Overcome your Skilled Nursing Facility Billing Shortcomings
As the elderly population expands, the demand for nursing homes and long term care facilities also seems to spread out. However, even though managing Skilled Nursing Facility Billing (SNF) billing may look like quite a lucrative business, navigating the complex world of nursing home billing can be the ral challenge here. This is mainly because from understanding the billing process to optimizing reimbursement, it is vital for nursing home administrators and staff to have a solid grasp of this topic mainly because of the various changing codes, different guidelines from some payers, and various billing requirements etc.
Understanding Skilled Nursing Facility Billing
There are primarily three types of nursing home billing starting with the most common – private Pay: This refers to residents who are initiating the payment out-of-pocket for their care. It involves direct payment to the nursing home for services provided. Second Medicare: Medicare is a federal health insurance program for individuals aged 65 and older or those with specific disabilities. It covers skilled nursing facility care for a limited time after a hospital stay. And last the Medicaid: Medicaid is a joint federal and state program that provides health coverage to individuals with low income. It covers long-term care services for those who meet the eligibility criteria.
Today 73 % of skilled nursing home providers not only facing issues related to maximizing reimbursement but also while operating a seamless billing workflow. In fact, there are various other hurdles that SNF are struggling with like –
- Complex Payer Rules: Each payer has unique billing rules and its requirements. Investing in resources or software that assist in managing payer-specific guidelines makes your billing task way easy and minimizes errors and maximizes reimbursement.
- Changing Regulatory Landscape: being unaware of new billing rules is the cause of 64 % of errors in SNF. Thus, Staying informed about evolving regulations, such as the Medicare Payment System Reform and adjusting practices accordingly can help a lot.
- Denials and Appeals: Denied claims can significantly impact your cash flow. This is why establishing a robust process for appealing denials and tracking their resolution to recover rightful reimbursement can help a lot for your practices. In fact, with experience resources managing all these complications becomes way easy than you think of.
Sunknowledge – a seamless Skilled Nursing Facility Billing way out:
Taking care of all your pre and post billing requirements, Sunknowledge Services Inc has been recognized as the top RCM company for delivering outstanding support solutions. Improving your billing efficiency and ROI at the same time, partnering with Sunknowledge today is the easiest way to a seamless billing transactions and achieves financial stability at a cost effective rate without compromising on billing standards or productivity.
Looking for more information on what benefits Sunknowledge can offer? Then get in touch with the expert now.
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