Healthcare AR Management – Extended business office
Healthcare Debt Recovery Services
CRCorp respects and understands the relationship between the provider, patient, and insurance company. This is the reason we work hard to maintain the structure of your internal operations and processes in order to provide a seamless transition from your office to ours.
The healthcare industry is constantly changing and we know this can create many hurdles for your practice and its Accounts Receivable Management (ARM) process. Some of these include higher patient balances from ever-rising deductibles, insurance denials due to coding and billing errors, patient disputes, and more.
We know that among their many other tasks, front office staff face the constant challenges that come with verifying patient health benefits, determining up front patient costs, managing denials, and following up on insurance claims not paid timely. We realize it can be overwhelming to handle it all while trying to provide the highest level of patient care and we at CRC believe we have the solution that you are looking for.
Our debt recovery services help you with a wide array of billing options and collections on medical bills. This includes denials and appeals processing, insurance follow-up, 5010 and 837/835 handling, and 24/7 account status availability.
As an extension of your business office, CRCorp works to understand your existing internal procedure and mimic it. This helps us provide a streamlined process from your office to ours. We offer customized patient portals, payment reconciliation, and specialized reports. At the beginning of our partnership, we take the time to learn about your practice and preferences for handling patient accounts. This includes the life cycle of your accounts, the respected insurance and patient relationships, and the payments and adjustment processes.
You Will See Results
In addition to debt recovery services, we are proud to offer wide-ranging and flexible Extended Business Office services. This includes insurance claim billing, payment monitoring, insurance claim follow-up, pre-collection series of letters, and an aggressive recovery method (collections under CRCorp) when needed, and much more. The Extended Business Office product is a customizable solution for debt recovery, providing a one-stop-shop model that meets the needs of managing the AR for your service and/or product and mimicking your current financial services policies.
This has helped us earn a 20% recovery rate over industry standards. Our low employee turnover rate means you will have a dedicated, certified financial counselor to help coordinate your financial systems. Our team members are HIPAA, FDCPA, CPAR certified. They will monitor your accounts to ensure revenue goals are being matched.
CUSTOMIZABLE SERVICES
Some of our Extended Business Office Solutions
- AR Receivables Management-Primary and Secondary
- Early Out-Pre Business Debt Collections
- IVR and Online Payment Processing
- Third Party Billing Solutions
- Self-Pay AR Management
- Letter/Statement Service
- Bad Business Debt Collection
- Occupational Medicine AR Management
- Urgent Care Specialist AR Management
- Call Center
- Specialist Financial Counselors-CPAR certified
- AR Receivables Management-Primary and Secondary
- Early Out-Pre Business Debt Collections
- IVR and Online Payment Processing
- Third Party Billing Solutions
- Self-Pay AR Management
- Letter/Statement Service
- Bad Business Debt Collection
- Occupational Medicine AR Management
- Urgent Care Specialist AR Management
- Call Center
- Specialist Financial Counselors-CPAR certified
Our Approach to Medical Debt Collections
As an extension of your business office, you can trust that we share your vision for excellence in customer service, while also achieving optimum recovery on any type of account.
We are a certified, compassionate and professional medical debt collections company and our clients appreciate our approach to partnership. These shared components comprise the core of our mission, and set the tone for our relationship with you, your partners, and your customers.
When utilizing an experienced and proven medical debt collections company, such as CRCorp, your organization will realize a lower cost to collect, gain efficiencies in your overall business office operations, and increase bottom-line revenue.
Our 30 plus years of experience and tenured management team provide the expertise to produce recoveries, as well as analysis and recommendations that include applied technologies, front-end modifications, and clear opportunity for advanced levels of revenue cycle recoveries.
Our Expertise with Collections on Medical Bills
For over 30 years, we have been debt collectors for medical bills. Our devoted, certified, debt counselors can help with insurance denials, coding errors, higher patient balances, HIPAA changes, and much more. We work with your existing team to provide a large array of billing options and services for collections on medical bills.
Testimonial
Their website is easy to manage on a day to day basis so there is no need to call anyone when someone makes a payment. On top of that any invoices that come in do so by email, so all I have to do is print out to the accountants printer. So far I am in love with this company and I am not looking to change anytime soon, and I appreciate all that they do.
Frequently Asked Questions
What is healthcare revenue cycle management?
Healthcare revenue cycle management (RCM) is the end-to-end financial process of tracking patient care from registration through final payment, including insurance verification, medical coding, claim submission, denial management, payment posting, and patient billing. Effective RCM helps healthcare organizations accurately track and collect revenue associated with services provided. Capital Recovery Corporation provides healthcare RCM and accounts receivable management services for medical practices and healthcare organizations.
