Is your hospital grappling with persistent errors in billing? Are you experiencing hindrances in the seamless cash flow into your organization?
In the complex landscape of Revenue Cycle Management (RCM), hospitals often encounter challenges that impact their financial health. And so addressing these issues requires a strategic approach and reliable support.
Common challenges in hospital billing and its accounts receivable:
Claim denials - Claim denials pose a prevalent challenge in Hospital AR management. Statistics indicate that, on average, 10 to 25 percent of hospital claims face denial. This figure surpasses the industry benchmark, causing a substantial decline in revenue for hospitals. According to the doctors' association, the average denial rate exceeds 6 percent.
Resolving denial issues is critical, yet less than two / fifths of practices pursue appeals during denials. Hospitals experience a notable revenue loss due to the escalating number of denied claims. Insurance companies highlight that a significant portion of denials results from simple errors, offering an opportunity for reapplication or appeal.
Billing write-offs - Excessive and unnecessary write-offs can pose a challenge for hospital practices. A dedicated team of billers and coders plays a crucial role in managing claims effectively, appealing denials, and minimizing unnecessary write-offs.
Collection culture - Securing payments is not a task for healthcare professionals, as their primary focus is delivering high quality service to patients. However, receiving timely compensation for the services provided is crucial for sustaining a successful practice and ensuring ongoing care, which is opted avoided due to inexperienced resources.
This is why you need a partner that can do it all.
Sunknowledge a complete hospital AR solutions:
Helping many names in the industry for last few decades, Sunknowledge has been offering tailored solution for better ROI. In fact, below here are a few guidelines for a seamless AR management-
Write-off amount criteria: Establishing predetermined criteria for write-off amounts helps avoid excessive losses. Before initiating any write-offs, organizations should review and set standards for acceptable amounts.
Monitoring and tracking: Setting benchmarks and actively monitoring write-offs provide insights into patterns and trends. This proactive approach helps identify specific procedures and insurance companies associated with write-offs.
Benchmark creation: Creating benchmarks enables hospitals to establish triggers for write-offs based on specific criteria. By closely monitoring procedures and identifying insurance-related patterns, hospitals can devise effective strategies for revenue generation. Understanding the importance of minimizing claim denials by addressing errors promptly, Sunknowledgeexcel in getting your reimbursement on time.
What makes Sunknowledge the best solution for your Hospital AR Services?
Offering comprehensive solutions for hospitals, Sunknowledge is known for navigating the complexities of revenue management and the highest productivity metrics. Our a team comprising of revenue managers, billers, and coders, Sunknowledge adapting to evolving industry regulations and delivering consistent results has been reducing 80% of the operational expenses for many. Leaving all your aged AR solved, the expert further reduces your chances of hospital accounts receivable backlog ensuring 99.9% accuracy.
In short, Sunknowledge remains a trusted partner, providing tailored solutions to optimize hospital billing processes. Unlock the full potential of your hospital's revenue cycle with Sunknowledge in your 2024 - a reliable ally in the dynamic realm of healthcare billing.
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About the Author
William Jones Joined: May 7th, 2019 Articles Posted: 46
