Managing payments and collections efficiently is crucial for maintaining a healthy revenue cycle in healthcare. Med Globe Healthcare Solutions offers comprehensive payments and collections services designed to optimize your cash flow, reduce outstanding receivables, and ensure timely payments from both patients and payers.

 

Our Payments & Collections Services Include:

  1. Payment Posting

We ensure that all payments are posted accurately and promptly to maintain up-to-date patient accounts.

  • Electronic Remittance Posting: Automated posting of payments and adjustments from electronic remittance advice (ERA).
  • Manual Payment Posting: Accurate entry of payments received by check, cash, or credit card.

 

  1. Patient Billing

We manage the entire patient billing process, from generating statements to following up on outstanding balances.

  • Statement Generation: Creating and sending detailed billing statements to patients.
  • Payment Plans: Offering flexible payment plan options to assist patients in managing their balances.

 

  1. Insurance Collections

Our team follows up on unpaid claims to ensure timely reimbursement from insurance payers.

  • Claim Follow-Up: Regular follow-up with insurance companies on unpaid or underpaid claims.
  • Denial Resolution: Identifying and addressing reasons for claim denials to facilitate prompt payment.

 

  1. Patient Collections

We provide professional and compassionate collections services to recover outstanding patient balances.

  • Soft Collections: Initial follow-up with patients through phone calls and reminder letters.
  • Hard Collections: More rigorous collection efforts, including referral to collection agencies if necessary.

 

  1. Accounts Receivable (AR) Management

Our AR management services are designed to reduce days in AR and improve overall cash flow.

  • Aging Reports: Regular review and analysis of aging reports to prioritize collection efforts.
  • AR Follow-Up: Persistent follow-up on outstanding accounts to ensure timely payments.

 

  1. Financial Reporting and Analysis

We offer detailed financial reporting and analysis to help you understand and improve your revenue cycle.

  • Monthly Financial Reports: Comprehensive reports on payments, collections, and outstanding receivables.
  • Custom Analytics: Tailored reports and analyses to meet the specific needs of your practice.