Until 1998, nurse center billing was relatively easy since skilled nurse facilities (SNFs) could bill individually for their assistance. However, since 1998, after the Balanced Budget Act came into effect, several things about how SNFs claim their reimbursement have changed. The same was also applied to the Vermont (VT) so that they can also cater the suitable Skilled Nursing Facility to their citizens.
Let’s deep dive into a few challenges of Skilled Nursing Facility Billing:
Yielding SNF claims as part of consolidated billing needs the knowledge of codes and understanding of what is enfolded by Medicare X and what’s not. If Medicare X does not cover something, it may be covered by Medicare Y. The SNF has to recognize that and bill it individually.
- Currently, SNFs have to create their claim as part of consolidated billing under the Prospective Payment System (PPS)
- Medicare X reimburses sNFs on a per diem basis.
Some more concerns faced by Nursing Facilities:
- Inaccuracy of codes used leads to denials.
- Deficiency of knowledge of items encircled by Medicare X and Y
- Set or per diem payments for services not accommodating cost borne by the nursing facility adequately.
The above two scenarios expose nursing facilities to earnings leakage: via rejected claims; another underpayment of services.
Outsourcing Skilled Nurse Facility Billing Services:
Outsourcing skilled nursing billing services increased providers’ cash collection by 17% and reduced billing errors by 80%. Yes, as this stands true – here is how it can help you in your revenue generation.
How Can 24/7 Medical Billing Services Help in SNFs Revenue-Related Challenges?
As per the findings, skilled nursing homes especially suffer from account receivable skills and a proper denial managing system. Medical billing can be a daunting task demanding a skilled workforce with multi-tasking skills that most skilled nursing houses failed to deliver due to low-profit margin. Thus, there is a higher need for outsourcing the medical billing process to professional 24/7 Medical Billing Services. Our experts provide cutting-edge skilled nursing facility Medicare billing services by working as a specialized operational extension. We operate across multiple medical specialties such as orthopedics and prosthetics, dermatology, alcohol and substance abuse, and many more such medical facilities.
Holding up with the ever-changing billing regulations and restrictions, Skilled Nursing Facility Billing demonstrates to be one of the considerable challenges for the doctors insisting on the need for outsourcing due to the following reasons:
- Ensure Accurate and Timely Billing
- Low Rate of Denial Claims
- Improved Cash Flow
And much more…
As the healthcare landscape transforms, many skilled nursing facilities move to hospitals from private techniques. This has altered their billing needs as well. As a result, they regularly need professional billers and coders who are adept with SNF billing requirements.
Contracting with 24/7 Medical Billing Services is the best solution for SNFs struggling with implementing effective revenue cycle management. By hiring a reliable medical billing company, Vermont (VT), SNFs can get paid on time for rendered services, reduce accounts receivables, lower costs, and comply with healthcare regulations.