How Your Practice Can Benefit From Accounts Receivable Management? - PowerPoint PPT Presentation

About This Presentation

How Your Practice Can Benefit From Accounts Receivable Management?


Understand your cash position and accounts receivable performance to improve and manage working capital effectively – PowerPoint PPT presentation

Number of Views:66
Slides: 10
Provided by: Bryanmarcus
Category: Other


Transcript and Presenter's Notes

Title: How Your Practice Can Benefit From Accounts Receivable Management?

How Your Practice Can Benefit From Accounts
Receivable Management?
  • Introduction
  • Cash flow is the bloodline for any business.
    Businesses can endure a lack of benefits, yet
    cant endure a lack of cash flow.
  • Managing account receivables is fundamental to
    the financial health of the medical practice.
  • Account receivable management's objective is to
    keep the inflow of cash healthy.
  • The ability to maximize collection and
    productivity relies upon it. Thus, it is
    significant that practices realize what process
    they can actualize to guarantee smooth-running AR
  • A general guideline for reducing your accounts
    receivable is to focus your energies where there
    is guarantee of return for the least amount of
  • For most practices, this implies concentrating on
    decreasing the amount of denied claims from
    insurance agencies.
  • Hence it is imperative to think about account
    receivable management solutions.
  • Verify insurance benefits
  • For most practices, invalid insurance is the most
    common reason for claims rejection.
  • The reason for the rejection is inability to
    appropriately verify benefits prior to the time
    of service.
  • Few Tips to Avoid Claim Denials
  • Verify benefits for each patient, on each visit
  • Use the billing system to automate the insurance
    eligibility verification
  • For the future purpose, scan the patients
    insurance card into the billing system. So you
    can easily recheck the ID number, patient name,
    Insurance information, etc when the claims get
  • Verify the patient insurance information such as
    co-pays, payable benefits, co-insurances, patient
    policy status, effective date, insurance plan
    type, coverage details, etc.
  • Follow-up with Outstanding Accounts Receivable
  • AR follow-ups effectively recover the overdue
    payment from insurance agencies on time.
  • AR follows up services enables healthcare
    organizations to run smoothly and effectively
    while ensuring the owed amount is refunded back
    in as short a period as could be expected.
  • Account receivable follows up team is responsible
    for denied claims, reopen them to get maximum
    reimbursement from insurance agencies.
  • Benefits of Outsourcing Accounts Receivable
  • Effective account receivables management ensures
    that working capital requirements are kept at
  • Account receivable management can incredibly
    improve your primary concern benefits.
  • When you comprehend the expense of carrying an
    unpaid balance and measure your exhibition with
    the correct measurements, you will begin to see
    opportunities to improve.
  • Reduce denials and improve claim management
  • Reduce compliance risk
  • Improve coding accuracy
  • Increase revenues
  • Improve billing and collection efficiency and
    reduce the operational costs
  • Stop profit leakages
  • About MGSI
  • MGSI is the top Medical billing outsourcing
    company in Florida.
  • MGSI is an A rated company with Better Business
    Bureau and HIPAA compliant certified company.
  • We have 25 years of experience in revenue cycle
    management services.
  • We always ensure a high level of patient data and
    network security.
  • We provide various billing services such as
    anesthesia medical billing, cardiology medical
    billing, radiology billing, healthcare contract
    management, AR follow-ups, denial management,
    revenue cycle management, Insurance eligibility
    verification, etc.
  • We use the latest technologies to minimize
    medical billing errors and maximize billing
  • To know about our services log on to our website and Schedule an appointment
    with us.
  • Any questions?
  • You can find us at
  • 1-877-896-6474
Write a Comment
User Comments (0)