More than $3.5 trillion circulate through the American healthcare system every year. The system has become enormously complex and weighed down with an astounding array of billing documents, reimbursement claims, insurance information, and so much more.
For health care providers, including doctors, hospitals, nursing homes, mental health services, and others, the accounts receivable process in medical billing has emerged as a major aspect of maintaining cash flow and keeping one’s books in the black while taking care of patients.
This also includes follow-up. Those who work on follow-up are charged with the important task of looking into denied claims. Such claims often need to be reopened so that maximum reimbursement from insurance companies can be obtained.
For years, this process was handled in-house by most providers. However, as the health care system ballooned into a massive, complex, document-rich environment, handling medical billing accounts receivable and revenue cycle management is now best done by outside professionals.
The reality is that the accounts receivable process in medical billing has become a specialty in and of itself. Those working in this function need extensive training. The job requires attention and focus that most providers simply no longer have time to do properly. Doctors and nurses need to focus on taking care of their patients, not sifting through the mountains of data that make up the billing aspect of health care.
Specific functions, such as charge entry, payment posting, and verification, are handled first. While completing these tasks, the medical billing professional makes decisions on things like procedure codes and diagnosis codes based on the treatment plan. That’s just for starters.
The accounts receivable process in medical billing is only going to get more complex going forward. That means it’s more critical than ever for a health care provider to contract with competent outside providers for this essential function. To learn more, visit GeBBS Healthcare Solutions.