ACCOUNT RECEIVABLE
We know that cash group enters the payments against the charge for which the payment was received.
If a payment is not received within appx. 30 days, AR function begins. AR‘s responsibility is to maximize the amount of money flowing into our company from the insurance companies. They do so by checking the insurance host system or by placing phone calls to the various insurance companies to discover why we have not yet received a payment for a particular charge or why the payment flow and tries to eliminate any loopholes in the payment flow.
They need to coordinate with both the charge and cash department for getting details how much charge sheet they received and they need to verify the charge sheet for more clarification like validity of card copy, do-payments, plans, financial class, etc.
Also from cash department to get the info like denials EOB, etc.
FINANCIAL CLASSES
Are used to track categories of patient for reporting purposes .The ARR will show how much income was generated by each class, as well as the outstanding receivables for each class.
Example of financial class:
M-Medicare W-worker Comp T-travelers
I-insurance S-self pays A –Avmed
P-Prucare D-Medicaid
They need to run the different kind of report like
1.Aged Accounts Receivable Report
2.Detailed Accounts Receivable Report
3.Collection Report
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