HME Accounts Receivable Services

Unlock the Potential of Your HME Accounts Receivable Services with Sunknowledge

Today, the home medical equipment (HME) market in the U.S. is booming, driven mostly by the growing need for in-home medical care, especially for the aging population. However, despite being such a lucrative domain, there are many HME providers who are struggling with challenges when it comes to managing their HME accounts receivable services (AR), particularly with aging accounts. Delayed payments, administrative hurdles, and financial instability can all stem from ineffective AR management.

Understanding HME Accounts Receivable Services

Navigating the complexities of aging HME accounts receivable for providers can be a daunting task. This is where expert help becomes indispensable for ensuring a healthy cash-flow and maintaining financial stability.

In the realm of medical billing, managing accounts receivable is paramount for ensuring the financial health of a practice. This entails promptly collecting payments owed by both insurance providers and patients for healthcare services rendered by physicians. HME accounts receivable services are typically segmented based on the duration for which payments have been outstanding,

Here are the commonly categorized aging buckets:

HME Accounts Receivable Services

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Ideally, most insurance payments should be received within 30 days of claim submission. Denied or rejected claims are typically resolved within 60 days. Therefore, having a significant portion of accounts receivable in the 60 days and above bucket may indicate inefficiencies within the billing team.

 A well-operated Accounts Receivable management process for HME providers means fewer receivables in the higher buckets, signifying efficient revenue management. However, many A/R cases may pose significant challenges when it comes to the intricacies of addressing outstanding payments promptly. This is where outsourcing HME accounts receivable services becomes a strategic solution.

By outsourcing HME Accounts Receivable services, you can leverage the expertise of specialized billing and coding professionals without the burden of full-time employment costs. These external partners possess the know-how to efficiently navigate the complexities of billing and collections, ensuring a streamlined revenue cycle. Moreover, outsourcing typically operates on a performance-based model, where fees are contingent upon the successful recovery. Therefore, it is not only a cost-effective alternative but one that is also aligned with the interests of the practice and the service provider for maximizing revenue recovery and achieving financial stability.

What Makes Sunknowledge Different from Other HME Accounts Receivable Companies?

How can we help you transform your revenue cycle? At Sunknowledge, we offer unparalleled support at an unbeatable rate of just $7/hr. (all inclusive), with a guaranteed locked-in rate until 2026. With decades of experience in the healthcare industry, Sunknowledge stands out as a premier provider of revenue cycle management (RCM) services for HME providers.

Ensuring financial stability – Timely recovery of accounts receivable for HME manufacturers is crucial for maintaining the financial stability of the healthcare practice. Our dedicated efforts in collecting outstanding receivables ensure a steady flow of reimbursements, covering day-to-day practice expenses seamlessly.

Comprehensive claim status update – Our proficient team diligently tracks the status of every submitted claim, utilizing various contact channels such as provider portals, billing software, and direct phone communication. Each claim is meticulously categorized as paid, partially paid, denied, or under process. Payments for settled claims are promptly updated in the billing software giving real time update for any information regarding accounts receivable for HME prescribers while denied or partially denied claims are earmarked for specialized denial management.

Accelerate denial payments – Our HME accounts receivable service management strategy is designed to expedite the processing of denied claims, reducing the time required to receive reimbursements. By facilitating quicker payments, we contribute to the efficient management of your revenue cycle.

Timely A/R aging details – We are among the HME accounts receivable companies that believe in complete transparency. This is why a comprehensive A/R aging report on a daily, weekly or monthly basis is tailored to each of our clients. The profit reports offer insights into the status of outstanding debts, including delinquent accounts and their duration. By proactively identifying late-paying accounts, you can address potential issues and mitigate credit risks effectively.

Reducing the headache of in-house staff – By availing our HME accounts receivable services, you can forego the need to hire dedicated billers, coders, or A/R callers to manage outstanding receivables. Our denial management team comprises experienced professionals, including specialized billers, coders, and physicians, who meticulously review and address each denied claim, ensuring timely appeals with accurate and comprehensive information.

Cost effective alternative – Outsourcing your HME accounts receivable is a highly cost-effective solution. By eliminating the expenses associated with hiring and training in-house billing and coding resources, you can significantly reduce payroll and training costs. Our pricing model operates on a percentage basis, ensuring maximum value for your investment.

With our comprehensive AR management services, you can streamline your revenue cycle, minimize administrative burdens, and optimize financial performance, all while benefiting from cost-effective solutions tailored to your practice’s needs.

Benefits of choosing Sunknowledge for your HME accounts receivable services:

  • Proficient experts dedicated to handling your accounts receivable
  • Reduction of your AR bucket by 30% within month
  • 98% accuracy rate in billing and claims processing
  • Cleanup of aging accounts receivable, including those as old as 90 days
  • Expertise in collecting from difficult-to-recover aging ARs
  • No write-offs without your consent
  • Equal attention to every cash amount, regardless of size or source
  • Increase in revenue collections by 80%

So don’t let clutter and stoppages hinder your HME accounts receivable. Contact Sunknowledge today and experience the difference in your cash flow. It is never too late to optimize your revenue cycle and achieve financial stability in your HME business.

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