Refusal to pay claims can negatively affect their financial health, place greater stress on their billers, and can negatively impact the experience of patients. But, the majority of denied claims are preventable! There’s no reason for you to let income that isn’t earned be lost in the shuffle or continue to settle for late payments. With skilled nursing facility billing services, you’ll be able to immediately begin improving the process of managing your revenue cycle. Are you unsure of what your RCM process is lacking? Continue reading to learn the ways that nursing home billing services can improve the rate of acceptance of your claims.
Nursing Home Billing Services
Monitor at-risk revenue
The risk of revenue losing its value when you file claims that are close to the limit of 12 months for filing and when the new claims contain inaccurate or incorrect information regarding the payer or patient. It’s difficult to spot the errors when you work manually.
Nursing home billing companies, a sophisticated reporting tool will inform you of the mistakes that you must correct. It provides the data that you require to prioritize responses from payers and gives you the ability to track all revenue at risk. This causes a dramatic shift in workflow from doing catch-up and fixing errors, preventing them from happening in the first place and resulting in fewer denied claims.
Learn more about workflow trends and requirements
It’s essential to track and address previously denied claims the same way as it is when submitting new claims. In addition, is the valuable information you can get from denied claims. Review the performance of all denials. The information provided will help you identify regular billing errors and the opportunities to increase revenue. This will allow you to understand the reason why claims aren’t accepted, and also identify workflow issues that require immediate attention.
Reduce and streamline reports on performance
Performance reports can be extremely beneficial when used correctly. Your team should concentrate on utilizing the main insights in reports, instead of accumulating information and preparing reports. They require a sophisticated reporting tool such as the Medcare Medical Billing All-Payer. When you make it easier to create reports, you’ll be able to examine what data tells you. This allows you to swiftly begin improving your denial rate and not waste time on the process of creating reports.
Use the information that is available to you. Use it in your workflow, share the results with your team, and strive to continue learning. In time your acceptance rates will reflect your efforts.
About two-thirds of patients think about changing their healthcare provider in order to have an improved payment experience. Think about what this could mean for your business when you offer flexible and practical options, such as automated payment plans, as well as 24/7 online payment options. Eliminating barriers to payment by patients could help improve your patient satisfaction and generate more profits at the same time.
70 percent of patients are confused by medical bills
nursing home medical billing, a substantial majority of patients are confused by their medical bills. If they don’t comprehend the charges they’re more likely to put them aside, not paying.
Want to know how Medcare MSO’s Medical Billing and Medcare MSO Medical Billing Patient Statements can assist you in providing the flexibility and convenience your patients need? Request a demo day. The earlier you can recognize a COVID-19 case within the skilled facility you work in, the quicker you can intervene to prevent it from spreading disease to residents and staff.
Monitoring the proper information in your skilled nursing facility will aid in identifying the symptoms of a COVID-19-related infection in the early stages. It will also allow you to identify the most effective steps to avoid any spread.
Information to monitor the COVID-19 pandemic
The key to running a successful business is offering high-quality patient care and making intelligent business decisions. Making use of data to determine the sources of referral that match the strengths of your business is essential to the continual expansion and growth of your company. Find out firsthand the ways that predictive analytics and data will change your approach to identifying potential referral partners, and help your clients.
Your clients are your top priority. To be the best for your patients, you have to keep your organization financially viable. How do you achieve this?
The information you need to record and go over to aid in COVID-19 infection prevention strategies include:
- The most recent upper respiratory infection that didn’t have a specific or identified reason
- Infections that cause respiratory symptoms which both met but did not meet McGeer criteria