Don’t Leave Your Balance Outstanding
Let I-Med Claims Recover Your Aging Collections
Our AR recovery specialists design simple solutions to recover your uncollected dollars & streamline your cash flow. We are aimed to achieve the paradigm of decreased expenses while increasing your current revenue.
What To Expect From AR Recovery Specialists At I-Med Claims?
Did you know? 75% of healthcare practitioners stay unaware of their outstanding balance. Only a few healthcare businesses successfully reimburse their 100% claims. Do you want to know what strategy do they follow? Let us unreveal!
Successful healthcare businesses understand that they have to begin debt collection as soon as they deliver patient care services. Because when a patient fails to pay or falls behind on payments then it drastically reduces the chance for healthcare providers to collect money.
However, it requires a dedicated workforce and expensive solutions to track down the payments of each patient and their insurance payers. Therefore, wise medical care providers outsource AR recovery services to reliable resources. In this way, they are obliged to only pay fixed charges of the third-party AR recovery services firm without worrying about the additional expenses of the solutions required.
I-Med Claims utilize well-functioning business solutions designed over the idea of a “streamlined account receivable recovery procedure” which results in faster and larger recovery of your outstanding balance. Eventually, it reduces the number of aging AR days of your accounts and prevents your practice from the dilemma of increased expenses.
Our well-defined account receivable recovery solution involves the following essential procedures;
Immediate Follow Up On All Claims
We never miss out on a chance to convert your claims into revenue. Once we resubmit claims, we rigorously follow up on all no pay claim responses and denials. So we can take proper actions to reimburse them right away. Our AR recovery specialists collaborate with our reimbursement specialists to proceed with Insurance arbitration for unpaid and unsolved denials.
Provide Monthly Aging Reports
We study your accounts in detail and identify if there is a red flag in your practice revenue cycle management. Then we prepare regular monthly reports to bring all unpaid claims to our attention and highlight the factors that cause claim denials. As soon as we evaluate your billing system then our professional team alleviates red flags to make your practice RCM proceed smoothly.
Timely Appeal For Insurance Denials
We proceed with high-quality appeals following the billing guidelines of Medicare & Medicaid Services (CMS), American Medical Association (AMA), American Academy of Professional Coders (AAPC) and Affordable Care Act (ACA). We also file secondary & tertiary insurance bills along with co-pays; leaving no room for errors that cause excessively aging AR. collaborate with our reimbursement specialists to proceed with Insurance arbitration for unpaid and unsolved denials.
Ensure Bills Are Paid Promptly
We create a profound relationship with worker’s compensation adjusters to ensure that bills are paid in a timely manner. It keeps your accounts financially healthy and also drives a better return on investment for your healthcare business.
Patient Friendly Billing
Do you know what is the primary reason behind almost all claim denials? It is the inability of payers and patients to understand the complicated billing jargon and ultimately their payment responsibility. Therefore, I-Med Claims use an easy-to-understand structure for insurance claims so that your payers find it convenient to pay your debt as soon as they receive your claims.
Patient Balance Collection
We study every patient’s demographic information individually for better insights. It enables us to personalize patient balance billing and lets us collect your debt from every channel including, patient’s insurance, patient’s deductible, coinsurance, & copays.
What are the benefits of outsourcing account receivable recovery services To I-Med Claims?
Usually, patients find it inappropriate that their healthcare mentors are busy talking to insurance companies on phone calls and sending emails instead of providing quality care services. Therefore, healthcare providers have to strive hard and push their limits to ensure customer satisfaction.
However, managing the medical & administrative obligations of your medical practice simultaneously is quite a difficult job. Especially, when you keep on delivering high-quality patient care services but generate no profit at all. Then you need to consult with a well-experienced ar recovery specialist firm right away. Outsourcing account receivable recovery services offer the following benefits;
Outsourcing AR recovery services allow you to reduce extra expenses of hiring a dedicated workforce and buying expensive RCM solutions to electronically pursue AR recovery management. Also, keep updating resources for innovative ar recovery solutions costs you an arm and a leg.
However, hiring a reliable account receivable recovery services agency helps you tackle the challenges associated with claim denials and outstanding debt collection at a fixed cost. Which helps you achieve your ultimate business success goals i.e. reduce expenses and increase profits.
When you outsource AR recovery services to a reliable medical billing company then you can solely focus on expanding your business growth without the need to increase headcount. Because then it will be the responsibility of the outsourcing medical billing company to adjust workforce and account receivable recovery solutions to meet the growing needs of your business.
AR turnover & DSO are the essential metrics to measure the financial health of your accounts and balance your credit score. FYI, AR turnover is the ratio of your net credit sales against how many times you’ve collected your receivables over a specific period of time. This KPI indicates the effectiveness of account receivable recovery management.
On the other hand, DSO refers to the time taken to collect your revenue from your customer after the sale. Here we have two important objectives;
- Maintaining high AR turnover.
- Decrease DSO.
High AR turnover indicates that you AR recovery team is highly efficient and collects more debt in a given time period. While low DSO means that your AR team takes less time to convert your account receivables.
Outsourcing AR recovery services gives you an opportunity to save your time and let the specialists work to achieve your objectives. While you can invest your time and money to reallocate your resources towards core business functions focused on growing your business.
Healthcare businesses with lower DSO & high AR turnover have more cash flow at their disposal. What have you decided about your account receivable recovery department?
I-Med Claims offers practically proven AR collection solutions that are aimed at helping you get paid faster. Is your balance outstanding in aging AR? Reach out to us & let us resolve your accounts more efficiently and effectively. Fill Out the form below!
Also, we consider the unique requirements of individual insurance payers, so we customize medical bills according to the preference of each payer leaving no room for claim denials and revenue loss.
