The term “accounts receivable” is used to describe the unpaid balance due from clients such as patients or insurance companies for medical care provided. Accounts receivable are an important part of a medical practice’s financial success, as it serves as a significant source of cash flow. It is an important component of revenue cycle management in the healthcare industry,
At Doctor’s Revenue Services, we have devised the ideal way to deliver customer-centric medical accounts receivable services to enable healthcare businesses to identify and mitigate all causes of revenue leakage.
According to recent studies, the average Accounts Receivable in the healthcare industry ranges between 30-120 days. This means that healthcare providers may have to wait several months to receive payment for their services.
This process usually involves submitting accurate claims, verifying patient demographics and insurance information, collecting payments from both insurers and patients, and coding medical services correctly. As soon as the claims are processed, healthcare providers get paid for their services.AR management involves tracking, monitoring, and collecting payments for these services.
As healthcare providers, it is essential to closely monitor accounts receivable in order to maximize revenue and prevent costly denied claims or late fees. Healthcare providers must address accounts receivable issues in a timely manner to prevent their patients from becoming delinquent on payments and creating a negative impact on their bottom line.
Entrust the management of accounts receivable to professionals – this is an investment in the stability of your business!
Medical billing is collecting and processing claims for different types of healthcare services. It involves tracking patient information such as insurance coverage, deductible amounts, and other details about a patient’s medical history to ensure that all patients receive appropriate care.
Also, a baseline of charges is established for each patient who received care to calculate the amount owed by insurance companies and third parties.
Medical billing is a crucial part of the healthcare system, as it ensures that all insurance companies and patients receive their respective share of the cost of treatment.
We take HIPAA compliance very seriously and have implemented strict policies and procedures to ensure that all patient information is confidential and secure. We also regularly review and update our security measures to ensure they are up-to-date and effective.
We offer various medical billing services, including billing, coding, and collections. We also offer specialized services such as Credentialing, Denial Management, Account Receivable, and Virtual Medical Scribes.
Keeping up with the constantly changing regulations and medical billing requirements can be time-consuming and overwhelming, especially for small practices. Outsourcing your billing to a professional service can save you time and money and ensure that your claims are processed accurately and efficiently.
Outsourcing your medical billing to Doctor’s Revenue Services can save you time and money while ensuring that your billing and coding are accurate, up-to-date, and fully compliant with all relevant regulations and standards.
Our team is composed of highly trained and certified medical billing and coding experts with years of experience in the industry.
Also, a baseline of charges is established for each patient who received care to calculate the amount owed by insurance companies and third parties.
Medical billing is a crucial part of the healthcare system, as it ensures that all insurance companies and patients receive their respective share of the cost of treatment.
Contact us today to schedule a consultation, and we’ll help you get started with our services.
We truly care about our clients and their success. We take the time to understand their needs and tailor our services accordingly. We also have a team of professionals who are passionate about what they do and are committed to providing the best possible service.
Initial credentialing typically requires a completed application, proof of education and training, and verification of licensure and insurance.
The cost of credentialing can vary depending on the healthcare organization or insurance company. At Doctor’s Revenue Services, we strive to provide affordable and competitive pricing for our clients.
In medical billing and coding, common mistakes occur. Most of these need to be corrected: incorrect patient information, coding errors, incomplete documentation, not verifying insurance coverage, improper use of modifiers, duplicate billing, missing filing deadlines, failing to follow up on denied claims, insufficient training and education, and ignoring updates and changes.
Such mistakes might result in refused claims, delayed payouts, compliance problems, and missed revenues.
