What are accounts receivable services?
Accounts receivable services refer to a range of financial services designed to manage and streamline a company's accounts receivable (AR) process. Accounts receivable is the money that a business is owed by its customers for goods or services that have been provided but not yet paid for.
Accounts receivable services can include:
• Invoicing: The process of creating and sending invoices to customers for goods or services provided.
• Payment processing: The process of receiving and processing payments from customers, including credit card processing, online payment processing, and payment tracking.
• Collections: The process of following up with customers who have outstanding balances to encourage payment.
• Accounts receivable management: The overall management of a company's AR process, including monitoring aging AR balances, reconciling customer accounts, and reporting on AR activity.
• Outsourcing: The outsourcing of AR services to a third-party provider who specializes in AR management.
How inefficient AR follow up can impact any healthcare organization?
Inefficient accounts receivable (AR) follow-up can have a significant impact on the financial health of any healthcare organization. Here are some ways that inefficient AR follow-up can impact a healthcare organization:
• Cash flow problems: Delayed or denied payments can lead to cash flow problems for healthcare organizations, making it difficult to pay bills and invest in new equipment or facilities.
• Increased operational costs: Inefficient AR follow-up can lead to increased operational costs, including staff time spent on follow-up and administrative costs associated with managing unpaid claims.
• Reduced revenue: Unpaid claims can result in reduced revenue for healthcare organizations, which can negatively impact their bottom line.
• Damage to reputation: Delays in payment or denied claims can damage the reputation of healthcare organizations, leading to a loss of trust among patients and other stakeholders.
• Compliance risks: Inefficient AR follow-up can also lead to compliance risks, such as incorrect billing or improper use of collection practices, which can result in legal and financial consequences.
• Staff burnout: Inefficient AR follow-up can lead to staff burnout, as staff may become frustrated with the time-consuming and repetitive nature of the follow-up process.
In short, inefficient AR follow-up can have a significant impact on the financial and operational health of any healthcare organization. By implementing effective AR management strategies, healthcare organizations can improve their revenue cycle and ensure financial stability for the long-term.
How outsourcing AR follow up to OneMed can help healthcare organization?
Outsourcing accounts receivable (AR) follow-up to a professional medical billing company like OneMed can help healthcare organizations in several ways:
• Faster payment: OneMed has experienced medical billing professionals who can follow up on unpaid or underpaid claims quickly and efficiently, resulting in faster payments and improved cash flow.
• Increased revenue: OneMed's expertise and technology can help healthcare organizations increase their revenue by reducing the number of unpaid claims, reducing underpayments, and improving the overall billing and coding process.
• Improved accuracy: OneMed's medical billing professionals have in-depth knowledge of billing codes and regulations, ensuring accurate and compliant billing practices.
• Cost savings: Outsourcing AR follow-up to OneMed can save healthcare organizations money by reducing the need for in-house staff and infrastructure for billing and collections.
• Access to technology: OneMed utilizes advanced technology to streamline the billing process, reduce errors, and improve accuracy. This includes automated follow-up systems, online payment portals, and data analytics tools.
• Customized solutions: OneMed offers customized solutions based on the specific needs of each healthcare organization, including specialized billing services for different specialties, payer types, and billing structures.
Overall, outsourcing AR follow-up to OneMed can help healthcare organizations improve their revenue cycle, reduce administrative burden, and improve financial stability.