What Are Medical Receivables?
When healthcare professionals, medical facilities, pharmacies, hospitals, therapy groups, and companies that provide durable medical equipment or supplies render their services on credit, they typically send an insurance company or government entity an invoice in order to collect the money due to them.
Invoices that have not been paid to a provider in the healthcare industry by the insurance companies or government entities are called Medical Accounts Receivable.
Note: The term "medical receivables," typically, does NOT include payments owed to healthcare providers by patients or private individuals.
Many insurance companies, businesses, and government entities do not pay their bills within thirty (30) days. Providers often have to wait 60, 90, or even 180 days to get paid for their services or goods. In the meantime, the Healthcare Provider needs timely cash flow in order to meet its payroll, to pay its suppliers, and to meet other overhead costs.
Can GIR help me improve my collections?
Our claims processing services will result in a significant reduction in your fixed costs if your business model has an in house accounts receivable department. We not only reduce denials, but will also file demands, manage administrative claims and follow up with the insurance company until you get your money.
Can GIR ensure an increase to my revenue?
At GIR, the medical claims processing effort follows a structured, systematic process to maximize collections. Although GIR cannot guarantee specific results, GIR operates on a contingent basis which eliminates any cost outlays by the medical provider. Remember, "no increase in revenue will happen when claims are not acted upon with diligence and acumen." |
