The entire cash flow of a practice business in the USA depends on the Accounts Receivable. It starts with patients receiving the medical practice services. And ends when a doctor is paid for those treatments. Prime Doc Billing streamlines the entire process from accurate claim submission to denial management. Our goal is to help your company gain a healthy financial position. We ensure maximum revenue by speeding up the payments from respective payers.
Prime Doc Billing helps you get paid faster to increase your business’s financial health. Our AR Management Service consists of several steps to complete the process on time. Here’s a brief overview of how it works:
The Accounts Receivable process begins with creating claims for insurance companies. Our team first sends the claim to the clearinghouse. If the claim passes validation, it is submitted to the payer. However, if the clearinghouse rejects the claim, our experts review the errors, make the necessary corrections, and resubmit it. If the insurance company denies the claim, our experts analyze the entire process from the beginning. We then determine whether the denial was made in error or if an appeal needs to be submitted.
When it comes to receiving overdue payments, two key payers come to mind. The first one is the insurance companies, and the other is the patients themselves. Our company has different strategies for both of them:
Our experts perform consistent follow-up on overdue claims from the insurance companies. We also track claim status to find out whether the claim is under review or denied. Reviewing the status can also identify any missing documentation. We resubmit those documents to handle AR timely.
We follow up on the due payments from patients by a step-by-step process:
Denial identification refers to the process of figuring out the reasons for denial. It can be:
Once we find out the reason for the denial, it gets easier to correct and resubmit the claims. Our team keeps track of resubmissions to ensure the payment is processed. Our experts recover revenue to maximize reimbursements. A detailed root-cause analysis can prevent claims from denial in the future.
If our team does not agree with the denial, we file for an appeal. Sometimes, the insurance accepts the appeal, but other times, it will go unanswered. In that case, we would file an appeal for the second time. Prime Doc Billing remains consistent with getting reimbursements to provide financial health to your practice.
Prime Doc Billing proves to be an expert in Aging Report Analysis. It refers to understanding how long the payments are due and from which payer. We perform this analysis in 30-day sections. Our team determines the overdue payments in this time bracket to perform follow-ups. This analysis also helps us understand the payer performance by determining which ones are causing frequent delays. Our team sets policies for those payers to avoid such outstanding balances in the future.
Our experts resolve the oldest outstanding balances that have been overlooked or delayed. We resubmit those claims after making necessary corrections. The recovery of pending revenue brings cash flow to the provider. Backlog clean-up frees up space and is important for efficient AR management.
Credit Card On File (CCOF) refers to storing a patient’s credit card information in the software. We take patients’ consent to store their credentials and automatically charge them for outstanding balances. Our team sets the payment deduction strategy according to the mutual payment plan made. CCOF implementation saves the time and effort of sending the invoices first, and then waiting for them to pay. However, it requires a particular training to work efficiently with CCOF. Prime Doc Billing uses CCOF to streamline your revenue by ensuring faster claim processing and improved cash flow for your medical practice.
The HCFA 1500 or CMS 1500 is the form that we use to bill federal (Medicare and Medicaid) and private insurance companies. It contains:
Prime Doc Billing efficiently uses this form to maintain a healthy Accounts Receivable cycle. We can manage funds and increase the reimbursement process with the help of this form.
AR management improves the financial health of the providers. We use proactive AR management to recover most of what the payers owe you. Our goal is to make the revenue cycle as short as possible for faster claims and reimbursements. The overall metrics of Accounts Receivable management vary from aging reports to collection ratios. Our team utilizes this information to understand the practice’s financial performance. We make the most of it in strategic planning and better decision-making for a better cash flow. We also recover old and lost revenue, giving your practice strong financial health. Prime Doc Billing guarantees systemized AR management services to make your practice thrive.
Our qualified experts in AR management have in-depth knowledge and years of industry experience to streamline your Accounts Receivable process. We have a proven track record of successful reimbursement from the payers. And also the retrieval of lost revenue. We use advanced technology software to provide real-time tracking and automated follow-ups. This enhances efficiency for our providers and improves transparency. We also handle patients’ confidential data with adherence to HIPAA. Prime Doc Billing’s administrative workflows align with the Practice Management Services and Electronic Health Record for faster claim submission and reimbursements.
The goal of our AR workflow is to maximize revenue and minimize delays. We stay compliant to give you a positive patient experience. The following are the three steps of our workflow process:
Before diving into making a strategic plan for your practice, we first look into our old archives. Our team covers the aging report and outstanding balances, holding your revenue behind. The Accounts Receivable data review helps us understand the current financial health.
AR segmentation refers to segmenting the outstanding balances by age and value. We prioritize and work on the overdues with the highest value and reimbursement rate. This helps in increasing the cash flow and efficiency while reducing the aging of the claims.
We perform consistent follow-ups and tracking of the unresolved claims. Our team gives you a weekly report of status and progress to keep the entire process transparent.
Prime Doc Billing's strategic approach to AR management helps recover lost revenue. Our team resubmits aging claims and consistently recovers a minimum of 40% revenue. Our experts plan and carry out results-driven programs for faster reimbursement cycles. The primary goal is to bring financial health to your business.
Prime Doc Billing offers a free consultation on AR Management for your business. We give you a chance to get satisfied first and then begin your revenue-generated journey with us. Connect with us now.
We offer personalized, specialty-specific billing services that fit your practice's nature. Our team of certified medical billers ensures significant revenue improvement. Avoid administrative burdens, and let us handle your billing worries.
(347) 650-2656
(347) 650-2656
info@primedocbilling.com
