Accounting and Bookkeeping for
Franchises and Franchisor Concepts
True North provides enterprise level franchise bookkeeping services to 250 franchise locations across 40 states. We've build businesses from napkins in a coffee shop; we've been senior executives in billion dollar companies. We know what it takes to win.
What are AR Management Services?
AR Management Services help you boost cashflow to your practice and get paid faster by ensuring previous patients who haven't paid their invoices do to avoid overdue or even non-payment.
Your "Accounts Receivable" are the bills and the amount of money owed to your medical practice for services you've provided, but haven't yet been paid for. These accounts are considered an asset on your balance sheet, since that is net realizable value. But it's important to collect your accounts receivable as quickly as possible, because as time goes on and costs build up, your accounts could only be worth 20% of their face value.
True North has developed an AR Management Service for both payer-specific, reimbursement, and patient specific situations, aimed at co-pays and deductibles.
In the best case, claims are submitted within 72 hours after the time service has been rendered.
How do Accounts Receivable Management Services Work?
We work with over 60 healthcare agencies across the US, so we've learned what works and what doesn't. Our AR management services encompass:
Identifying and tracking unpaid accounts
Assessing payment actions
Developing a cadence
Applying procedures to secure payments regularly
Improving Medical Billing Collections
The most important aspect of accounts receivable management is to make sure claims and balances are paid when due. Studies show over half of all claims are not reimbursed to insurance, creating a massive loss for your medical practice.
You want to collect your payments for accounts receivable as soon as possible. The longer you have an outstanding invoice, the more time and resources you will have to allocate for collection, leading to a major loss of revenue. A way your practice can manage these overdue accounts is to designate the days/months outstanding as a KPI (key performance indicator) in monthly reports. Tracking the timeframe helps visualize:
The age of claims
The volume/number of statements sent to patients
The date since last payment
How close to timely filing limit
Number of rejected claims
How to Improve Medical Billing Collections
VA Medical Billing has developed several methods for improving collection of accounts receivable:
Analyze Collections by Payer: Track and identify which insurance companies are slow to pay claims and which companies deny claims at a higher rate.
Assess Patient Collections: Help your patients understand the prepayments, copayments, and outstanding payments need to be collected at the time of service.
Monitor Frequency of Errors: Delays in collection can be caused by errors in the patient collection, coding, billing, and other various billing processes. By identifying problem areas, your practice can implement measures to reduce these errors and decrease accounts receivable over time.
Medical Billing Programs: Integrate software into your medical billing process to alert staff when accounts are past due, so you can take follow up steps and processes.
Teamwork: Dedicate a team to track payers and hold team meetings to talk about current AR, problem areas, and discuss the most effective collection techniques to boost cashflow.
What Our Clients Say
I've been with True North for six years. They know me, they know my people, and they know my business. True North is a valuable business partner.
True North has been instrumental in allowing me to grow my business. No matter how complex the financial concern, I know I can count on True North to guide us through the issue.
True North has been so welcoming to our new business, Superior Marine Services. We truly appreciate all of their hard work. We highly recommend any of their services. Class Act! Thanks True North!
Get Dedicated Professionals to Improve Your AR Management
Rules and regulations are always changing, making it tough for Home Care and Home Healthcare agencies to establish consistent and impactful AR management processes. This makes it increasingly important to have your AR Management handled by experts. True North is the nation's leader in VA medical billing, coding, and AR management. If you don't follow up with unpaid claims, you will begin to have bad debt accumulate. VA Medical Billing has 25 expert staff dedicated to carrying out the AR management process for your agency. You should trust a professional and reputable medical billing and coding company for these aspects of your business. By counting on VA Medical Billing for your AR Management solutions, we help accelerate cashflow, reduce the time between services rendered and payment, while helping achieve efficiencies not possible in house.