Streamline your Hospital Accounts Receivable for 2022
A Good accounts receivable can not only transform your medical billing cash flow but also help you improve patient care management. However, today managing accounts receivable is one of the most critical issues that almost all healthcare providers are struggling with.
The most common problems areas in hospital Accounts Receivable are mainly due to:
Claim Denials – one of the most widespread problem in hospital Accounts Receivable is the denial of claims. In fact, healthcare practices end up losing more than 20% potential profits, due to claims denial, according to a survey by the US Government Accountability Office (GAO). Though healthcare firm with a denial rate of less than 4% is standard, yet practices these days are ending up losing more percentage when denial claims are concern.
Unwarranted write-offs – it is often seen that payment with lesser amounts are not regularly maintained which eventually affect the revenue of the hospital.
Lack of accounts receivable management – with in-house billers juggling between administrative works and billing process they often end up missing on follow-up and other activities. With improper Accounts Receivable management, practices end up in bad debt.
The Sunknowledge benefit :
Providing a state-of-art solution to many leading names in the industry, Sunknowledge Services Inc today is the number one in hospital accounts receivable solution. With excellent industry references across the industry, we are further known for our highest first-pass collection rate and highest productivity metrics that no other RCM organization can meet or beat.
With a pool of excellent billers to manage your claims process efficiently, our experts further focus on ensuring timely claims submission, meeting every guideline of the payer’s requirement, and also ensuring continuous follow-up of denied claims. Ensuring no write-offs without your consent, our experts further maintain customized reporting according to the client’s protocol in this way, you can ensure that your business productivity.
So, if you find yourself struggling with increased Hospital Accounts Receivable days and accruing debt; there is a chance to recover with Sunknowledge Services Inc. as we are the operational extension that can turn around your revenue cycle and increase cash flow when AR ages to the point of no return.
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