Outsourcing Accounts Receivable Follow Up

UNION CITY, N.J. - Aug. 5, 2014 - PRLog -- Tracking down past-due balances and claim denials from insurance companies and patients is tedious work and consumes precious time that many physician practices simply don’t have no matter if you have two or ten people on staff for front and back office work. This is also an area that can become incredibly costly for practices. We don’t have to tell you twice that if money isn’t coming in the door exactly when balances are due, the likelihood of capturing those balances lessens as time goes on.

Among other time-consuming areas physician and clinical practices must handle on a daily and weekly basis, this is an area of a practice that is especially ideal for outsourcing. Specialized organizations can devote the proper time to the process and have the expertise to maximize collections.

An outsourced accounts receivable collections (http://www.clinicspectrum.com/ar_follow_up.html) process begins after the physician’s billing staff creates and sends insurance claims (electronic/paper claims or manual HCFA forms) to various insurance companies. Follow up on electronic claims (http://www.clinicspectrum.com/ar_follow_up.html) should begin 10 days after submission, and paper/ Health Care Financing Administration (HCFA) claims follow up should begin 20 to 45 days after submission.

The follow-up process is divided into three methods:

Online Claims Follow-Up (http://www.clinicspectrum.com/ar_follow_up.html) – Using various Insurance company websites and internet payer portals, the service provider checks on the status of outstanding claims.
Automated Claims Follow-Up – By calling Insurance companies directly, an interactive voice response system (IVR) will give the status of unpaid claims.
Insurance Company Representative – If necessary, calling a “live” insurance company representative can provide a more detailed reason for claim denials when such information is not available from either websites or automated phone systems.

These outsourced services can help practices delegate specific time-consuming tasks and maximize their collections to boost the bottom line. Get money flowing in the door today – don’t wait.