Expert AR Recovery Services
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In the ever-evolving healthcare industry, maintaining a healthy cash flow is paramount to the sustainability and success of your practice. At IQ Med Billing (IQ Med), we specialize in Accounts Receivable (AR) Recovery Services designed to protect your financial well-being and minimize revenue loss. Our approach goes beyond standard transactions; we are experts in recovering funds from long-standing accounts, including those older than 120 days, which many consider uncollectible. Our dedicated team’s relentless pursuit of these funds ensures that you receive every dollar owed to you, giving you peace of mind and allowing you to focus on providing quality care.
The IQ Med Billing Approach
At IQ Med, we understand that the financial health of your practice is just as important as the physical health of your patients. Our AR Recovery Services are built on a foundation of precision, dedication, and expertise. We manage your accounts with impeccable punctuality, ensuring that no bill or payment slips through the cracks. Whether it’s routine payment processing or resolving complex, long-standing financial issues, IQ Med has a proven track record of success. We excel in reclaiming funds from accounts that others have given up on, restoring your practice’s financial stability.
What is Accounts Receivable Management?
Accounts Receivable (AR) Management is the backbone of financial sustainability for healthcare providers. It involves the systematic tracking and collection of payments owed for services rendered, whether from patients or insurance companies. Every unpaid medical bill represents a potential financial risk, and the longer an account remains unsettled, the more difficult it becomes to recover the owed amount.
The AR cycle begins as soon as healthcare providers issue a bill to the patient or their insurance company. To effectively manage this cycle, it’s crucial to categorize and prioritize accounts based on their age:
- 1-30 Days: New accounts, prompt follow-up to ensure quick payment.
- 31-60 Days: Early-stage delinquency, proactive outreach to prevent aging.
- 61-90 Days: Moderate aging, intensified efforts to recover.
- 91-120 Days: Significant aging, high-priority recovery actions.
- 120+ Days: Long-standing delinquency, specialized recovery strategies.
Efficient AR management is vital to prevent prolonged revenue cycles and ensure that healthcare providers receive timely payments for the services they’ve provided. Failure to do so can lead to significant financial losses, impacting the overall viability of your practice
Alarming Revenue Challenges Faced by Healthcare Providers
Healthcare providers across the United States are facing unprecedented revenue challenges. Many hospitals are struggling with negative profit margins, with some falling hundreds of millions of dollars short of their revenue targets. Rural hospitals are particularly hard-hit, with closures reaching record highs since 2010. A survey by Fibroblast revealed that approximately 35% of healthcare executives reported revenue losses of 15% or more due to revenue leakage in 2017. Even more concerning is that 25% of these executives were unaware of the extent of revenue leakage within their organizations.
These alarming trends highlight the critical need for effective AR management. Revenue loss not only threatens the financial health of healthcare providers but also their ability to continue delivering high-quality care. IQ Med Billing stands ready to address these challenges with our robust AR Recovery Services, offering a transformative solution to safeguard your practice’s revenue.
Improve Your Cash Flow with Our Effective Accounts Receivable Management
At IQ Med Billing, we understand the importance of maintaining a steady cash flow to keep your practice thriving. Our top-tier healthcare management system, coupled with our team of dedicated medical AR specialists, ensures that your revenue is protected and your operations remain seamless. We take a proactive approach to AR management, employing strategies that reduce AR days, minimize revenue leakage, and maximize collections. When you choose IQ MED, you’re choosing a partner committed to securing your practice’s financial stability and long-term success.