Collection of receivables is one of the hardest financial hurdles that nursing facilities face, which can create cash flow issues along with other financial setbacks. The ability to improve collections starts with the admissions process. Nursing facilities should obtain all of the resident’s demographic and insurance information at the time of admission. This information will come in handy down the road and is key to successful billing. However, sometimes getting this information from residents can be difficult.
Successfully Capturing Resident Information
Admission screeners are encouraged to do everything they can to obtain as much information about the resident. The nursing facility’s biller should work closely with the admission department. Nursing facilities should encourage the inclusion of admission staff in the billing training process so that staff gains a full understanding of different payers and types of insurance. This ensures your facility's admission staff understands the needs of the billing department. Knowing this information, your admissions department will be able to make informed decisions about whether to admit specific residents.
One of the main reasons many accounts go unattended is because they get lost in a large AR aging report. This causes a lack of timely follow-up on outstanding claims, especially for Medicaid pending and private pay. Better management of receivables starts with an understanding of what causes collection issues. The key to having successful collections is getting it right the first time by billing correctly.
Are you finding yourself with a large AR and unsure how to tackle it? Let the experts, LW Consulting, Inc, assist you and your team.
Call Jennifer Matoushek, Consultant at 717-213-3130 or email JMatoushek@LW-Consult.com.