Why Outsource Your AR Services to a Trusted Provider

virtual medical scribe cost

Sep 08, 2022

Why Outsource Your AR Services to a Trusted Provider?

A solid accounts receivable management is crucial to maintaining a healthy cash flow in line with the invoices billed. Just like every other business, health care organizations also face a situation where payments are not received on time or are inaccurate. By having an effective accounts receivables management system in place financial setbacks can be nipped in the bud, thus safeguarding your practice from economic slowdowns. As a healthcare provider, you have to focus on patient care and the last thing you want to spend a lot of time on is accounts receivables. Hence, outsourcing your accounts receivables to a reliable service provider like Scribe4Me can help you save time, money, and resources, all while focusing on providing patient care.

Let us now discuss how outsourcing your accounts receivables services to a trusted provider can benefit your medical practice.

  • Save time and operational cost: Managing accounts receivables in-house requires a lot of planning and work. When you decide to outsource your accounts receivable services it makes things easy for you. There is no need to invest in new software or equipment or hire and train staff new staff. All these will be taken care of by the outsourcing company while you can focus on providing the best possible care to your patients.

  • Improve accuracy and efficiency: A reliable outsourcing partner will have the best infrastructure, the latest tools, technologies, and above all a team of AR specialists who are trained on best practices to handle AR. This is something the in-house team may lack. Hence the outcome rendered by outsourcing partners is more accurate, efficient and within a deadline.

  • Focus on patient care activities: Managing an in-house accounting team is quite time-consuming and takes physicians’ focus away from providing the best possible care. Outsourcing AR services helps track down late payers freeing up more time for physicians to focus on their core activities and grow a successful medical practice

  • Speed up collections: Any delay in collections can disrupt the cash flow of your practice. Moreover, statistical studies say that an AR overdue for a period of more than 90 days will yield only 20% of its value. Timely and consistent follow-up by a dedicated team ensures that accounts receivables are paid on time. An in-house team, which usually has other responsibilities, is unable to effectively manage the collection process and get payments faster.

  • Keep claim denials at bay: A reputed outsourcing company has AR specialists who have the skill and expertise to identify the reasons for denials and quickly work towards addressing the issues and resubmitting the claims. Through denial analysis they also take steps to prevent issues that lead to denials.

  • Prompt follow-up: Quick follow-up on accounts receivable is crucial to ensure a steady cash flow to your practice. Professional outsourcing companies have an efficient AR management system in place to closely monitor the claims filed. In the event they are not paid within an allotted 30-day time frame a quick plan of action is implemented, reducing the chances of bad debts and underpayments.

Is your practice’s cash flow suffering because of high accounts receivable? Do you receive payments that are late or inaccurate? Are you finding it difficult to follow up with accounts receivables? Are you short of skilled resources to handle your accounts receivables and improve cash flow to your practice? If you have answered yes to any of the above questions it is best to outsource your accounts receivable services to an experienced provider like Sribe4Me. Scribe4Me helps in recovering funds as quickly as possible, all while saving operation overheads and improving the cash flow of your practice. Why wait, get in touch with Scribe4Me today to outsource your accounts receivable services.

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