Case Study on Accounts Receivables, Verification of Benefits and Payment Posting
The Client Profile
A rapidly growing billing company situated in New Jersey.
Trying to staff for rapid and unpredictable growth was a challenge, so the ability to draw on an available pool of qualified people to supplement in-house strengths led the client to outsource. The customer asked AnnexMed Billing Services to handle their
- Account receivables
- Verification of Benefits
- Payment Posting. The average volume we get for cash posting on a daily basis will be 30 to 40 files with 2000 claims on a day.
We took the following initiatives to improve the customer’s productivity and collections:
- We provided the customer with a dedicated team and account manager.
- The team at consisted of full time AR experts and cash posters.
- We developed an effective process for verifying the patient benefits on time.
- We maintain the records of the issues we face daily and try to resolve at our end.
- We developed a Quality control process to cross verify the files which were posted by the posters in AnnexMed to avoid any errors from the client end.
As a result, the client gained the following benefits by outsourcing to AnnexMed Billing Services:
- We delivered the files without any delay.
- Our aggressive AR follow up resulted in increased cash flow
- Collection calls are completed on the same day.
- From the customer’s end, they did not have to face problems of backlogged claims as they could quickly ramp up qualified staff through AnnexMed.
- There was a sharp reduction in administrative costs and an increase in operating efficiency.