Introduction
Managing old accounts receivables (AR) is a challenge for healthcare providers, as delayed payments affect cash flow and operations. Many medical billing companies focus on recovering outstanding payments by handling claim follow-ups, denial management, and payer negotiations. These services help practices reduce AR days and improve revenue collection. This article highlights 10 billing services that assist in working down old AR, helping providers recover the payments they are owed while reducing administrative work.
1. AdvancedMD
AdvancedMD offers services to help healthcare providers manage old accounts receivable (AR) effectively. Their AR Calling service involves dedicated staff who follow up with insurance companies to address unpaid claims and denials, aiming to maximize reimbursements. Additionally, AdvancedMD’s Report Center provides financial reports that track collections and AR, offering insights to optimize revenue cycle management.
Their AR services focus on organizing old balances, correcting billing issues, and submitting claims for payment. They also provide reports that help providers understand their financial status and make better decisions. By using automation, AdvancedMD reduces the effort required for collections while improving the success rate of reimbursements.
2. R1 RCM
R1 RCM provides services for managing old accounts receivable (AR) through its AR Recovery solutions. Their services focus on speeding up revenue collection, reducing AR days, and improving reimbursements from both government and commercial payers.
R1 RCM’s team includes clinicians, attorneys, coders, and reimbursement specialists who work with healthcare providers to improve revenue. They analyze AR inventories, identify aged receivables, and apply strategies to recover outstanding payments. Using advanced technology and expert insights, R1 RCM helps providers manage and reduce old accounts receivable efficiently.
3. CareCloud
CareCloud provides services to assist healthcare providers in managing old accounts receivable (AR) through its Revenue Cycle Management (RCM) solutions. Their approach includes daily aging of receivables, allowing practices to take timely actions based on each payer’s schedule.
This method helps in identifying and addressing overdue payments effectively. Additionally, CareCloud offers strategies such as purging outdated data to maintain accurate financial records. Their integrated medical billing services aim to accelerate payments and minimize denials, contributing to improved cash flow and financial performance for healthcare practices.
4. NextGen Healthcare
NextGen Healthcare offers services to manage old accounts receivable (AR) through their Collections & A/R Management solutions. They focus on reducing AR days by proactively addressing denials and speeding up collections. Their services include a claims editing and rules engine, which prevents claim denials before submission, and denial management tools that help identify and resolve issues with unpaid claims.
Additionally, NextGen provides financial analytics that help practices monitor AR trends, optimize billing processes, and improve payer performance, ultimately reducing the time spent managing old accounts receivable.
5. Waystar
Waystar helps healthcare providers manage old accounts receivables (AR) by offering tools to address underpaid claims and improve cash flow. Their platform includes denial prevention and recovery, which identifies underpayments and automates appeals to recover lost revenue.
Waystar also provides analytics and reporting, giving insights into AR trends and helping providers address outstanding claims. These features help reduce AR days, recover old receivables, and improve revenue cycle management.
6.TruBridge
TruBridge offers services to help healthcare organizations manage old accounts receivable (AR) through their AR Recovery Workdown. This service focuses on recovering revenue from aging small-balance co-pays and low-dollar insurance claims, reducing the burden on in-house staff.
By outsourcing these tasks to TruBridge’s collections experts, organizations can improve cash flow and reduce administrative workload. The service is customizable to meet specific needs, whether addressing selectively identified accounts or those in particular aging categories. Additionally, TruBridge operates on a contingency basis, meaning they only get paid when collections are successful, aligning their efforts with the organization’s financial goals.
7.CureMD
CureMD provides old accounts receivables (AR) recovery services to help healthcare providers collect overdue payments and reduce financial losses. Their approach includes claim analytics to track pending claims, payer-specific follow-ups to accelerate collections, and denial management to address claim errors and improve approvals. By focusing on aged claims, CureMD helps practices recover outstanding balances, improve cash flow, and minimize write-offs.
Their financial tracking system provides real-time insights into AR trends, allowing healthcare organizations to take proactive steps in reducing future delays. They also assist in patient collections by offering payment reminders and flexible billing options.
8. eClinicalWorks
eClinicalWorks provides solutions for managing old accounts receivables (AR) through its Revenue Cycle Management (RCM) services. Their AR Lift Service (ARLS) focuses on identifying and resolving aged claims by following up with payers. eClinicalWorks offers aging AR reports, which help track overdue claims and outstanding balances.
They also handle denial management, working to resolve unpaid claims and resubmit them quickly. By following up on old AR, eClinicalWorks reduces aging accounts, improving cash flow and speeding up reimbursements for healthcare providers. This process helps practices recover old receivables efficiently.
9. DrChrono
DrChrono offers tools to help healthcare providers manage old accounts receivable (AR) effectively. Through their Aging AR Analysis feature, accessible under the Billing tab, practices can gain insights into outstanding insurance and patient balances, organized in standard 30-day increments.
This report allows users to drill down into specific categories, such as insurance or patient receivables, facilitating targeted follow-ups. Additionally, DrChrono’s Accounts Receivable section enables organization of claims by type, submission status, age, and date, aiding in the efficient management of overdue accounts.
10. Athenahealth
Athenahealth offers a range of services to manage old accounts receivables (AR) through its athenaOne platform. They provide tools to track overdue claims, manage denials, and address underpayments or zero-pay claims. The system allows practices to monitor AR aging, identify and resolve outstanding accounts, and follow up on overdue payments.
Athenahealth also offers customizable bad-debt management features, helping practices decide when to classify accounts as uncollectible. Their Practice Performance Review dashboards give visibility into AR metrics, allowing practices to improve collection rates and reduce the time spent managing old accounts receivable.
Conclusion
Choosing the right medical billing service for AR recovery can improve a healthcare provider’s financial stability. The companies listed focus on identifying and addressing unpaid claims, reducing write-offs, and speeding up collections. By outsourcing AR management, providers can focus more on patient care while maintaining steady cash flow. Selecting a service that fits the needs of the practice helps improve efficiency and keep revenue on track.