WHAT IS HOSPITAL ACCOUNTS RECEIVABLE SERVICES?
Hospital accounts receivable services in healthcare refers to the amount of money a provider owes from patient and insurance. Hospital accounts receivable can also be put by days in accounts receivable measuring the time between the discharge of the patient and when the payment gets made.
Hospital A/R also gets calculated in a bucket of 45/60/90 & above.
For calculating the days in accounts receivable for hospitals, you have to compute the average daily charges for the past several months and adding up the charges posted for the last six months and dividing it by the total number of days in those months. Also dividing the total A/R by the average daily charges gives the days in A/R.
However, today the main concerned for many hospital accounts receivable companies is – managing seamless AR is taking a lot of time. Being a time-consuming process of following up on rejections, working on why claims are getting denied, submitting them according to timely filing limits and taking care of denial management services for hospitals; AR can be quite time consuming.
A DEEP UNDERSTANDING OF ACCOUNTS RECEIVABLE SERVICES FOR HOSPITALS:
The process involves looking at the denied claims, working on them, identifying the reasons for denials, and correcting them for receiving maximum reimbursements from the insurance. So today in this competitive era, it is extremely vital that a team of accounts receivable experts must know the tricks of the trade when it comes to accessing the claims adjudication priorities, understanding what documents/ procedure was missing so that the mistake is not repeated again.
So today it is always best to find someone reliable who has extensive experience in how the entire process works, provides you with case studies and strong references on how they have been instrumental in eliminating challenges for the biggest and the best will be of excellent value. It can give you the biggest advantage of focusing on your core priorities and simultaneously reducing your operational costs. A quality RCM partner will not only add value & trust to your Hospital accounts receivable process but also reduce your A/R days in no time.
What makes Sunknowledge an expert in Hospital Accounts receivable?
Our team takes pride in having exceptional standards of productivity and will make sure that every money will be chased upon! Unless you give the consent, there will be no write-offs or adjustments done. We offer Hospital A/R at just 1% of collections and excel in making robust follow-ups till resolution.
We believe in offering customized support and have increased collections stupendously for the best hospitals across the country. Also, our flexibility with communication and offers customized support is second to none.
The lifeline of any business is a steady flow of cash. Unfortunately, there are too many cases involving delayed payments, red-tapes and accumulated accounts receivable. Add to that frequent rejections, denials and issues involving inaccurate billing, and it’s no wonder that getting paid for services rendered so often turns into a nightmare!
Leave Your Billing & Collection Worries To us
As most of the time, hospitals and other healthcare practices are seen losing out on revenue due to inaccurate billing & coding as well as a lack of clear understanding of the generic rules for payment. This is why today having the right operational extension outsourced your accounts receivable services for hospitals ensure efficient medical billing & collection.
With specialized expertise and sufficient experience RCM professional like Sunknowledge you can easily generate better profit and drive down your losses effortlessly.
Welcome to Sunknowledge Services Inc. for powerful and cost-effective solutions in hospital accounts receivable management outsourcing solution which can help to get your claims paid quickly, your accounts organized efficiently and your losses reduced drastically.
We are an ISO 9001:2008 and ISO 27001:2005 certified global provider of Business and Knowledge Process Management Services in the US healthcare domain. Our proactive and streamlined revenue cycle management process not only regularizes the flow of cash to your organization, but also gives you complete visibility and assurance of your payments – through every step of your billing chain.
Our billers and coders are proficient in working in several industry-standard practice management and billing systems, and have an excellent track record in delighting each customer through their expertise, dedication and steady focus on making them realize their payments on time.
If you are looking for an efficient administrative ally,
let us be your next partner in success for your business!
Healthcare professionals across the United States are discovering the key to a successful medical practice: specialize in what you do best viz. delivering great patient care, and outsource administrative activities such as medical billing & coding, accounts receivables management and revenue cycle management to a company that specializes in those areas.
Some of the reasons why our clients love us include:
- Up to 97% collection
- AR recovery charges as low as 1% of collection
- Improved workflow using effective tracking tools
- Quick turnaround time
- 99.9% accuracy
- Proactive approach to cash recovery
- Extensive AR follow-ups till resolution
- Detailed reporting with suggestions for actions to be taken
- 100% HIPAA-HITECH compliance
Leave Your Billing & Collection Worries To us
To find out more about how we can help, simply fill out the form below and send it to us. We will get back to you within 24 hours!
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FAQ’s on Hospital Accounts Receivable
What is Accounts Receivable Management in Healthcare?
The team looking at accounts receivable is responsible for following up and looking for the denied claims. The activities involve filing appeals, following up with the insurance for the appeals, and the reason for denials. It refers to the sum owed by a medical practice for thee services provided and not yet paid for.
Why Reducing Hospital Accounts Receivable is so Crucial?
Days in accounts receivable actually gives a measurement of the amount of time between patient discharge and payment being made. It involves a lot of activities like collecting the co-pays, deductibles, coinsurance upfront which is a part of the patient accounts receivable. Also, filing on time, following up with the insurance for payments is a critical activity for a hospital.
What can be a Good Percentage for my Accounts Receivable?
Ideally, many experts opine that in the greater than 90-day category, an acceptable performance indicator should not be more than 15 to 20 percent. Yet there are reports from MGMA which show that there are practices with better percentages ranging between 5% to 8% depending on the specialty.
You Need Trained and Experienced Employees to do that! Is that right?
The quicker is the turnover in your hospital accounts receivable, the less will be the need to find cash from somewhere else! Training is a critical aspect that is time-consuming, also resources that know how to check upfront insurance availability, following timely filing guidelines, knowing the claims adjudication requirements of specific plans are extremely important!
What can Sunknowledge Offer to Improve my Collections?
We are a full-service destination for accounts receivable management in healthcare. Our analysis of hospital accounts receivable is followed with a robust process of follow up, with some attention given to every cash size or source. Our team knows how to work on your denials, file your claims clean, and have unmatched expertise in working for aging accounts receivable as old as 3 years.
What are Your Pricing Standards?
Sunknowledge Services Inc is currently offering comprehensive hospital accounts receivable support at just 1% of collections. Our team ensures seamless standards of communication, great productivity, and a unique ability to work as your billing team and its extension. Speak to our team to know more about us!