The process of billing for service provided to people who require continuous medical monitoring and nursing or recovery services to help with rehabilitation or permanent treatment for disabled, sick or sickly people is referred to as nursing homes billing skilled. This kind of billing procedure requires special skills. Only professionals in the field like certified practical nurses and registered nurses and certified technicians are able to manage such billing. Other than these, other therapists with specializations that can also benefit from skilled nursing Facility Billing Services process include occupational therapists, physical audiologists, speech-language therapists or pathologists.
Maintaining a constant pace with the constantly changing rules and regulations regarding billing, Skilled Nursing home medical billing can be one of the most difficult tasks for doctors who demand the need to outsource because of these reasons
Guarantee Accurate and timely billing
Rejection of claims by insurance companies or the inability of filing claims correctly is thought to be the death sentence for any medical practice. This is always a sign that you are not getting paid as much. It is usually the case in the event that your billing service is not paying attention the work, or if the billing team you have currently has lacks the expertise required to handle this type of healthcare billing promptly and precise manner, without mistakes.
In this scenario it is best outsourcing the billing process to a business with a experience of multi-tasking, for example, claims preparation and processing, as well as denial administration and A/R management, with certain outcomes.
A Low-Risk of Denying Claims
One of the most difficult issues faced by skilled nursing facilities is the filing of clean claims with insurance companies and dealing with their ever-changing demands for billing. outsourcing the billing process is an excellent way to lower the number of claims that are denied so that you can make more money by receiving your money quickly. The most significant benefit of employing an expert billing firm is that they can reduce the burden of charging to their shoulders by identifying the commonalities within the types of denials received and addressing their causes to speed up reimbursements. This requires a thorough understanding of all the guidelines for coding and the requirements of insurance companies to ensure an correct submission of claims to be received first time.
Enhanced Cash Flow
In the medical field the old saying “cash is the king” is very true. Furthermore, revenue cycle management is the core of the financial health and wellbeing of medical practices. The quicker your claims are paid, the better your practice’s operations. In the event that you’re balance of accounts payable (A/R) number is over 40 days it is imperative to take steps to improve your numbers. Any delay in the process could directly affect cash flow of your practice.
Reducing the amount of time in A/R as well as denials of claims are two keys to increase your practice’s revenue.
So, there’s the need to submit straight claims and quick time frames for payment to ensure that you be reimbursed swiftly. An A/R study that was conducted on some of the most reputable skilled nursing homes revealed the following:
- 14% of claims made to insurance companies are denied and must be appealed or resubmitted, or rejected by the insurance providers.
- 50% of denied claims never get re-filed.
- 50-70% of rejected claims are likely to have greater chance of being reclaimed.
Conclusion
It is evident from these findings that skilled nursing homes mostly have account receivables capabilities and lack of a process for managing denials. Medical billing is difficult and requires highly skilled personnel with multi-tasking skills that many skilled nursing facilities were unable to acquire due to a low-profit margins. Thus, there is a demand to outsource the process of medical billing to a professional’s Medcare MSO. Our specialists believe in providing the most cutting-edge trained nursing Medicare billing services, working as an operational extension specialist. We offer a variety of specialties in medicine, including orthotics and prosthetics, dermatology, alcohol and drug abuse, and a myriad of other like medical establishments.
