What is AR Management?
Accounts Receivable Management is a financial term that refers to the set of standard operating procedures employed by a company for managing sales offered on credit. Accounts receivable are located on the balance sheet of a company’s financial statements and are considered a short-term asset.
Why is it AR Management Important?
At its core, Accounts Receivable Management is about ensuring that a business’s customers receive their invoices and pay them on time. Accounts Receivable Management is all about managing cash flow, as a result, one of the most important principles of financial accounting
Who needs AR Management?
Accounts Receivable Management services are for all companies that offer sales on credit. Healthcare companies are particularly in need due to the contracts they have with payers and the complexity of collecting from patients who make up the core of their business. While most healthcare companies don’t intend to adopt weak Accounts Receivable Management practices, poor enforcement, lack of planning, or focus on improving the techniques can have unintended consequences.
Why work with Amplicon?
Amplicon’s Accounts Receivable Management services allow a business to partner with us and access our collection resource depth. For Instance, If you’re looking to outsource your account receivables or improve your financial outcomes while maintaining control, partnering with our company is the solution. Our team of professionals works alongside your finance team to provide the following:
- Map out the accounts receivable process
- Create strategies for optimizing your accounts receivable
- Creation, implementation, and management of an accounts receivable collection process.
- Design, integration, and management of Disputed Accounts Resolution Process
- Bad Debt Identification
- Bad Debt Assignment
- Medical Debt Collection Services
- Data Reporting
How Else Can We Help?
Accounts Receivable Management services compliance knowledge is a must in the age of the discerning consumer. A multitude of state and federal laws regulate the collection of money from consumers. Consumer lawsuits are easy to avoid by partnering with a reputable Accounts Receivable Management services firm like Amplicon. Amplicon has an in-depth understanding of the ever-changing state debt collection laws like the scenario explained in NPR’s article. In addition to state laws, every single one of Amplicon’s employees is trained in the various federal agencies and laws such as HIPAA, Fair Debt Collection Practices Act, the Fair Credit Reporting Act, and the Federal Communications Commission Laws that protect consumers. Most importantly, Amplicon’s custom-built HIPAA compliant database houses information with the highest integrity by maintaining the highest industry standards in security audits, certifications, and encryptions.
Data Security We Implement:
- SSAE18– AICPA’s Service Organization Control Reports
- SAS70– Statement on Auditing Standards (SAS) No.70
- TIA-942– Data Center
- Tier III – Guaranteeing 99.982% availability
- PCI DSS – Payment Card Industry Data Security
- HIPAA-Health Insurance Portability and Accountability Act
- IRS 1075 – Federal Tax Information Protection
- State Data Breach Notification Laws
Let’s Get Started
Through the organization of data, we can help automate the accounts receivables process. The implementation of automated invoicing, call scheduling, text messaging, and emailing, improves consumer communication, which allows the business to get paid faster. Moreover, Amplicon’s detailed reporting provides documented communication, becoming a staple to pass various healthcare financial audits.
Utilizing our Accounts Receivable Management services is like adding a vast array of resources to your financial team. Before adding more overhead and the headaches that go along with it, take a look at the services that we provide, contact us now or call 949-508-1095!