When you know exactly where your money is coming from, you can confidently make decisions that’ll help your business to grow. At Medbill, we’ve seen skilled in-house billing teams stretched thin due to company growth or staff shortages, and when your team is overworked, errors can occur (especially with price table management). When the price table isn’t up to date, it can skew the reporting, usually indicating more revenue to collect than the reality.
One way to help you make confident decisions (that’s based on accurate data) is AR follow up and denial management services. Accounts receivable (AR) plays a vital role in ensuring financial stability for the company. When searching for DME billing services, make sure you choose a knowledgeable and reputable company, like Medbill, to work with to receive the best ROI for your money.
AR Follow Up Services & Your Expected ROI
Proper AR management addresses any unpaid or unprocessed claims in a timely manner. It also involves reviewing denied claims and resubmitting them to prevent any loss of revenue.
When reviewing AR services, ask the DME billing company what kind of ROI you can expect with their services. Since outsourcing requires a significant time and money investment, a clearly defined ROI will help you make the best decision for your business.
What to Expect from AR Follow-Up Services?
During your initial evaluation with Medbill, our team will conduct a thorough review of your policies and identify any adjustable claims so we can refile them. Then when you begin working with us, here are some of the AR services you can expect (depending on your needs).
- Following up on denied and past due invoices until resolution is met (insurance claims and patient statements)
- Following up on all open invoices (proactively)
- Processing claims denial(s) through all appropriate resolution methods
- Handling your payment posting, charge entry, and claim verification
Your ROI From Medbill
Our team uses a proprietary algorithm and tasking system to manage all outstanding claims to ensure no claim “falls through the cracks.” While you and your staff will receive ongoing education regarding payer policies and guidelines.
What Others Are Saying
“Thanks to Medbill, our AR is cleaned up. We have finally been paid for claims lost in our system. I’ve always had challenges finding a stable billing team for my company. Now with Medbill, I am confident we are capturing every claim!” – A Satisfied Medbill Customer
Denial Management Services & Your Expected ROI
Efficient denial management services constantly monitor your claims, and any denials are quickly addressed, adjusted, and resubmitted to prevent payment delays.
What to Expect from Denial Management Services?
Our team will review past denied claims for potential denial trends and correct any errors. Here are some additional services you can expect (depending on your needs).
- Staying compliant with all billing and coding regulations
- Resolving denials
- Tracking deposit data
- Monitoring cash flow
- Monitoring denial trends regularly
Your ROI From Medbill
We’ll regularly review patient data to ensure accurate records (policy numbers, deductibles, billing information, etc.) while training your current staff on updated claim procedures to ensure proper claims submission processes.
What Others Are Saying
“After hiring Medbill I went from an 83% to a 97% collection rate in the first 8 months and am now at 98% and within 24 months my business grew by 41%. Medbill made it possible for my employees to focus their attention on growing the business.” – A Satisfied Medbill Customer
Are You Ready to Confidently Make Decisions That’s Backed by Accurate Data?
At Medbill, our team uses innovative methods to reduce your claim denials while streamlining your AR and revenue cycle.
Contact the Medbill team to strengthen your billing department and your price table data accuracy.