Accounts Receivables Management

Our team closely monitors accounts receivables and follows up with insurance companies and patients to address any payment delays or denials. This helps reduce the overall outstanding balance and improves cash flow for the practice.
MEDICAL BILLING & REVENUE CYCLE MANAGEMENT

Accounts Receivables Management

Imagine having all the AR money sitting in your 60+ day collectibles versus where it belongs i.e. your bank. TriumpHealth AR management team captures aged revenue for your practice. Our service provides several benefits:

  • Puts the money that is tied up in your old AR into your bank account
  • Frees up your working capital by dropping your days in AR

TriumpHealth creates AR work groups and assign tasks for users to follow-up on claims that they need to work on in a set time frame. We automatically assign and prioritize rejections to users based on specific denial remark codes. The users can work by exception and attend to the claims based on priority, allowing for a more comprehensive follow-up beyond just high dollar claims. Our AR management team regularly monitors the status of unpaid claims and intervenes early to get paid faster.

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Frequently Asked Questions

What is Accounts Receivables (AR) Management, and why is it crucial for the financial health of medical practices?

Accounts Receivables (AR) Management involves tracking and collecting payments owed to a medical practice for services rendered. It’s crucial for financial health as it directly impacts cash flow, revenue generation, and overall profitability. Efficient AR management ensures timely payment collection, reduces bad debt, and improves the practice’s financial stability.

How do you handle the billing and follow-up processes within Accounts Receivables Management to ensure timely and accurate payment collection?

We employ streamlined billing processes and systematic follow-up procedures to ensure timely and accurate payment collection. This includes prompt submission of claims, proactive follow-up on unpaid claims, and resolution of billing inquiries or disputes. Our team leverages technology and automation to track claims status and streamline communication with payers, optimizing the payment collection process.

Can you explain the significance of AR aging reports and how they help healthcare providers track and manage outstanding balances?

AR aging reports provide a snapshot of outstanding balances categorized by the length of time invoices have been outstanding. They help healthcare providers track payment trends, identify delinquent accounts, and prioritize collection efforts. By monitoring AR aging reports regularly, providers can take proactive measures to address overdue payments and improve cash flow.

What strategies do you employ to minimize denials, reduce outstanding AR balances, and improve the overall revenue cycle for medical practices?

We employ several strategies to minimize denials, reduce outstanding AR balances, and optimize the revenue cycle. This includes conducting thorough claims reviews to ensure accuracy, implementing proactive denial management processes, and providing staff training on coding and billing best practices. Additionally, we analyze denial trends, identify root causes, and implement corrective actions to prevent future denials.

How do you handle the reconciliation of payments with outstanding accounts receivable, and what steps are taken to address discrepancies or billing errors?

We reconcile payments with outstanding AR by comparing received payments against expected amounts, identifying discrepancies, and investigating billing errors or payment discrepancies. Steps taken to address discrepancies include communicating with payers to resolve payment issues, appealing denied claims if necessary, and adjusting billing records to ensure accuracy. Our goal is to promptly resolve discrepancies and ensure accurate accounting of payments to minimize revenue leakage and improve financial reporting accuracy.

Our Process

1

Data Collection and Coding

Gather patient and insurance data accurately, assign appropriate medical codes.

2

Claim Submission and Processing

Submit claims to insurance, track and manage them, follow up on outstanding balances.

3

Payment Management

Record payments received, address claim denials, and communicate with patients regarding outstanding balances.

4

Performance Analysis and Compliance

Generate reports to assess financial performance, ensure compliance with healthcare regulations and standards.

Benefits of Working with TriumpHealth

Accounts Receivables Management

1

Improved Cash Flow

Our prompt submission of clean claims leads to faster reimbursement from payers.

2

Reduced Revenue Leakage

Our team proactively manages claim errors, which causes a reduction in denials and underpayments.

3

Streamlined Operations

Our team provides training to ensure accurate documentation and efficient workflows resulting in reduced billing errors.

4

Enhanced Patient Satisfaction

Prompt and accurate billing results in having fewer billing inquiries and disputes from patients.

Top Rated by Healthcare Organizations

TriumpHealth has helped us with MU 
and PQRS since 2013, and now MIPS. TriumpHealth has worked well for us because of their systems and compliance knowledge.
Having TriumpHealth support us in these efforts keeps my office staff focused on the patients. For any clinic stuck using Allscripts, 
TriumpHealth can help.
Joy Schwartz, Office Manager Atlantic Surgical Group (Gastroenterology)
TriumpHealth has helped us with MU 
and PQRS since 2013, and now MIPS. TriumpHealth has worked well for us because of their systems and compliance knowledge.
Having TriumpHealth support us in these efforts keeps my office staff focused on the patients. For any clinic stuck using Allscripts, 
TriumpHealth can help.
Joy Schwartz, Office Manager Atlantic Surgical Group (Gastroenterology)
TriumpHealth has helped us with MU 
and PQRS since 2013, and now MIPS. TriumpHealth has worked well for us because of their systems and compliance knowledge.
Having TriumpHealth support us in these efforts keeps my office staff focused on the patients. For any clinic stuck using Allscripts, 
TriumpHealth can help.
Joy Schwartz, Office Manager Atlantic Surgical Group (Gastroenterology)
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