- April 27, 2021
- Posted by: Thomas Anderson
- Category: Accounts Receivable
Managing your healthcare accounts receivable is one of the major challenges faced by any hospital. The money which you owe for the services that you have rendered and bill for the same is known as accounts receivable or AR. All the payments that are due from the payers, patients as well as other guarantors are part of pending accounts receivable bucket.
Hence, it is evident that you need specialized experts that know how to recover all your dues on time. Improper management of your accounts receivable can lead your healthcare firm towards financial loss that also includes poor patient experience and bad debt.
The need of the hour for you as a practice is to find expert resources that can help you optimize your revenue cycle performance by offering the needed support. To determine what is accounts payable in healthcare, reducing your aging patient accounts receivable bucket is the way forward. However, finding the right vendor can be a tricky affair for many. All you need is a genuine partner that can eliminate your hospital accounts receivable worries once and for all!
The Sunknowledge Advantage in ROI
You should always focus on improving your revenue cycle by focusing on reducing the AR days. At the onset-
1. Determining your goals: One of the major areas that you should consider focusing on will be to reduce your hospital accounts receivable bucket. Segregation of your current accounts as well as aging and even accounts that are about to run into delinquency is the way forward. Only then will you set your foot on the right track for reducing your collections woes.
2. Key to accurate documentation: Finding resources that can help you document information correctly will mitigate your long term challenges with denials. All you need to do is to find someone that can eliminate all the loopholes and help you find able solutions in filing for appeals.
3. Setting goals for clean claims: Reducing all your front end issues serves the benchmark for making sure all your claims are submitted on time without any errors. The submissions have to be in alliance with the payer regulations. Your front and back end must meet to help you find a reliable answer.
4. Track denials with right processes: Effective denial management is all about managing your claims properly. A quality RCM partner can help you implement checks and balances which will elevate your collections with reduced or no denials at the back end.
5. Setting roles which are payer specific: One of the major advantages with a top class vendor experienced in delivering actionable solutions in hospital accounts receivable is laying down a roadmap which is payer specific. It makes it all the more better for you to plan your claims in accordance and align yourself according to the prerequisites.
If you are looking for task specific support in hospital accounts receivable, partner with Sunknowledge. Our team understands what it takes to deliver you customized solutions and that too at next door rates. Currently , we are offering hospital accounts receivable solutions at $7 per hour or 1% of collections.