Understanding Accounts Receivable & Payable in Healthcare

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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