Reconciliation of Accounts: Closing the Revenue Cycle Effectively
The reconciliation of accounts—between what was billed by the provider and what was paid by payers—following all submission and resubmission steps, is a crucial component in closing the revenue cycle. At SAMCO Global, our experienced finance team, supported by a dedicated group of professional medical and insurance reviewers, is responsible for auditing and financially reconciling all records to be presented to the payer for final account closure.
The Importance of Reconciliation of Accounts
The reconciliation of accounts process ensures accuracy in financial records and minimizes discrepancies between billed amounts and payments received. By diligently following each step, we help our clients streamline their revenue cycle management and enhance their financial performance.
Steps Involved in the Reconciliation Process
-
Performing Claims Audits
Our team analyzes the reasons for claims rejections to identify patterns and improve future submissions.
-
Verification and Validation of Claims
We assess claims eligibility for reconsideration post-resubmission, ensuring that all necessary documentation is in order.
-
Effective Communication with Payers
We communicate our findings, justifications, and any other relevant documents required by payers, facilitating a smoother reconciliation process.
-
Negotiating Rejected Claims
Our team negotiates on rejected claims for reconsideration after resubmission, striving to recover revenue effectively.
-
Supporting Low Rejection Rates
Our ultimate objective is to achieve and maintain the lowest rejection rate, ensuring our clients maximize their revenue potential.
-
Signing Off for Account Closure
We finalize account closures in accordance with agreed contractual terms—be it quarterly, semi-annually, or annually—ensuring all accounts are reconciled satisfactorily.
Get Started Today!
Ready to optimize your revenue cycle management through effective reconciliation of accounts? Contact us now to learn how our expert team can assist you in achieving your financial goals.