Account Receivables Management
Over the years, the insurance industry has made it increasingly more difficult to obtain payment for services provided by Medical Providers. To prevent these obstacles, we have developed a process to examine a Practice’s older Accounts Receivable in order to rapidly target problematic accounts and identify solutions for their payment. A team of dedicated recovery specialists and analysts make hundreds of calls per day to obtain payment on these old claims.
- Increases cash flow by obtaining payment on older A/R (typically 90 days or 120 days and older).
- Analyzes and collects on under-payments by insurance companies.
- Analyzes practice operations to ensure valid accounts receivable is not being incorrectly written off and collects payments if this is identified.
- Very useful when a Practice switches Practice Management Systems and can’t allocate sufficient resources to collect the old A/R on the old system while at the same time learning the new system.
- Execute HIPAA Agreement
- Forward an Aged Trial Balance Report (Aging Report) to Quantum for review. Aged trial balance report has accounts receivable listed by payor and by how old (i.e. in aging buckets: 0-30, 30-60,60-90, 90-120, 120+).
- Practice executes Recovery Services Agreement.
- Establish HIPPA compliant connection to Practice current Management System
- Quantum examines data and makes initial calls on the claims to determine what additional info, if any, is necessary to have claims paid.
- Quantum recovery team begins collection on the claims. Quantum will do the various steps to have claims paid such as printing new claims and performing the appeal processes, etc. Will contact practice as necessary for other information?
- All payments go to practice as they normally do. Practice posts payments.
- Quantum invoices the client on a monthly basis based on collections.