An overview on common challenges with SNF Billing Services
Skilled
Nursing Facilities or SNFs are growing in every corner of this world;
especially in the United States. Currently, these facilities are funded by Medicare, Medicaid, and private pay. Are you a skilled
nursing facility trying to reform your internal methods? How a medical billing
company can help you achieve your target, complete your goals and expand your
business?
Outsourcing skilled nursing billing services increases provider's cash
collection by 17% and reduced billing errors by 80%.
Wondering how?
Here’s
a brief case study on how some common challenges faced by a skilled nursing
facility were overcome with the help of 24/7 Medical Billing Services.
Client Profile
Our
client is a multi-facility skilled nursing organization dedicated to serving
patients in the Midwest, Illinois. The organization was facing problems
collecting and maintaining a steady cash flow after recently acquiring more
than 30 facilities.
Challenge
We
all know 'Cash is King'. Maintaining a steady and constant cash flow is one of
the burning issues that affect many healthcare providers, especially when
economies are rapidly transforming the healthcare landscape. The skilled
nursing world is not an exception. Organizations trying to go through
transitionary phases like process realignment and systems implementation are
particularly susceptible to declining cash flow, both during and during these
transitions.
Our
client, a skilled nursing provider had recently grown to more than 30
facilities around multiple states and was met with frustration when trying to
scale operations to meet the needs of increased volume. The client experienced
challenges collecting and maintaining a continuous cash flow. Some of the
particular challenges related to the client's operations included a lack of
payor information, multiple payor setup issues, and unclear knowledge of
billing guidelines. Moreover, the client identified an opportunity for
improvement in communications between billing locations after acquisition.
Solution
The
client-side team includes highly experienced skilled nursing revenue cycle specialists fine-tuned the revenue
cycle process and took the strategic plan of working through the current payor
setups, defining requirements, and creating more granular segmentation within
similar, but different payor plans.
The
client has connections with commercial payors where it verifies requirements
for claims and billing. Our team offered scalable billing
outsourcing resources to resolve large volumes of accounts receivables
and instantly turned cash collections around.
Our
client also bonded the level of communications with rejected claims to process
and rebill them at a specific time. By explaining claim errors to their staff,
improvements were made to the client's system and process functions. Our client
needed weekly reports from us to facilitate thorough communication between
facilities. We held a more accurate check of the previous month's claims'
diagnoses, payor setups, admission dates, therapies, and authorizations before
releasing the bill.
When
we crossed 3 months of our agreement the client had increased collections from
a monthly average of $15M to $19M, more than a 17% increase in cash flow. In
addition, payor setups in the billing system were improved to increase the
efficiency of monthly billing and the checking process increased the
communication about claim status during the pre-bill phase. Both of these
billing process improvements led to a more than 80% reduction in billing errors.
Get to know 24/7 Medical Billing Services
With
our client base spreading the continuum of care, our insights into both acute
and post acute operations will position your facility to thrive under new
models. Serving more than 40 specialties, 24/7 Medical Billing
Services is proficient in handling services for multiple healthcare
providers and facilities. The main goal of 24/7 Medical Billing Services is to
help physicians and clinics looking for expert billing and coders.
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