The Nursing Home Billing Companies is the most important aspect for any nursing home even though they’re an institution that focuses on providing quality health care in the first place. The management of nursing home accounts receivable is crucial to managing the rising costs that impact profitability. The management of accounts receivable is among the biggest problems that nursing homes face in their practice. Account receivables at nursing homes are a source of stress because it is not available for long periods even though it is the biggest asset at the bottom of the balance sheet. In this situation, nursing homes need to be looking for a well-designed account receivable procedure that is intended to increase the amount of revenue collected by a substantial amount.
Nursing Home Billing Companies
A majority of nursing homes handle their billing processes by their staff in-house. Naturally, they cannot be solely focused on accounts receivables because they must perform a wide range of duties, including care for patients. With Cpt Codes For Assisted Living Facility, many nursing homes don’t have the qualified personnel to complete AR-related tasks, and they also are they able to afford the costs of training to increase their staff’s skills. However, the positive news is that Medcare MSO Medical Billing Services Inc. Through its highly trained staff, the making use of the latest technology and the most modern infrastructure provides trust in facilities across the nation. We have witnessed numerous positive stories of nursing homes’ accounts receivable management since we began our journey in the year 2007. In contrast to other medical billing providers, Medcare MSO Medical Billing provides a separate system for managing account receivables that are in place for nursing homes.
Nursing Home Account Receivable – The Medcare Mso Medical Billing Solution
Medcare Medical Billing is a three-step method that eliminates specific AR-related issues at every step. The three-step procedure consists of:
How Does Nursing Home Billing Work -Our AR experts, through their years of dealing with a variety of cases have observed the following, and offer solutions based upon this and in addition, based on the specific case issues:
- 14% of claims that are submitted to the payers get denied and must be appealed, resubmitted, or dismissed by the providers
- 50 percent of denied claims were never filed again
- 50-70% of claims that are denied have a greater chance of being paid back
- Follow-up with the payer We insist on a vigorous follow-up procedure, which includes chasing the insurance company for every account at any point of the old bucket:
- Follow-up on claims online: We maintain an eye over the progress of claims that are pending by using different insurance company websites as well as Internet portals for the payer.
- Automated claim follow-up We monitor the status of claims that are not paid via Interactive Voice Response (IVR) of insurance companies.
Insurance Company Representative The other option is to follow the method of directly calling the insurance company’s representative to find out the exact reasons behind denials to claims when the information is not accessible through the two previous methods. But, the majority of well-known insurance companies, whether life or health insurance companies (like Ethos Life Insurance) will ensure that legitimate claims are settled in time. Find out more about a reputable life insurance firm if you are searching for one.
Claim closure – Snf Billing guarantees an efficient closure of the claim, which will result in the highest amount of recovery.
Here are a few advantages of using Medcare MSO for Medical Billing:
- 80% Reduction in Billing Costs
- A dedicated account manager
- The reduction in accounts receivables by 30% in the first month
- Low-cost standalone services
- 99.9 percent accuracy
- The revenue collection is increased up to 97 percent
- There are no binding contracts
- 100s of customers with outstanding references
- 100% HIPAA Compliance
- Fully assisted through Hiscox Insurance of up to $1 million to protect against commission error or error.
- 100% client retention
- Daily, Weekly and Monthly customized reports
- Legal issues for clients are dealt with by Nixon Peabody
We also handle the entire denial management, looking at the claim correction, submission, and responsibility of the patient areas. We have years of experience working with hundreds of top-rated nursing homes and facilities and successfully providing them with custom AR solutions. Include your name on our list of successes, call us and let us help you with your practice with our expertise and knowledge.