Today, in the healthcare domain despite resuming of in-person visits and in-house staff, there are healthcare practices that are still struggling with reduced patient volume and shrinking practice revenue. In fact, practices are finding it hard to hold the minimum profitability of the healthcare practice.
For effective revenue cycle management, collection plays an important space. As a poor collection process risk forfeiting money the healthcare practices owe. In fact, at times practices can even lose out on much-needed revenue due to improper collection techniques.
even though Lack of experienced resources, high deductible health plans, and improper coding and billing process, etc maybe a few of the factors causing your practice to bring in less revenue from what you deserve; it is not limited to this.
This is why here are the three important tips on improving your HME billing collection:
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Proper data management – managing your front-end task becomes an essential factor here. Collection of correct and complete information will ensure accurate insurance and will help practices verify coverage and make the follow-up process easy and assure a better collection approach.
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Efficient claims management and continuous follow up- identifying the reason for your claims rejection and denial can help you make the needed corrections to the claim, and resubmit a corrected claim. Following payer guidelines, it can further avoid common rejection reasons like – duplicate claims, missing information, improper codes, etc. By working on timely claims submission it can help your practice receive a faster reimbursement.
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Tracking and lowering in days of A/R- accounts receivable days is the time before the healthcare practices receive its payments. Tracking your A/R days not only helps in identifying the problems but also allows you to understand where you are leaving out your cash. By helping you identify unnecessary write-offs, you can also improve your KPI.
Improve your cash flow for HME billing with Sunknowledge partnership:
With experienced experts working to improve your billing operation, Sunknowledge Services Inc for more than a decade delivering state of the art solution to many. Boosting practice revenue and achieving your financial goals, our experts take care of complete pre and post HME billing activities.
our dedicated team managing your back office and billing function, reworking on denial and rejection and working on underpayments along with continuous follow-up further guarantees improved collections with a 99.9% accuracy rate in the billing process. Stop worrying and partner with Sunknowledge, a step towards financial stability and a better billing approach.
Sunknowledge Services Inc. – an ISO 27001:2022 certified, American-owned & operated company, headquartered in New York City – is a leading global provider of Business and Knowledge Process Outsourcing services in the US healthcare domain.
