Staying on top of your Accounts Receivable can be a challenge, particularly as third-party accounts linger and start to add up. You of course are focused on your high-priority, high-dollar accounts, and while your small balance Third Party Insurance claims aren’t a top priority, they cannot go unmanaged. The problem is, if your internal Accounts Receivable team lacks the resources to manage all of your accounts, the high volume of small Third Party Insurance claims mean they run the risk of falling by the wayside, missing filing and appeal deadlines and adding up over time.
At Professional Medical Services (PMS) we help you clear up these outstanding accounts with the utmost efficiency by using a combination of automated tools and a knowledgeable staff. While you focus on your high-priority accounts, we alleviate the risk of your low balance claims accumulating and becoming a burden on your organization.
While our services help your Accounts Receivable team collect outstanding balances, we are not a collections agency. Our approach is to attach ourselves to your organization and serve as an extension of your department. We work with you, not for you, to help resolve all outstanding issues and generate a more efficient Accounts Receivable process.
Working as an extension of our client’s business office through remote connection (VPN or Website) to their Health Information System (EPIC, McKesson STAR, SMS Invision, Meditech, Cerner, Soarian, etc.): PMS manages the outsourced accounts receivable following the same policies and procedures utilized by the client to resolve outstanding insurance balances. All notes are directly entered in the clients HIS for a seamless interaction between hospital staff and PMS’ staff.
After 60 days of working with us, you will see a noticeable change in many key areas of your Accounts Receivable department. For example, in just about two months, you will see:
- An increase in cash flow
- A decrease in Accounts Receivable days
- A decrease in bad debt write off
- A more manageable claim load per collector
- An improved patient/health care provider relationship
- A sharp reduction in losses due to missed timely filing deadlines
We know your goal is to run an efficient and effective Accounts Receivable department, but we know the difficulty of effectively managing all elements of your operations. You know your aged accounts must be resolved, even if you aren’t equipped with the tools or personnel to properly do so. We don’t want you to lose sight of your high-priority accounts by spending an unnecessary amount of time on low balance claims, but we also don’t want you to suffer if they start to add up. We help by creating a balance between the two.
With our assistance, you can rest assured that no area of your department will go unmanaged, meaning you can concentrate on what’s important and focus your elements on crucial high-balance accounts without running the risk of increasing Accounts Receivable days or decreasing cash flow.