- April 16, 2021
- Posted by: Thomas Anderson
- Category: Accounts Receivable
An effective accounts receivable process is the key and plays a crucial part in running a seamless and successful healthcare business. The amount of cash that the customer owes to the company is commonly term as hospital accounts receivable (AR) and in the healthcare industry accounts receivable is the balances by the patient’s accounts that become due for payment within a year.
The seamless accounts receivable process is a combination of experienced experts managing various reports dealing with insurance, collection analysis, write-offs, bad debts, ratio analysis and many more in order to achieve better cash flow with lesser days in AR. In fact, the ability to efficiently track and limit accounts receivable days can determine the success of a healthcare practice.
With deductibles and coinsurance amounts constantly mounting along with the uncollected patient returns that are resulting in uncollected and bad debt having a proper AR management has becomes very necessary for all healthcare practice.
From declining reimbursement to collection difficulties, medical practices today in fact are consistently facing an ongoing financial battle to capture payment. This is why Sunknowledge Services Inc have got you some basics tips to not only reduce your AR days but also ensures a better billing process with a faster reimbursement rate:
Working with both payers and providers for more than 12 years, have not only made us expert in seamless billing management but also one of the leading RCM solution which ensures better ROI in no time. Supporting healthcare practices to become financially healthy, Sunknowledge experts for reduced hospital AR days:
♦Ensures proper and efficient documentation process for the complete billing and coding process along with direct doctor office follow-up- Sunknowledge expert here further helps in reducing AR days with consistent communication and follow up on outstanding receivables ensuring timely submission etc.
♦ Understanding and analyzing issues and the reason for denial and rejection of claims is very important- Sunknowledge experts not only work on finding the root cause of denial but also improvise on improving the billing process along with better hospital accounts receivable.
♦ Ensure timely claims submission- Our experts maintaining a complete transparency ensures robust reporting for proper understanding additional work continuously on timely claims submission.
♦ Follow the present industry mandates – keeping the complete track of the changing billing regulations, we ensure a 99.9% accuracy rate
Helping you with reduced AR days, we are in fact one of the leading RCM with excellent industry references across the US. For more information on how we can improve your hospital accounts receivable and what are the other benefits, we offer, call us right away!