PracticeTracker AR Finance

AR Finance : PracticeTracker AR Finance

Uninterrupted, positive cash flows for Physicians’ Practices

What if you did not have to wait for the reimbursement of your bills by insurance carriers? Sounds incredible, right? At Tranquilmoney, we offer PracticeTracker Accounts Receivable Financing services for immediate infusion of liquidity, thereby keeping your cash flow cycle going.

As a medical service provider, you bill third-party payers like Medicare, Medicaid and private insurance companies and then wait anywhere from 60 to 120 days for reimbursements. We offer financing upfront after analyzing your medical claims to see that:

all evidence is included to prove that the encounter has actually taken place, and
the amount billed is the amount that is contracted for that set of procedures, or
bill your list price but provide you with an AR Report expecting a different amount as payment

This provides you with the financial means to meet your cash flow requirements, hire new staff, open new locations, or expand your business.

In addition to financing, we also offer Medical Billing and Collection Services as a separate service.

How our AR Financing works?

A medical service provider bills a third-party payer (i.e. Medicaid/Medicare, HMOs, private insurance companies, personal injury lien settlements, worker’s compensation insurances, etc.) for the medical services performed.
The Healthcare provider sends a copy of the superbills / invoices to us. (We may or may not providing medical billing services to the provider. We offer both electronic and paper claim submission as appropriate to each carrier. Provider may choose to do this themselves or through a third -party they are already using)
Once a claim has been submitted (that is, after we have scrubbed the claim to check the actual contractual amount due), we then purchase the medical provider’s invoices and advance up to 80% of the expected net collectible value. (Funds are typically deposited directly into the medical provider’s bank account within 24-72 hours)
PracticeTracker AR Finance uses the remaining 20% (reserve) as a buffer in case some of the provider’s bills do not get reimbursed or if they were billed based on incorrect information.
Our AR Follow-Up team follows up on every unpaid dollar, down to the penny. The decisions to write off or take the case to the court will be taken by the provider. Case Brief files are available via the PracticeTracker Attorney Portal at all times.
The reserve, less the factoring fee, is passed through to the healthcare provider after payments are received.

Policies and guidelines for AR finance

An e-contract is signed by the parties
A bank sub-account to be jointly held jointly by the lender and the provider is set up
It must be ensured that the TPA directs payments to the new bank account
Claims are evaluated as per the rules laid out in the contract
The rates of discount are 1% for 15 days, 2% for 30 days, and 5% for 90 days.

Eligibility criteria

The Provider must either have a proven credit history or a personal guarantee accompanied by an audited net worth certification.
The Provider should have been in business for at least 3 years.
The sanctioned amount should be a minimum of $30,000 per month