Legacy Accounts Receivable (AR)

HANA HealthCare Solutions also specializes in the resolution of aged Accounts Receivables. Frequently, medical practices and facilities find themselves with unresolved Accounts Receivables due to insufficient follow-up efforts, often stemming from a lack of personnel. Additionally, these backlogs may arise from inadequate Accounts Receivable management performed by previous medical billing companies. The teams at HANA HealthCare Solutions meticulously review the various accounts receivable reports provided by clients to formulate effective strategies for enhancing AR management. These strategies are designed and implemented to reduce bad debts while maximizing collections from Accounts Receivables.

Useful Links:

• Accounts Receivable Management: Top Tips to Get You Paid
• Shorten the Accounts Receivables Cycle with Denial Management Service
• Know How Accounts Receivable Solutions Can Help Business Owners

Accounts Receivable Management: Top Tips to Get You Paid
While the desire for prompt payment is understandable, certain unavoidable circumstances may hinder timely payments from insurance companies. There are instances where claims may be denied by insurers. Although it is impossible to guarantee that every claim will result in payment, the likelihood of denials and inefficiencies can be reduced through effective accounts receivable management. This process may appear intricate; however, it becomes manageable when collaborating with the appropriate billing partner, which can be outsourced to optimize both cost and effort. Below are several recommendations to enhance the effectiveness of accounts receivable management.

• Engage an external service : A well-established and reputable medical billing firm can offer you a proficient and highly skilled accounts receivable team capable of tackling the challenges associated with your cash flow. Their primary objective is to expedite the recovery of funds owed to you by enhancing cash flow and reducing the duration of accounts receivable through the submission of accurate and error-free claims. They are equipped to assess denied claims and consistently follow up with both patients and insurance companies regarding any outstanding payments and claims.
• Act promptly : Address overdue payments immediately upon detection. The longer you delay, the more challenging it becomes to collect these amounts. Effective accounts receivable management can assist by conducting follow-ups, allowing you to concentrate on your core business operations.
• Pursue insurance follow-ups : Medical billing companies and healthcare providers often incur financial losses due to their failure to follow up on outstanding claims. A lack of sufficient personnel and time to manage insurance claims can lead to significant losses. Therefore, it is advisable to collaborate with a competent accounts receivable management team for support. A medical billing partner can proactively follow up on all accounts with insurance companies to facilitate the swift resolution of claims, while also monitoring accounts receivable effectively.
• Address aged accounts : Unresolved accounts receivable often arise from inadequate follow-up due to limited staffing and backlogs. Accounts receivable management can still evaluate historical reports and devise strategies to reduce outstanding debts and enhance collection efforts.