{"id":17845,"date":"2023-07-07T14:19:44","date_gmt":"2023-07-07T19:19:44","guid":{"rendered":"https:\/\/imedclaims.com\/?p=17845"},"modified":"2023-07-07T14:19:45","modified_gmt":"2023-07-07T19:19:45","slug":"guide-to-account-receivable-management","status":"publish","type":"post","link":"https:\/\/imedclaims.com\/guide-to-account-receivable-management\/","title":{"rendered":"A Guide to Successful Account Receivable Management in Medical Practice\u00a0"},"content":{"rendered":"\n
Account Receivable<\/a><\/strong> Management is an essential aspect of medical practice management. It involves managing and tracking the payment of outstanding invoices from patients and insurance companies. Efficient management of accounts receivable assists medical practices in upholding a stable cash flow, mitigating bad debts, and enhancing the overall financial well-being of the practice. This guide will discuss the key steps to successful account receivable management in medical practice.<\/p>\n\n\n\n Account receivables refer to outstanding payments due to a business for goods or services provided to customers on credit. In medical practice, account receivables are the outstanding payments due to healthcare providers for medical services rendered to patients.<\/p>\n\n\n\n The components of account receivables in medical practice include:<\/p>\n\n\n\n This consists of the patient’s name, address, phone number, and insurance information.<\/p>\n\n\n\n These are the codes used to identify the medical services provided to the patient.<\/p>\n\n\n\n This refers to the amount charged for the medical services provided to the patient.<\/p>\n\n\n\n This includes the payments made by the patient’s insurance provider for the medical services rendered.<\/p>\n\n\n\n This refers to the payments made by the patient for the medical services rendered.<\/p>\n\n\n\n This includes any adjustments made to the account receivable, such as discounts or write-offs.<\/p>\n\n\n\n There are two main types of account receivables in medical practice:<\/p>\n\n\n\n These are the outstanding payments due to healthcare providers for medical services rendered within the last 30 to 60 days.<\/p>\n\n\n\n These are the outstanding payments due to healthcare providers for medical services rendered more than 60 days ago. Past due account receivables can be further classified based on the time the payment has been outstanding, such as 60-90 days past due, 90-120 days past due, and more than 120 days past due.<\/p>\n\n\n\n Managing account receivables is essential for the financial health of medical practices. Healthcare providers must ensure an efficient system to track and collect outstanding payments from patients and insurance providers. This can include sending regular reminders, following up with insurance providers, and implementing payment plans for patients who cannot pay their bills in full.<\/p>\n\n\n\nUnderstanding Account Receivables<\/strong><\/h2>\n\n\n\n
Components Of Account Receivables<\/strong><\/h2>\n\n\n\n
Patient information:<\/strong> <\/h3>\n\n\n\n
Service codes:<\/strong> <\/h3>\n\n\n\n
Charges:<\/strong> <\/h3>\n\n\n\n
Insurance payments:<\/strong> <\/h3>\n\n\n\n
Patient payments:<\/strong> <\/h3>\n\n\n\n
Adjustments:<\/strong> <\/h3>\n\n\n\n
Types Of Account Receivables In Medical Practice<\/strong><\/h2>\n\n\n\n
Current account receivables:<\/strong> <\/h3>\n\n\n\n
Past due account receivables:<\/strong> <\/h3>\n\n\n\n
Key Steps To Successful Account Receivable Management <\/strong><\/h2>\n\n\n\n
Step 1: Verify Patient Eligibility and Benefits<\/strong><\/h3>\n\n\n\n