Outsource Accounts Receivable Services For Healthcare

By outsourcing accounts receivable, Healthcare
can boost cash flow by up to 30%. Outsourcing AR can provide positive experiences to clients and improve client retention. Outsourcing accounts receivable reduces cost related to hiring, training new employees, processes invoices faster and helps ensure timely and efficient collection of pending payments. At Outsourcing Business Solutions, our accounts receivable services are designed to streamline financial processes. Transform your billing process and improve cash flow by choosing to
outsource accounts receivable services for Healthcare.
.

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AWARD-WINNING OUTSOURCING COMPANY

Top Bookkeeping Company - OBS
Global outsourcing firm index rank 1843 in 2023
Clutch award top BPO company
Best Bookkeeping Company - OBS
Clutch 100 Fastest Growth 2023

Security and Data Protection For Healthcare

At OBS, we recognize that data security and confidentiality are of utmost importance when you outsource accounts receivable for Healthcare. To ensure your sensitive information is protected, we adhere to stringent security protocols. We begin by signing a Non-Disclosure Agreement (NDA) and a Non-Compete Agreement (NCA), which guarantee the safety and confidentiality of your data. Our workplace follows a strict no-paper no-pen policy, and mobile phones and USB devices are prohibited on the work floor to eliminate potential security risks. When Healthcare outsource accounts receivable, we make sure that data sharing is handled securely by using only secure platforms like Dropbox and SharePoint. Additionally, we prioritize centralized data servers over local or individual servers, further enhancing the safety of your information.

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    Healthcare Accounts Receivable Services We Provide

    At OBS, we specialize in providing customized Healthcare outsourced accounts receivable services, ensuring smooth financial operations and compliance with industry standards. We understand the unique needs of Healthcare, from managing large volumes of invoices to maintaining accurate financial records. Our team is committed to offering scalable solutions that adapt to your firm’s requirements, with a focus on efficiency and accuracy. We handle tasks such as coding and indexing of invoices, audit and quality control of invoices, vendor statement reconciliation, and statutory reporting. With continuous training for our team and strict adherence to regulations, we guarantee that your accounts receivable processes are streamlined and compliant.

    • Accounts Receivable Factoring Services
    • Billing Services
    • Invoice Processing
    • Bookkeeping Services
    • Refunds and Settlements
    • Conduct Collection Calls
    • Preparing and sending account statements
    • Preparing accounts receivable reports
    • Applying cash received to customer accounts
    • Accounts Receivable Aging Report Creation
    • Updating accounts receivable
    • Follow-up collection of accounts receivable
    • Creating invoices based on product/service delivery confirmations
    • Updating Invoices
    • Payment Processing
    • Customer Accounts Reconciliation
    • Entering receivable transactions into the accounting system
    • Order to Cash Processing Services
    • Invoice Data Entry
    • AR deductions management services

    Process of Accounts Receivables

    Step 1: Invoice Generation

    Creating and delivering invoices to clients for items or delivered services is the first step in the AR process. Typical information on invoices includes the description of the goods or services, quantity, unit price, overall amount owed, conditions of payment, and any relevant discounts or late payment fees.

    Step 2: Invoice Delivery

    After creating invoices, clients receive them through a variety of channels, such as email, postal mail, and online billing portals. Effective delivery strategies increase the pace of payment by ensuring that invoices are received on time.

    Step 3: Payment tracking and posting

    As payments come in from clients, it’s important to precisely track them and post them to each client’s account. This entails logging the payment amount, applying it to the relevant invoice(s), and revising the balance on the customer’s account as necessary.

    Step 4: Account Reconciliation

    To guarantee the correctness and integrity of the AR records, routine account reconciliation is carried out. This entails identifying any discrepancies or unresolved items by comparing the AR sub-ledger with supporting evidence, such as payment receipts, bank statements, and customer correspondence.

    Step 5: Collections Management

    This process becomes essential when customers don’t pay their bills on time. In order to do this, it is essential to have active communication with customers to remind them of unpaid invoices, work out payment arrangements, settle disagreements, and, if required, step up the collection efforts. Maintaining relationships while guaranteeing prompt payment recovery requires adopting a professional and customer-focused strategy.

    Step 6: Reporting and Analysis

    As part of the AR process, reports are created on a regular basis to give information about the overall success of the AR process. Metrics like aging analysis, collection efficiency, days sales outstanding (DSO), and customer-specific AR aging may be included in these reports. It is possible to improve cash flow management by identifying trends, evaluating the success of credit and collection programs, and making well-informed judgments by analyzing these reports.

    Step 7: Cash Application

    To ensure correct cash application, the AR team compares payments with bank deposits after they are posted. By ensuring that money is correctly allocated to each customer account, the AR balances are maintained accurately.

    Step 8: Account Maintenance

    It’s crucial to keep current and accurate customer information throughout the entire AR process. To support effective communication and successful collection activities, this involves managing client master data, updating contact information, resolving any changes in billing addresses, and assuring data integrity.

    Step 9: Credit Management

    Credit management might, in some circumstances, be a crucial step in the AP process. To reduce the risk of bad debts and credit losses, this entails assessing and establishing credit limits for consumers, determining creditworthiness through credit checks, and monitoring customer payment behaviors.

    Step 10: Continuous Improvement

    To increase effectiveness, decrease errors, and maximize cash flow, the AR process is continuously improved. Implementing latest tools, integrating AR systems with other financial systems, optimizing workflows, and keeping abreast of current best practices in AR management may all be necessary to achieve this.

    Our Software Expertise

    At OBS, we speed up the account receivable processes with our expertise in various accounting software including QuickBooks, Xero, Netsuite, Sage, Zoho Books and FreshBooks. With centralisation of financial data, we make it easily accessible for making informed decisions. We integrate our accounts receivable services with existing financial systems in an easy manner.

    Our Packages

    HOURLY

    Working Time Hourly Basis
    Minimum billing of USD 300 per month
    Starting from USD 10

    PART TIME

    Working time flexible

    Starting from USD 750

    FULL TIME

    Working time 8 hours daily

    Starting from USD 1500

    Client's Testimonials

    How A2Z Real Estate Transformed Their Accounts Payable with Expert Accounting Services

    Listen to our client, Ms Michelle from A2Z Real Estate, as she shares how expert accounting services transformed their accounts payable processes.

    Streamlining Invoices and Accounts Payable: A Client Success Story

    Listen to our client Mr. Allen Kelly, as he shares his company’s experience using our expert accounting services. Learn how our solutions transformed their invoice and accounts payable processes and led to more efficient operations and stronger vendor relationships.

    Seamless Accounting Transformation with QuickBooks: A Client's Journey

    Discover how our client Ms. Danine Hodge successfully streamlined their accounting processes with OBS’s outsourced accounting services using QuickBooks. Learn how the integration of QuickBooks and expert support from OBS transformed their financial operations, providing them with the clarity and precision needed to drive their business forward. Listen to their story and see the tangible benefits of partnering with OBS for your accounting needs.

    Accounts Receivable Client Success Stories

    Account Receivables Services for Multiple Industries

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