Which step involves collecting payments and managing accounts receivable?

The step that focuses on collecting payments and managing accounts receivable is centered on follow-up payments and collections. This process is critical within the billing cycle, where healthcare providers ensure that payments are received for services rendered. Follow-up involves reaching out to patients and payers to track outstanding claims and rectify any issues that may be delaying payment.

This step is essential for maintaining the financial health of a practice, as it addresses any potential lapses in revenue generation. Effective management of this aspect ensures that accounts receivable are monitored regularly, leading to more timely collections and an improved cash flow for the practice. Thus, selecting this step reflects an understanding of the importance of active collection processes in the overall medical billing framework.