June 28, 2021

Don't Leave Money On The Table

Getting 97% collectibles vs. 99% can be the difference between a facility staying in business or going under.

Israel Rosenberg explains how operators underestimate the amount of work and attention required in the realm of billing and accounts receivable (A/R).


With his company Comprehensive A/R Solutions, Israel has seen all the ways that inattention to a billing team can wreak havoc on a facility.

 

In a difficult industry, nursing home operators must maximize every penny they receive. Despite this necessity, facilities typically have a lot of bad debt left on the table, often totaling to hundreds of dollars of uncollected receivables.

 

Rather than spending time and effort searching for ways to receive reimbursement for this bad debt, operators should instead focus on decreasing it as much as possible.

 

Due to typical billing cycles and the fact that operators do not have time to manage A/R, billing is often only done reactively and problems encountered only after the window where they could have been resolved.

 

In order to ensure that there is no money left on the table, operators need to conduct A/R proactively rather than reactively.

 

This can be accomplished firstly by making sure one’s billing team isn’t understaffed. With all the nitty gritty work that it involves, A/R is certainly not something that can be done by a receptionist between shifts.

 

It is also essential that the team center around an expert experienced in A/R and the ever changing trends of insurance and medicaid. This person should work proactively by planning and implementing processes to identify and mitigate these changes.

 

They should also be assigned to watch every patient’s payer source from the point of admission to discharge to detect any changes or inconsistencies before they become a real problem.

 

FOLLOW  ISRAEL

 

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