It is true that the demand for acute care is at an all-time high. Hospitals are under serious pressure quite unlike and unprecedented at least. Hospitals at large are looking to cut down on costs of operations, expenses, and looking to make the best use of resource allocation. Naturally, if you as a hospital is falling back on your collections, not able to determine how to reduce your rising hospital accounts bucket, things can turn ugly fairly quickly!
Outsourcing your hospital accounts receivable might look pertinent to a lot of providers. A quality vendor with great reference/experience of being involved in AR & collections work related to several hospitals would add value and trust while helping you in reducing your operational costs simultaneously.
A complete action plan for your pending accounts receivable
A lot of experience is needed to understand the intrinsic details of the UB-04 claim form and other necessities for billing clean claims. Often the in house staff might not have the right exposure, understanding of the claims adjudication mandates, guidelines followed by the payers for processes like authorization, filing claims on a timely basis, what are the details needed with non-contracted providers, case rates or per diem rates as well as DRG. A reliable partner can offer you streamlined support that eliminates proven gaps in your process of receiving reimbursements, collecting money quickly.
A quality partner handling your hospitals accounts receivable will extend experts who have great exposure in handling A/R related work for the best with great credentials. It automatically boosts your chances of securing more money, finding someone that has exposure in working on difficult to recover aging A/R. With a specialized RCM partner, it is possible for you to reduce your operational costs by 75% and improve your collections by 30% to 40% within the first month itself.
If you are looking for the best answer and the right alternative, reach out to Sunknowledge Services Inc! We have a setting benchmark, extending the state of the art support in hospitals accounts receivable at just 1% of collections. Talk to our experts and know what difference we bring to the table as a complete healthcare services destination.