Finnastra assures colossal decrease in you administrative and operational overhead and work towards increasing your profitability. At Finnastra, we offer customized solutions from patient admissions till the collections, which will improve the overall revenue cycle system of our clients. Finnastra, over its years of experience as an offshore supporting vendor for our Healthcare clients at U.S., analyzes claims, ERA’s/EOB’s, every transaction and act vigorously to recover the amount due.
As one of the innovative revenue cycle vendors, Finnastra offers revenue cycle solutions to all segments of the provider groups including, small-medium or large sized hospitals, provider groups, individual providers, for-profit and not-for-profit hospitals, and for medical billing companies.
We at Finnastra understand the complexities involved in new regulations, intricate reimbursement methodologies in the current revenue cycle process and offer both extended business outsourcing services and complete revenue cycle management services that fits our clientele scope of business.
The Accounts Receivable is a process by which businesses receive payments from customers for goods or services sold. This process involves the following factors:
Credit Decisions: the supplier of goods and services checks if the prospective customer is of sufficient credit worthiness to warrant the supply of the products or services under an account arrangement.
Billing and Bill Distribution: happens once the good or services have been supplied.
Payments: are completed by the customer once they are ready to pay.
Receipting, Allocations, and Reconciliation: This step is undertaken by an Accounts Receivables Officer. The AR Officer identifies a payment deposited into the supplier bank account, receipts it into the AR system, allocates it to an invoice and reconciles to ensure that the payment is correct.
Collections: The Collections Officer identifies all invoices that are short paid or unpaid as of the due date.
Disputes Management: if the customer disputes a bill/invoice typically, this step is typically managed between a Collections Officer and the customer.
Bad Debt: once the bill/invoice reaches a set date and/or is under dispute and is not resolvable to the satisfaction of the supplier, it would then be considered a “bad debt”.