Accounts Receivable (A/R)
Our team of accountants with 16 years of experience are all set to handle your financial operations, whether you are a solo practice or a multi- specialty group will make sure you get paid 7% more and 36% faster. We take the stress of maintaining all these accounts for you with full transparency.
Accounts receivable (A/R) represents money owed to your healthcare practice by patients and/or insurance carriers. The accounts receivable cycle begins with the delivery of service and continues until the payment of service is reconciled to a zero balance.
Accounts receivable management is a system that assists providers in the collection of reimbursements for services rendered. The functions of the accounts receivable management include insurance verification, insurance eligibility, prior authorization, billing and claim submissions, posting payments and collections.
According to annalists, $60 billion are written off by health care providers due to the fact that they don’t have the time or knowledge to handle claims that have been denied. A poor accounts receivable process can result in loss of money to the health care provider and results in financial strains to the owners. It is important to manage A/R balance as claims become much more difficult to collect the older they become. We here at Ayzel Global make sure professional management of the A/R which is imperative to maintaining a good cash flow for the practice.
How it Works
Efficient accounts receivable management is crucial to the financial viability of a medical practice. Here at Ayzel Global, we take certain measures to make sure your days of A/R are at a minimum.
Verification of Insurance
We make sure a patient’s insurance is verified every time he visits your practice. This is important in order to make sure the patient has a valid coverage.
Registration Process
Accurate information must be obtained initially to avoid costly errors later.
Submitting Claims Correctly
A claim is often rejected due inaccurate or missing information. A claim denied by the health insurance company can result in adding a few weeks to the A/R days.
Monitoring Payments
After an insurance processes a claim, an ERA is sent to the provider with payments from the insurance carriers. This is posted immediately upon receipt. Payments are monitored to assure that the claims are being processed and paid appropriately.
Managing Denials
Our wing of denial management experts are at your service. Denials are worked as soon as they are received from the insurance carriers. This dedicated team of denial management experts makes sure your days of A/R stay as low as possible.
Keeping a track of Claims
Tracking an insurance claim can allow for a quicker response time for correcting and/or resubmitting a claim.