What is Hospital Accounts Receivable?
Lamely put, accounts receivable 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.
For calculating the days in Hospital accounts receivable, computing 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. It is a time-consuming process of following up on rejections, working on why claims are getting denied, submitting them according to timely filing limits. Hospital A/R also gets calculated in a bucket of 45/60/90 & above.
How does the process work for Hospital Accounts receivable?
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. Also, if you are looking at someone who can help you do this, 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.
Finding 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 focussing on your core priorities and simultaneously reducing your operational costs. A quality RCM partner will add value & trust to your Hospital accounts receivable process and reduce your A/R days.
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
Efficient medical billing & collection demand specialized expertise and sufficient experience to generate profit and drive down losses. Most of the time, they lose out on revenue due to inaccurate billing & coding as well as a lack of clear understanding of the generic rules for payment.
Welcome to Sunknowledge Services Inc. for powerful and cost-effective solutions in hospital accounts receivable management outsourcing 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!
Sunknowledge provides you 3 distinct advantages. They are:
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
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