The Process of Accounts Receivable Management
Accounts receivable management is the art of keeping track of how much credit has been given to its customers and when the business can expect it. They usually include the amount the customer owes the company for the sale of each product or service.
Doctors provide the best care to patients and expect that they will be paid for their services by health insurance companies and patients. The health insurance system works in a strange way where the service provider performs the service and then recovers.
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Like it or not, the insurance model persists and it is important for small providers such as doctor's offices and medical groups and large providers such as large hospitals to closely monitor payments due.
Claims management has become the most important department in this organization as it helps recover money from patients and insurance companies and keeps the business going.
Claims management work has grown from a simple departmental job to a specialized centre of excellence, requiring professionals to enable doctors to focus on providing the best care for their patients. This activity has become an important and integral part of the overall billing services offered by medical billing companies.
Claims track is preceded by offset recognition, verification, and claim publication. The process of entering the billing code into the Health Claim Sheet is known as billing. This includes determining the procedure code and diagnosis code based on the treatment administered by the doctor.
There are specific rules set by insurance companies for what constitutes a valid claim, and there are hundreds of rules, some simple and some complex, for determining the validity of a claim.