AR Management Services
What is AR Management?
AR Management Services from VA Medical Billing help Home Care and Home Healthcare agencies increase their cashflow and profits from any outstanding medical bills/accounts receivable. When dealing with revenue cycle management, the technical knowhow is important, but is a small fraction of the entire process. Our AR specialists help eliminate denials in your agency and implement actionable steps to reduce these issues in the future. Instant reporting gives you the leverage of holding third-parties accountable for accurate and prompt reimbursement for services rendered.
We ensures your Accounts Receivable are effectively turned in to positive cashflow. Our team of 25 medical billing professionals act as a highly efficient extension of your business, increasing output, cashflow, and boosting ROI from services rendered.
Aging AR Management Services.
Full Service Medicare, Medicaid, VA, and Workers Comp AR Management.
Integrated IT System + Support
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Accounts receivable management (ARM) is a systematic approach to collecting payments, making sure payments are paid fully, on time, and properly accounted for. If there is a problem with collection, it's AR management's responsibility to take appropriate action and potentially give the account to a collection agency.
These transactions and records must follow all regulations and are highly important to your business. If you don't have staff who are trained in ARM, you're likely losing money on late invoices alone. That's why VA Medical Billing provides AR Management Services proven to boost cashflow.
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What are the steps to good AR Management?
What Our Clients Say
When running a home care agency, collecting payments on time is highly critical. If you don't collect payments on time, you're losing money to collection and staff expenses. By outsourcing your AR management and having a proven system put in place, you'll be able to improve collections and track your cashflow. Here are 7 steps to improving your AR Management.
1. Hire a dedicated accounts receivable manager
Successful business owners must delegate responsibilities, and not everything can be handled by one person. When your clients start getting behind on payments, your profitability plummets. At the least, hiring someone fluent in accounting, banking, and is good on the phone. (Accounts receivable management requires a lot of outbound phone calls.
An even tempered person is also ideal, since this person is responsible for collecting money from people.
2. Get it in ink
The best accounts receivable management happens when the business and client are clear on payment terms. Ensuring both parties are aware of the payment schedule and invoices are paid on time, you reduce the time spent chasing down clients for overdue balances. Systemizing your payment process will make profits reliable.
You also get the advantage of freeing up time for your management to focus on keeping things in order and building client relationships.
3. Take advantage of the latest tech.
We use industry leading software and applications that fit small businesses up to large scale enterprises. We're able to pin-point your cashflow down to penny, making sure you don't miss any payments. Our accounts receivable services provide you with a clear view of you business. You get frequent reports with results, with all relevant info. in one spot.
This reduces errors and improves overall efficiency.
4. Think Ahead
Studies show automated payments improve collections as much as 46%. Let your clients know a payment is coming ahead of time instead of back-tracking when they're late. A refined process also improves client relationships. People hate being called by collections, and this can aggravate your clients. Include relevant company news, and invitations for feedback as a way to nurture that relationship.
5. Reduce Your Sales Cycle
Once you've established your system for ar management, you can focus on reducing the time it takes fr you to get paid. With proper strategy, you can dramatically reduce your payment time.
I've been with VA Medical Billing for six years. They know me, they know my people, and they know my business. VA Medical Billing is a valuable business partner.
VA Medical Billing has been instrumental in allowing me to grow my business. No matter how complex the financial concern, I know I can count on VA Medical Billing to guide us through the issue.
VA Medical Billing has been so welcoming to our new business. We truly appreciate all of their hard work. We highly recommend any of their services. Class Act! Thanks VA Medical Billing!