If inconsistent cash flow one of the major problems that you are suffering or had to deal with on a regular basis along with revenue cycle errors, then you are not alone. The most common issues that healthcare practices are struggling with today on a daily basis along with improper RCM are accounts receivable intricacies. As good accounts receivable can transform your overall cash flow, healthcare practices are looking for ways to resolve their hospital AR problem as soon as possible.
Method to improve hospital accounts receivable with Sunknowledge services:
Proper accounts receivable management process – improper accounts receivable is one of the major reasons that practices tend to lose up to a huge amount and undergoing through bad debt at times. Ensuring a proper AR management process along with continuous follow-up and stringent checks not only helps in improving the financial health of the practice but also helps you to prevent fraud and billing and coding errors so that you can effectively focus on your patients and cure them.
Proper claims management – denied insurance claims are one the most predictable accounts receivable problems that a healthcare practice had to encounter on a daily basis. In fact, an improper and chaotic denial process can lead healthcare firms even lose about 10% of potential profits whereas according to the Medical Group Management Association (MGMA), a healthcare firm should have only a 4% of denial rate. Thus timely claims submission, continuous follow-up of denied claims become important for better claims management.
Unnecessary write-offs are not required – unnecessary write off which affect the balance of the healthcare practice and should be avoided. In fact today there is an RCM solution like Sunknowledge Services Inc that ensures no write-offs without the client’s consent.
Ensuring regular follow-up, seamless communication standardization communication along with complete knowledge of the industry mandates, Sunknowledge services Inc working with both payers and providers, today is one of the leading RCM solutions with the highest productivity metrics.
With excellent industry references across the US, for our seamless billing solution and continuous cash flow strategies, our experts not only help in reducing the days in hospital accounts receivable but also take care of AR as old as three years. So you are not alone, talk to our experts and see how we can bring a difference to your practice.