What is an extended business office in healthcare?
An extended business office (EBO) is a third-party service that extends a healthcare organization's existing business office and revenue cycle operations. An EBO may support insurance billing, claim follow-up, denial management, payment monitoring, patient account communications, accounts receivable management, and other revenue cycle activities. The specific services provided depend on the organization's needs and engagement.
What does a healthcare accounts receivable management company do?
A healthcare accounts receivable management company helps providers manage unpaid and outstanding accounts throughout the revenue cycle. Services may include insurance follow-up, denial management, payment monitoring, patient account follow-up, self-pay accounts receivable management, billing support, and collection services. The objective is to help healthcare organizations manage outstanding receivables while maintaining appropriate operational and compliance processes.
How does healthcare revenue cycle management improve collections?
Healthcare revenue cycle management can improve collections by identifying and addressing issues that delay or prevent payment. These may include eligibility problems, billing errors, claim denials, delayed insurance follow-up, payment posting issues, and unresolved patient balances. A structured RCM process helps organizations monitor accounts throughout the revenue cycle and address appropriate issues before they become harder to resolve.
What is healthcare accounts receivable management?
Healthcare accounts receivable management is the process of monitoring, following up on, and resolving unpaid balances owed to a healthcare organization. It can include managing insurance receivables, patient balances, claim follow-up, denials, payment reconciliation, and accounts that require additional recovery efforts. Effective AR management helps providers maintain visibility into outstanding revenue and identify appropriate next steps for unresolved accounts.
What is the difference between healthcare RCM and healthcare debt collection?
Healthcare revenue cycle management covers the broader financial process from patient registration and insurance verification through billing, payment, and account resolution. Healthcare debt collection generally refers to recovery efforts involving qualifying unpaid accounts after other billing and collection processes have been exhausted or when an account is otherwise appropriate for collection. RCM and collection services can therefore operate at different stages of the revenue cycle.
How does an extended business office support a medical practice?
An extended business office can provide additional support for a medical practice's existing financial and revenue cycle operations. Depending on the engagement, this may include insurance claim billing, payment monitoring, insurance follow-up, denial and appeal support, self-pay accounts receivable management, payment reconciliation, patient account services, reporting, and collection activities. Services can be structured around the practice's existing workflows and requirements.
How does Capital Recovery handle healthcare accounts receivable?
Capital Recovery works as an extension of a healthcare organization's business office to support its existing accounts receivable and revenue cycle processes. Depending on the engagement, services may include insurance follow-up, denial and appeal support, payment monitoring, self-pay AR management, payment reconciliation, reporting, and collection services. The specific workflow is customized according to the organization's procedures, account requirements, and applicable obligations.
Can healthcare providers outsource accounts receivable management?
Yes. Healthcare providers can outsource some or all accounts receivable management activities to an experienced third-party service provider. Depending on the organization's needs, outsourced services may include insurance follow-up, denial management, patient account support, payment reconciliation, reporting, and collection activities. The appropriate outsourcing arrangement depends on the provider's operational requirements, contracts, policies, and applicable regulatory obligations.
What healthcare billing and collection services does Capital Recovery provide?
Capital Recovery provides a range of healthcare accounts receivable and recovery services, which may include insurance claim billing, payment monitoring, insurance claim follow-up, denial and appeal support, self-pay AR management, payment reconciliation, third-party billing solutions, early-out services, patient account services, and collection activities. Available services can be customized according to the healthcare organization's needs and existing business office processes.
How does Capital Recovery protect patient information?
Healthcare organizations and their service providers must handle patient information according to applicable privacy, security, contractual, and regulatory requirements. Capital Recovery's healthcare services should be delivered through approved processes and safeguards appropriate to the engagement. Specific privacy and security controls, agreements, and procedures should be confirmed with Capital Recovery for the applicable service arrangement.
When should a healthcare organization consider outsourcing AR management?
A healthcare organization may consider outsourcing AR management when outstanding accounts require more staff time, specialized follow-up, reporting, or operational resources than the internal business office can efficiently provide. Outsourcing may also be considered when an organization wants additional support with insurance follow-up, denials, patient balances, payment reconciliation, or recovery activities while maintaining its existing financial and patient-service processes.
See What It’s Like to Work with Us
To learn more about what it’s like to have Capital Recovery Corporation on your team, please contact us today. We can discuss your practice’s unique struggles and goals, answer all your questions, and provide next steps for working with us. We look forward to hearing from you!