Every year, healthcare practices in the US lose billions of dollars of revenue in Accounts Receivable. In 2020, the American Hospital Association estimated that hospitals and healthcare systems in the US lost $202.6 billion in revenue, an average of $50.7 billion per month. When it comes to Nursing Homes and other kinds of nursing facilities (such as Long Care facilities and Skilled Nursing facilities), the scenario is equally grim, with losses running into millions.
While a modicum amount of unpaid invoices is normal reality for every Nursing Home, large amounts of them can spell trouble. The longer an A/R goes unpaid, the less likely it becomes for healthcare providers to collect it, especially after 120 days. Every healthcare practice should be wary of accumulating A/R days, and ensure that unpaid dues are actively followed up on without delay through effective intervention.
WHAT ARE THE COMMON A/R COLLECTIONS PROBLEMS?
Bad debt can arise from a number of reasons. Among these, the most common ones are:
- A patient’s inability to pay was not followed up on when the bill could have been paid under a government or charitable scheme
- Absence of proper documentation, or a failure to follow up with the concerned payer
- Missing out on billing for patient co-pays
- Not having an organized approach to pursue overdue bills
- Absence of easy ways for patients to pay their bills
- Lack of financial data to show how much money is lost to bad debt, and failing to understand the importance of implementing corrective measures
This is where Sunknowledge can make a real difference!
ACCOUNTS RECEIVABLE COLLECTION: THE SUNKNOWLEDGE WAY
Our proven expertise and years of experience can quickly help you close all the gaps in your Nursing Home billing and ensure maximum collection.
500+ Nursing Homes, Long Term Care facilities and other allied Nursing facilities across the US have trusted us over the past 18 years to effectively manage aged receivables, collect dues and maximize reimbursements from insurance companies or patients.
Our trained pool of Accounting Receivable collection personnel and our streamlined processes will help to ensure that your debits and credits are perfectly balanced.
Our 3-step process comprises:
- A/R analysis
- Payer follow-up
- Claim closure
Our range of Accounts Receivable collections services gives the same attention to every cash amount, regardless of its size or source. Our highly experienced staff has consistently demonstrated expertise in working on difficult-to-recover A/R, especially bills that are so overdue that nobody else would touch them!
This is a unique edge we enjoy, arising from our 10+ years of experience in adjudicating claims for major Insurance Plans in the United States.
WITH EXPERT-LEVEL PRECISION TO ADDRESS EVERY KIND OF A/R ISSUE, HERE ARE SOME MORE ADVANTAGES OF WORKING WITH SUNKNOWLEDGE
- 80% reduction in your current collection cost
- 99.9% accuracy
- 97% first-pass rate
- A/R recovery from 30+ day old buckets
- 100% HIPAA compliant services
- No binding contracts
- Custom reports (Daily/Weekly/Monthly)
- Dedicated account managers
- Best productivity standards
- 100’s of top-notch references
GET STARTED TODAY
Take the first step today with unpaid invoice recovery and get started on your journey to complete Nursing Home billing excellence, with Sunknowledge. Stop the revenue leakage and optimize your Revenue Cycle Management (RCM).
Our services start at just 1% of collections. And if you get a lower price, do let us know and we will meet or beat it!
Contact us today for a free consultation.