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Home » The Power of Medical Billing Reconciliation

The Power of Medical Billing Reconciliation

  • July 25, 2024
A medical billing statement with a blue stethoscope laying on top of it

Main Points 

  • Medical billing reconciliation is important for successful revenue recovery. 
  • Americollect has a dedicated medical billing reconciliation team with a goal of over a 95% accuracy rate and often achieves even higher. 
  • Your accounts are reconciled at several points in the process, including when accounts are listed and when payments are reported. 

Having accurate information is at the center of what we do at Americollect. Medical billing reconciliation allows us to do what we do best – recover your revenue in the most Ridiculously Nice way possible!

The Americollect medical billing reconciliation team strives to achieve exceptional accuracy rates, and the team does their job well. Read on to learn about Americollect’s account reconciliation success, how it happens and how it can benefit your healthcare facility.

Americollect Medical Billing Reconciliation

At Americollect, we have a team dedicated to client medical billing reconciliation. They put in the time and effort to ensure our information matches what is in your system.

The primary objective of our team is to attain over a 95% accuracy rate within the system matching with our reconciliation clients, and we’re blowing past that, surpassing a 99% accuracy rate for 59% of our reconciliation clients. The performance prompts the question: “How do we consistently achieve such results?”

Account Reconciliation

To achieve these results, Americollect employs a systematic approach. We utilize a weekly inventory file to reconcile the entire inventory of accounts and balances of all your patients. When you provide us with an inventory file containing everything you have listed with us, we compare this to the information in our system. If there are any exclusions, they are shared and investigated by Americollect. A special report is created to show if the balance we have on file does not match the balance in your system. This step is crucial in preventing false-positive payment exclusions, which can affect your revenue flow. Americollect then works with you to address any remaining discrepancies.

Time of Listing Reconciliation

When preparing to list accounts with Americollect, many of our clients will provide a medical billing reconciliation file that includes two crucial details: the total number of accounts and the total dollar value of the placement files.

Our system then automatically compares your total amounts provided to Americollect against the total amounts listed in your system, and if they match, the accounts will be posted. If they do not match, an error report will be sent back to you to loop you back in to assist us in finding a resolution. If the total amounts match, an acknowledgement is emailed to your contact representative with the total number of accounts and the total dollar value listed.

Reconciliation of Payments

Even after you list an account with us, payments may still be made to you. Insurance, workers’ compensation and even self-pay can still be paid to your facility. It would not be Ridiculously Nice if Americollect made collection attempts on paid balances, so we take extra care to make sure this doesn’t happen. How that works is Americollect reconciles payments reported by using the account number, payment amount and balance after payment. This process ensures accurate application and auditing of payments.

Conclusion

Medical billing reconciliation is an important step to ensuring a smooth medical debt collection process. At Americollect it is our priority to make sure our data matches your data. Matching data provides a solid foundation for our Ridiculously Nice teammates when they call your patients, creating less confusion and platform for success. This allows us to be Ridiculously Nice to your patients when we talk to them. Less confusion leads to a happier patient and increases the likelihood that they will make a payment – accelerating your well-deserved revenue!

Have questions or want to learn more? Contact us today by clicking the button below!

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Ridiculously Nice Legal Disclaimer

The content provided in this communication (“Content”) is presented for educational and general reference purposes only. Americollect, Inc and/or AmeriEBO LLC either directly or indirectly through speakers, independent contractors, or employees (collectively referred to as “Americollect”) is providing this Content as a courtesy to be used for informational purposes only. The Contents are not intended to serve as legal or other advice. Americollect does not represent or warrant that the Content is accurate, complete, or current for any specific or particular purpose or application. This information is not intended to be a full and exhaustive explanation of the law in any area, nor should it be used to replace the advice of your own legal counsel. By using the Content in any way, whether or not authorized, the user assumes all risk and hereby releases Americollect from any liability associated with the Content.

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