An effective revenue cycle management ensures a good medical billing operation. With minimum errors, along with seamless claims management and accounts receivable collection process in fact says a lot impacting your overall cash flow.
So, here are some tips to improve your hospital AR, by Sunknowledge that will not only aid in the seamless medical billing process but will also help speed the A/R collections.
Working for more than a decade, Sunknowledge Services Inc today is one of the leading RCM solutions across the US. Being the top RCM organization to ensure the highest productivity metrics and highest collection rate, we are today proud of not losing a single client since2008 for our excellent billing management solution.
Efficient verification and eligibility process – verifying if the services/ equipment/s are covered by the insurance or by Medicare or not are one of the most important steps in ensuring lesser errors and a better AR process. In fact, it further aids in saving a lot of time as well as money for the billers. A proper verification process further accelerates the process of payment and resubmissions which otherwise is quite costly.
Experienced billers help in better billing management and faster AR collection – the billers and coders handling your billing operation should not only be well equipped but should have complete process knowledge along with changing industry mandates. The experts should have complete knowledge about the different rules and requirements for claims submission etc. As a single error can drop the reimbursement rate by 50%, if your billers are not completely aware or up to date.
Proper coding method – with the ever-changing codes, coders are required to be well versed. Since the slightest errors in a transposed number in a claim code or even modifier can cause rejection and denied claims; resulting in delayed reimbursement and rework of claims.
An effective claims management process – along with stringent checks follow-ups, a proper billing management process is also essential as it helps in both billing workflow and hospital accounts receivable collection. As reports have shown that about seven percent of claims are rejections and/or denials due to no follow-ups on the claims. In fact, the American Medical Association study has also shown that healthcare practices often end up wasting about $14,600 each year on rectifying denied claims through appeals, phone calls, and troubleshooting due to their sheer lack of follow-up and stringent checks.
So, if you are the one looking to improve your hospital accounts receivable, do not forget to follow these steps or give our experts a call so that we can not only speed up your hospital AR but also ensures seamless billing operation reducing 80% of the operational cost at only $7 per hour.