How choosing a skilled nursing facility billing Company can be resourceful in 2024
The landscape of skilled nursing facility(SNF) billing underwent significant changes in long back with the implementation of the Balanced Budget Act. This shift necessitated a more intricate approach to billing even today, consolidating claims under the Prospective Payment System (PPS, prior auth etc are various complex area that can be often confusing to many. And so even today there are skilled nursing facilities which face unique challenges when it comes to producing accurate claims, managing codes, and ensuring appropriate reimbursement.
Challenges of Skilled Nursing Facility Billing:
- Consolidated billing complexity – SNFs now operate under consolidated billing, requiring a comprehensive understanding of codes and coverage under Medicare A and B. Identifying items not covered by Medicare A and billing them separately adds to the intricacy.
- Per Diem payments – Medicare A pays SNFs on a per diem basis, offering a fixed amount that may not adequately cover the varied costs incurred by nursing facilities. The fixed rates often fail to accommodate the degree of cost elasticity associated with the range of services offered.
- Revenue leakage – SNFs are vulnerable to revenue leakage through rejected claims due to code inaccuracies and underpayment for services, given the fixed per diem payments.
- Patient service validation – Verifying that the patient genuinely required the services provided by the nursing facility poses a challenge, consuming excessive time that could be better spent on patient care.
Outsourcing skilled nurse facility billing to Sunknowledge:
Sunknowledge, a leading billing and coding partner, has a proven track record of helping nursing facilities across all 50 states enhance revenues by addressing the challenges mentioned above. Our skilled billers and coders possess in-depth knowledge of billing intricacies and the ability to manage the entire billing and coding cycle.
Our services include:
Solely focusing on delivering quality nursing care while we handle the intricacies of billing, Sunknowledge conducts a comprehensive solution for your revenue management cycle, identifying areas of revenue leakage, streamlining outdated processes, and providing assistance in software application.
Key benefits of outsourcing to Sunknowledge:
- Reduced reimbursement and rejection rates – Our experienced billers and coders ensure accuracy in code application, minimizing claim rejections and facilitating timely reimbursements from CMS.
- Increased focus on nursing services – Outsourcing to Sunknowledge allows SNFs to concentrate on providing quality nursing care, knowing that billing and coding intricacies are being managed efficiently.
- Awareness on the present industry mandates – With a national network and local understanding, Sunknowledge tailors its services to meet state- and location-specific needs, ensuring compliance with regional regulations.
Skilled Nursing Facilities can overcome the challenges of billing complexities, per diem payments, and revenue leakage by partnering with Sunknowledge easily. Our expertise in billing and coding, coupled with flexible service, empowers SNFs to streamline their revenue cycle, reduce errors, and focus on delivering optimal patient care in no time. So if you are looking to enhance revenue, reduce rejection rates, and optimize your billing processes, Sunknowledge is a one-stop destination and your trusted billing and coding partner.
