modified_gmt":"2020-09-24T12:43:20","slug":"strategies-to-improve-account-receivable-management","status":"publish","type":"post","link":"https:\/\/www.ecareindia.com\/blog\/strategies-to-improve-account-receivable-management\/","title":{"rendered":"Strategies to Improve Account Receivable Management"},"content":{"rendered":"<div class=\"wp_plus_one_button\" style=\"margin: 0 8px 8px 0; float:left; \"><g:plusone href=\"https:\/\/www.ecareindia.com\/blog\/strategies-to-improve-account-receivable-management\/\" callback=\"wp_plus_one_handler\"><\/g:plusone><\/div>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.ecareindia.com\/accounts-receivable-management.html\"><img loading=\"lazy\" decoding=\"async\" width=\"735\" height=\"350\" src=\"https:\/\/www.ecareindia.com\/blog\/wp-content\/uploads\/2020\/06\/ARM1-1.jpg\" alt=\"\" class=\"wp-image-1358\" srcset=\"https:\/\/www.ecareindia.com\/blog\/wp-content\/uploads\/2020\/06\/ARM1-1.jpg 735w, https:\/\/www.ecareindia.com\/blog\/wp-content\/uploads\/2020\/06\/ARM1-1-300x143.jpg 300w\" sizes=\"auto, (max-width: 735px) 100vw, 735px\" \/><\/a><\/figure>\n\n\n\n<p>Effective account receivable management strategies are a crucial part of running an effective healthcare practice. An improving and streamlined account receivable process carries many advantages to the table. It also impacts the overall medical billing operations. By adopting an efficient strategy, dramatic improvements result in the account receivable process and provide exciting benefits for the business. Let us discuss some of the strategies to improve<a href=\"https:\/\/www.ecareindia.com\/accounts-receivable-management.html\"> <strong>account receivable management.<\/strong><\/a><\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>Analyze Your Accounts Receivable (AR) In Detail<\/strong><\/p>\n\n\n\n<p>Looking at a rapidly developing heap of account receivable will just put you on the road to success. For that, we recommend analyzing your account receivables. During the analysis, first, you have to measure the \u201cdays in AR\u201d which means the average number of days required to collect the payments due to the practice. Also, you need to measure the aging bucket for instance 0-30days, 31-60days, 61-90days, etc. These factors help you to track progress with older bills.<\/p>\n\n\n\n<p><strong>Prioritize Insurance Eligibility Verification<\/strong><\/p>\n\n\n\n<p>Prior insurance verification is one of the strongest indicators of AR.&nbsp; Checking the patient\u2019s insurance eligibility and coverage is the essential step in keeping up the financial growth of the medical practice. There are various ways to verify eligibility, namely: on the payer site by utilizing software and third-party products to gather detailed information. During the <a href=\"https:\/\/www.ecareindia.com\/insurance-eligibility-verification.html\">insurance eligibility verification<\/a> following details are also checked.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Insurance coverage details like coverage&nbsp; date, in-network or out of network coverage <\/li><li>Whether is it Co-pay amount<\/li><li>If it is Deductible amount and how much has been met up until now<\/li><\/ul>\n\n\n\n<p><strong>Identify the Denial Reasons <\/strong><\/p>\n\n\n\n<p>&nbsp;To improve the billing collections, identify\nthe most common reasons for claims denials. Below listed are few possible reasons\nfor claims getting denied:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Incorrect information from the patients<\/li><li>Charge Entry mistakes<\/li><li>Registration data error<\/li><li>Claims Duplications<\/li><li>Pre-authorization errors<\/li><li>Lack of medical necessity documentation<\/li><li>Bundled or Non-covered<\/li><li>Credentialing and documentation errors<\/li><\/ul>\n\n\n\n<p><strong>Outsource Account Receivable Management<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.ecareindia.com\/why-outsource-medical-billing.html\">Medical billing outsourcing company<\/a> provides end-to-end medical billing services for physicians. They use the latest, technologies to optimize business performance.<\/p>\n\n\n\n<p>Benefits of outsourcing the Account Receivable Management<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Identifies denied claims, unpaid claims, and low\npayments<\/li><li>Improves cash flow<\/li><li>Minimize accounts receivable days<\/li><li>Ensure error-free claims submission<\/li><li>An efficient follow-up to settle outstanding\nclaims and dues<\/li><li>Reduce medical billing and coding errors<\/li><li>Processes medical claims faster<\/li><li>Improves billing collection rates<\/li><li>Saves operational cost<\/li><\/ul>\n\n\n\n<p>Looking for<a href=\"https:\/\/www.ecareindia.com\/\"> medical billing companies in India<\/a>? .e-care is the best medical billing outsourcing company. We achieve effective revenue cycle management for your business. To know more about our services visit us www.ecareindia.com<\/p>\n<div class=\"wp_plus_one_button\" style=\"margin: 0 0 8px 8px; float:right; \"><g:plusone href=\"https:\/\/www.ecareindia.com\/blog\/strategies-to-improve-account-receivable-management\/\" callback=\"wp_plus_one_handler\"><\/g:plusone><\/div><!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<div class=\"wp_plus_one_button\" style=\"margin: 0 8px 8px 0; float:left; \"><g:plusone href=\"https:\/\/www.ecareindia.com\/blog\/strategies-to-improve-account-receivable-management\/\" callback=\"wp_plus_one_handler\"><\/g:plusone><\/div><p>Effective account receivable management strategies are a crucial part of running an effective healthcare practice. An improving and streamlined account receivable process carries many advantages to the table. It also impacts the overall medical billing operations. By adopting an efficient strategy, dramatic improvements result in the account receivable process and provide exciting benefits for the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.ecareindia.com\/blog\/strategies-to-improve-account-receivable-management\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Strategies to Improve Account Receivable Management&#8221;<\/span><\/a><\/p>\n<p><!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n<div class=\"wp_plus_one_button\" style=\"margin: 0 0 8px 8px; float:right; \"><g:plusone href=\"https:\/\/www.ecareindia.com\/blog\/strategies-to-improve-account-receivable-management\/\" callback=\"wp_plus_one_handler\"><\/g:plusone><\/div>","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[143,11],"tags":[177,178,106],"class_list":["post-1355","post","type-post","status-publish","format-standard","hentry","category-account-receivables","category-insurance-eligibility-verification","tag-account-receivable-management","tag-ar-management","tag-insurance-eligibility-verification"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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