In any industry, accurate billing and timely collection of receivables is necessary for success. The healthcare industry faces additional challenges due to the fact that the receivables are concentrated among relatively few payers, and many of these payers are funded by government. Changes in both funding sources and rules for billing the claims can occur rapidly, and it’s difficult for billing staff to balance daily workloads and keep up with these changes.
We handle billing services for the short-term in a crisis staffing situation, or in the long-term, by providing claims submission services on an ongoing monthly basis for clients who choose to outsource that function. We can also provide training to existing staff and “best practice” guidance.
Accounts receivable management is an important function. In long-term care, the industry standard is 45 days for collection of accounts receivables. If your aged accounts receivable and AR turnover ratio is growing, this may be a good time for an accounts receivable analysis and cleanup project.
An HW Healthcare Advisor with years of experience in Medicare, Medicaid, managed care and insurance billing and collections is available to consult with you.