Accounts Receivable Management

Accounts receivable (AR) is a critical function in any medical billing company. Oceanic Billing will monitor and manage outstanding claims to ensure timely collection of payments. Here's a more detailed look at what accounts receivable entails:

Claim Submission

The process starts with submitting claims to insurance companies for services rendered. This includes ensuring that all necessary documentation and coding are accurate to avoid claim denials.

Payment Posting

Once payments are received from insurance companies or patients, they are posted to the appropriate accounts. This involves recording the payment details and reconciling any discrepancies.

Follow-up on Unpaid Claims

We monitor outstanding claims and follow up with insurance companies or patients to ensure timely payment. This may involve resubmitting claims, providing additional documentation, or appealing denied claims.

Aging Reports (AR)

We generate aging reports to categorize outstanding claims based on the length of time they have been unpaid. This helps prioritize follow-up efforts and manage cash flow. The categories typically include:

0-30 Days: Current claims

31-60 Days: Moderately overdue claims

61-90 Days: Significantly overdue claims

91+ Days: Severely overdue claims

Patient Billing

In cases where insurance does not cover the full amount, we would generate patient statements and handle billing inquiries. We work with patients to set up payment plans if necessary.

Collections

For severely overdue accounts, we may work with collection agencies to recover outstanding balances. This is usually a last resort after all other efforts have been exhausted.

Reporting & Analysis

We provide regular reports and analysis to healthcare providers, highlighting trends, identifying issues, and recommending improvements to the billing process.