- May 21, 2019
- Posted by: Thomas Anderson
- Category: Accounts Receivable
Nursing home accounts receivable is the concerning area for any nursing home facility, even if they are a center and focus mostly on providing solid care first and foremost. Nursing home accounts receivable management for a practice is extremely important to control the increased expenses that affect the profits. Accounts receivable management is one of the greatest challenges faced by any nursing home practice. Nursing home account receivable can be very frustrating as it remains unavailable for long periods of time despite being the largest asset shown on the balance sheet. In such situation, nursing homes should look for a sound accounts receivable process that’s designed to increase the revenue collection by a considerable amount.
Most nursing homes run their billing process through their in-house staffs. Quite naturally they could not focus solely on account receivables as they have to do a lot including patient care. Running on low-profit margin, most nursing homes do not have access to the required skilled manpower to perform the AR tasks; neither can afford the training costs to upgrade their staffs. Well, the good news is Sunknowledge Services Inc., through its highly skilled staff, use of latest technology, and state-of-the-art infrastructure provides reliance to the nursing homes across the country. We have seen numerous success stories in nursing home account receivable management since we started our journey in 2007. Unlike most professional medical billing services, Sunknowledge has a separate account receivable management mechanism in place for nursing homes.
Nursing Home Account Receivable – The Sunknowledge Solution
Sunknowledge follows a three-step process eliminating specific AR issues at each step. The three-step process constitutes:
? AR analysis – Our AR experts through their experience of handling numerous cases have observed the following and provide solutions based on this and also based on the case specific issues:
? 14% of all claims submitted to the payers are denied and have to be resubmitted, appealed, or written off by providers
? 50% of denied claims are never re-filed
? 50-70% of denied claims have a higher chance of being recovered
? Payer follow-up – We insist on an aggressive follow-up process, chasing the insurance company on all accounts at any stage of the aging bucket:
? Online claims follow-up: We keep tab on the status of outstanding claims using various insurance company websites and Internet payer portals
? Automated claims follow-up: We keep track of the status of unpaid claims through Interactive Voice Response (IVR) of the insurance companies
? Insurance Company Representative: We also follow the direct approach of calling an insurance company representative to gather the detailed reason for claim denials when such information is not available by the first two methods. However, most reputed insurance companies, be it health or life insurance company (like Ethos Life Insurance) makes sure that valid claims are paid in due time. You can get more information on a reliable life insurance company if you are looking for one.
? Claim closure – We ensure a smooth closure of the claim, leveraging the maximum recovery.
Here are some of the advantages, working with Sunknowledge:
? 80% Reduction in Billing Costs
? Dedicated account manager
? Reduction in accounts receivable by 30% within the first month
? Low fee standalone services
? 99% accuracy
? Increased revenue collection up to 97%
? Unsurpassed speed
? No binding contracts
? 100s of clients with excellent references
? 100% HIPAA Compliance
? Fully supported by Hiscox Insurance of up to $1 million to cover any error of omission & commission
? 100% client retention
? Daily/Weekly/Monthly customized reports
? Clients’ legal issues handled by Nixon Peabody
? Telemedicine platform
We also take care of the entire denial management looking into the claim correction, re-submission, and patient’s responsibility areas. We have the experience of working with 100s of top-ranked nursing homes and care facilities and successfully provided them customized AR solution. Add your name to our success list, contact us, and help your practice through our expertise and experience.