Account receivable management is the process of tracking how much credit your company has given and when they can expect it back. This usually involves an amount a customer owes to the company from the sale of a product or service. When doctors provide their patients with exceptional care, they expect to be paid for their services from both the insurance companies and patients themselves. Read our guide below to find out more.
How the System Works
The insurance system for healthcare works in a complex way. Essentially, the doctor provides services and is reimbursed at a later date. As a healthcare provider, it’s essential to understand the ins and outs of account receivable management. This ensures your facility is running smoothly and getting reimbursed properly for the services provided.
Keep Your Team in the Know
In order to manage account receivables efficiently, your finance and accounting team should know how to handle every step effectively. They also need to be capable of collecting payments on time, as well as innovating and developing new strategies. In addition, your team should be able to utilize the best practices in order to maximize their cash flow. Further they need to have a thorough knowledge of all aspects of AR, cash application, contact administration, collections and credit management to be able to operate in a holistic manner.
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