Sleep Study accounts receivable services play a pivotal role for both sleep study labs and their patients as they ensure maximum reimbursements from the Payers and zero to minimum out-of-pocket expenses from patients.
In recent years, sleep-related issues have become among the major health concerns for American citizens. A recent study has revealed that sleep disorders hamper the lives of almost 70 to 80 million Americans, thus causing a skyrocketing growth of Sleep Study accounts receivable services.
Polysomnography, one of the most common tests to be administered, serves as a diagnostic tool for various sleeping disorders. This comprehensive examination involves recording brain waves and monitoring blood oxygen levels, body temperature, heart rate, and breathing patterns during sleep. Additionally, PSG assists in pinpointing specific conditions like narcolepsy, periodic limb movement disorders, central sleep apnea, obstructive sleep apnea, and more.
The repercussions of untreated sleep apnea are significant, potentially leading to severe health risks such as diabetes, hypertension, cognitive impairment, and cardiac complications. For many patients, CPAP remains the primary treatment option.
Whether you operate an equipment provision service or manage a sleep study lab, navigating obstructive sleep apnea and the nuances of sleep management involve an ongoing, intricate process intertwined with coding and billing challenges. Furthermore, Medicare has a completely different set of guidelines for billing such services.
Challenges Facing Efficient Denial Management and Identifying Revenue Leaks
- Limited resources
- Budget constraints
- Lack of an organized, streamlined approach
- Inefficient sleep study denial management services
- Scarcity of skilled and experienced A/R practice staff
The hard truth is that neglected and aged A/R accounts can seriously impact any Sleep Study practice’s cash flow and overall profitability. Fortunately, such practices can avoid losing money by outsourcing their Sleep Study accounts receivable management to professional and dedicated specialists.
This is exactly where our cutting-edge Sleep Study accounts receivable services come into the picture. By outsourcing your Sleep Study denial management services, you can streamline the entire revenue generation structure. Additionally, you can achieve more patient trust and satisfaction by billing them as low or as less often as possible by outsourcing to one of the best sleep study accounts receivable companies.
Outsource Accounts Receivable for Sleep Study Practices to us
Our expert Sleep Study accounts receivable services streamline the entire A/R process including:
- Creating swift and accurate invoices
- Making prompt follow-ups on delinquent accounts
- Minimizing write-offs from bad debt
- Reaching fast resolution on outstanding claims
Experience consistent cash flow from aged accounts you may have considered forfeited.
When it comes to ensuring optimal returns for your practice, unlike other RCM companies, we prioritize A/R buckets of more than 90 days. Another excellent benefit of outsourcing Sleep Study accounts receivable services is that we are able to reverse or prevent almost 90% of denials. Most denials occur due to staff oversight. Our alert and accurate services ensure a 97% first-pass rate for claims submitted by us. Our medical coding and billing experts boast of an industry-leading expertise and experience, and are intensively trained to produce the best outcome for your practice.
Steps of Our A/R Follow-up Process
- Online claims follow-up: In this process, we check the status of outstanding claims through the insurance company’s website or payer’s portal
- Automated claims follow-up: We obtain the status of unpaid claims via the insurance company’s Interactive Voice Response (IVR) system
- Live insurance company executive: In case we are unable to get the claim status by using the methods above, we directly communicate with the insurance company representative to check the status of unpaid claims
Our Sleep Study Denial Management Services:
There could be multiple reasons behind a denial. Our Sleep Study accounts receivable services always go the extra mile to analyze the exact cause of each denial and take the most effective action. Following are some of the frequent cases of denials that we encounter:
- Issues with authorization
- Discrepancies in referrals
- Requests for medical records and necessity validation
- Concerns with out-of-network insurance coverage
- Inaccuracies in insurance information
- Errors in coordinating benefits
- Incorrect diagnoses
- Problems with partial payments
- Verification of out-of-network claims and managing deductibles
- Rejections in Electronic Data Interchange (EDI)
- Lack of claim status and zero-field claims
- Handling Personal Injury Protection (PIP) claims
Key Benefits of Outsourcing Sleep Study Accounts Receivable Services to us
- Minimum 30% reduction in total number of A/R buckets within a month
- Market-leading experience and expertise in resolving critical and aged A/Rs
- Each of our A/R experts has a minimum 3 years of domain experience
- Over 7 years of experience in claims adjudication in the US
- Up to 80% reduction in your present collection costs
- 99.9% overall accuracy
- 97% of first-pass rate
- 100% HIPPA compliant operations
- No binding contracts
- Customized daily-weekly-monthly reporting options
- Dedicated Account Managers at no extra cost
- Hundreds of excellent references
So, what are you waiting for? Leverage our best-in-class Sleep Study accounts receivable services to enjoy the fresh cash flow from unpaid claims.
If you want to know more about our A/R services or our comprehensive RCM solutions that include medical billing and coding, prior authorization, and virtual office assistance, fill up the form below to schedule a no-obligation discussion.