For most of the healthcare practice catering to the new challenges and everyday evolving medical billing rules and regulation is really hard. In fact, there are many practices that are still struggling to manage their medical coding and billing services. In fact, managing AR (Accounts Receivable) has also become a strenuous task; especially with the rising operating costs and patients with high-deductible health plans increase. as mounting hospital accounts receivable means reduced and delayed cash flow, affecting the overall revenue cycle of the practice as a whole.
This is why managing your hospital accounts receivable becomes very necessary for a healthcare practice.
Managing an accounts receivable process is not as easy as it is seen. As it is important that the billers handling the AR should keep a tab on it regularly and see if the payments reach on time and it is only possible if:
- Timely and continuous Follow up is ensured – continuous follow-up is one of the important aspects of the hospital accounts receivable process. Continous follow up ensures uninterrupted cash
- Proper claims and denial management – identifying the root cause of the problem in your practice solves more than half of your problem for denial management. As it not only helps a great deal in reducing the error rate but also ensures seamless and a faster reimbursement rate. In fact, analyze the reason the claim has been rejected/ denied, ensures correct claims submission and re-file if required without delay also falls under denial and rejection management.
- Complete transparency – maintaining a complete operational transparency along with aging AR reports, outstanding payment reports and more important as it only gives us a proper understanding of the process but also helps in avoiding mistakes; reducing future claim denials and ensuring payments reach on time.
In fact, there is RCM solution like Sunknowledge services Inc that not only helps in managing aging old hospital accounts receivable but also ensures a seamless billing operation. Reducing 80% of the operational cost and no write off without the client’s consent, Sunknowledge services Inc today is one of the leading RCM solutions with the highest productivity metrics and 100s of excellent industry references across the US. maintaining a 99.9% accuracy level, we cater to aging AR as old as three years. providing equal attention to every size, our experts ensure better billing management that encourages you in focusing more on patient care.