Benefit of outsourcing hospital accounts receivable in 2023

 

Is your practice experiencing accounts receivable pile ups?  

Are you struggling due to less cash flow in maintaining operations and paying staff? If so, then worry no more, as you are not alone in this. Problems in hospital accounts receivable are inevitable. 

In fact, today, in the mid of 2023  thousand and thousand practices are seen still struggling with the same and eventually ending up with write-off patient payments that are late or unpaid which is commonly known as “bad debt” causing a huge loss of revenue for your business.  

This is why today providers are more focused on reducing and maintaining the A/R as it will not only help your practice thrive but also help you avoid financial hardship. However, managing hospital AR is not as easy as it is seen. Mainly because the complex nature of the reimbursement process often leads to challenges, delays, and financial strain for many. This is probably why today more than 73 % of providers are looking for outsourcing their hospital accounts receivable functions: 

How outsourcing your hospital accounts receivable beneficial: 

Expertise and Experience: Outsourcing partners have dedicated teams of AR management professionals who not only possess in depth knowledge of billing regulations, and payer requirements but also industry best practices. They stay updated on the latest changes and can efficiently navigate complex reimbursement processes. 

Improved Cash Flow: Effective AR management leads to improved cash flow and reduced of the collection times. Outsourcing partners leverage their expertise and streamlined processes to ensure timely claim submissions, accurate coding, and proactive follow-up on unpaid or underpaid claims. 

Claims Denial Prevention and Resolution: Outsourcing providers have strategies and systems in place to prevent claim denials and address them promptly when they occur. They analyze denial patterns, identify root causes, and implement corrective measures to minimize future denials and increase revenue. 

Comprehensive Revenue Cycle Management: Outsourcing partners offer end to end revenue cycle management services, including patient demographics entry, insurance verification, claims submission, payment posting, and denial management. This holistic approach optimizes the revenue cycle and minimizes financial risks. 

Cost Savings and Resource Optimization: Outsourcing eliminates the need for investing in expensive billing software, hardware, and staffing resources. It allows your billing departments to redirect their focus and resources towards core clinical operations, while the accounts receivable management is handled by experts. 

Technology and customized Reporting: Outsourcing providers utilize advanced billing software, data analytics, and reporting tools to provide real time insights into the revenue cycle performance. These actionable reports enable informed decision making and help identify areas for improvement. 

In fact, today there are RCM organizations like Sunknowledge that not only help with all the complexities of the reimbursement process, but claim denials, and underpayments; so you experience financial stability and a smoother functioning of healthcare practices. Outsourcing Hospital AR management from Sunknowledge in fact offers a viable solution by leveraging the expertise of specialized services who possess the necessary knowledge, resources, and technology and help you build a health revenue generation. 

By partnering with Sunknowledge Services Inc., there is a guarantee of improved cash flow, reduced collection times, proactive denial prevention and resolution, comprehensive revenue cycle management, cost savings, access to advanced reporting tools and more.  

Taking care of all your account receivable worries and constantly working so your financial operations remain efficient and optimized, Sunknowledge expert today is the leading RCM organization known for closing all the billing gaps faster without compromising on the standard and productivity metrics. 

So if you are struggling with your hospital accounts receivable, it's time to end it all with Sunknowledge Services Inc.