Proper management of accounts receivable (AR) and accounts payable (AP) is essential for the financial health of medical practices.
Accounts Receivable (AR)
AR refers to the money owed to a healthcare provider for services rendered but not yet paid by insurance companies or patients.
Common AR Challenges:
● Delayed insurance payments
● Denied claims due to errors
● Patient payment delays
Accounts Payable (AP)
AP refers to the money a medical practice owes, including:
● Vendor payments (medical supplies, equipment)
● Staff salaries
● Facility expenses
How to Optimize AR & AP Management
● Use automated billing to process claims faster.
● Implement payment reminders for patients.
● Partner with AccordPro for better financial management.
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