Top 5 Benefits Of Outsourcing Accounts Receivables

Outsource Accounts Receivable Services. Let's start at the beginning.

You build your Medical Practice step by step, piece by piece. With a plan and some backing, you launch, and if you've done it right, survive those treacherous first months and start to flourish. The path to success is never, ever easy. Long hours, midnight phone calls, weekends in the office, the challenges all new start-ups face.

The last thing you want to spend a lot of time on is Accounts Receivable. Sure, you need to get paid for that all that work you've done, but AR has a way of moving to the bottom of the "to do" list.

Remember, Accounts Receivables is an accurate gauge of your customers' ability or willingness to pay their bills, to pay you! Knowing that can be key.

Accounts receivables include the management of endless reports dealing with insurance claims and reimbursements, collection analysis, bad debt reviews, and write-offs. The pain keeps piling up! Outstanding shares or delayed collections can put a lot of pressure on an otherwise thriving practice. State and federal regulations increase paperwork. Shifting insurance coding methods can delay reimbursement since the slightest error will cause a denied claim.

Before things get out of hand, why not bring on board a team of professionals that will make your Accounts Receivable Services their #1 priority? Outsourcing these services is not only cost-effective but lets your core team concentrate on driving sales and expanding your business.

How do you handle Accounts Receivable efficiently and accurately? Why do some medical practices continue to lose money on the process when there is an alternative? Accounts Receivable Management. Many practices and hospitals choose to Outsource Medical Accounts Receivable Services and save both time and money.

Like other "Back Office" functions, AR is a natural for Accounts Receivable Management, or Outsourcing, going offshore and partnering with a BPO to Outsource Accounts Receivable.

You Can Make Everything Work For You!

Outsourcing is the complete solution for Revenue Cycle Management.

• Improve Your Billing And Payment Process - with an efficient Accounts Receivable partner. They will handle the Insurance Verification process quickly and accurately. The billing is done and out within 24 hours. The same holds true for the insurance coding and notification of the claim. The process begins with the claim process and the billing for the patient's co-pay. Routinely, that should take no more than 30 days. If it takes longer, it gets a red flag and goes to the queue's front.
• Reduces Administrative Overhead generally speaking, to outsource accounts receivable services saves you money with any services used. But Accounts Receivable can be costly, so any economies will help. You'll get the most bang for the buck by outsourcing this function and getting an experienced, professional team that will go the extra mile for you. Remember, you'll skip all of the headaches associated with hiring extra staff.
• Speed Up Collections - it's no secret that a dedicated team can stay on top of the collection process, and get payments due faster. Unlike using your in-house staff, which usually has other duties, It's their only duty, so they spend all of their time on it. It's not done "when I get a chance." It's the primary function of a skilled, experienced team that works only for you.
• Skip The Need For A Dedicated Document Management Department - when you move your accounts receivable staff out of your office and to the other side of the globe, suddenly, there's a renewed dedication to delivering Healthcare, ONLY Healthcare. Your professional staff can spend more of their time caring for patients, which is why you started practicing medicine in the first place.
• Saves Time And Operational Costs - as mentioned earlier, the cost saving is stupendous. What could you do with a saving of 40% and more by using an outsourced AR department? Suddenly, new and advanced equipment might be within your budget. You might be able to hire that additional staff member you need. The latest diagnostic procedures may now be affordable, thanks to the savings realized by going offshore with AR.

Take a Closer Look at Outsourcing Accounts Receivable.

At this point you probably are thinking that the advantages of outsourcing make it worth exploring. But wait, this is a big step and you don't want to not ask all the right questions. So search around, find some recommendations, and see what the candidates have to offer.

But start your search with Rely Services, a outsourcing pioneer that for 20 years has been the "go to" BPO for AR services.

Using Rely Services as your AR partner will save you more than time and money. Since they are continually refining their business methods, their constant pursuit of perfection will benefit your operational practices. Contact them today for a detailed evaluation of the many ways they can make your business more successful.

Rely Services is a leading global Business Process Outsourcing - BPO company delivering business solutions for over a period of 20 years. Our authors consistently publish articles on various business processes.