Today the common problem for most healthcare practices is that the healthcare financial window is shrinking and the top reason for this problem is inefficient management of the hospital accounts receivable process. Hospital AR is nothing but the outstanding reimbursement owed to providers for issued treatments and services.
According to a recent survey, 50% of U.S. hospitals are in serious financial trouble due to the lack of improper hospital AR. This is why here are a few steps to manage your hospital accounts receivable properly:
Being completed aware of the AR process – as the medical billing guidelines and regulations are always changing, it is very essential for billers and coders to keep a track of it to meet the current billing demand. Being atop and understanding the complete process with efficiency is only imperative to keep accounts receivables controlled.
Ensure accuracy as it is the key – correct billing and coding operation makes your job easy. Incorrect information only leads to denial of claims and rejection thus losing control of your accounts receivable. This can be avoided with accurate documentation, reports, codes etc; as accuracy not only help you with adequate claims management but also improved the AR process and enhance your revenue cycle management as well.
Analyze your billing operation – proper analysis of your billing operation not only helps you identify your loopholes but also help in rectifying them and reduce your chance of denial. Giving you better control and time to take taking immediate and necessary steps for improving it further helps prevent repetition.
Ensure proper denial management – efficient denial management ensures maximized collection possibilities. And this is only possible if you outsource your AR management from Sunknowledge services Inc.
With a complete understanding of the hospital accounts receivable management and staying on top of the present industry mandates, Sunknowledge has helped many leading names in resolving complex AR processes in no time. Catering to the demand and reducing 30% of the AR bucket from the first month itself, Sunknowledge experts further regularly ensure constant follow-up and efficient communication so you get a better collection.
Reducing your overall operational cost by 80%, Sunknowledge further is known for offering the highest productivity metrics in the industry. So still thinking? Get in touch with the expert and see how Sunknowledge can bring a change in no time.