Today with the increase of the geriatric population and escalating rates of chronic disease, the long term care facility is becoming a bigger part of the picture in the healthcare industry.
The long term care has a wide range of services, which can be categorized as
• Skilled nursing facilities (SNFs)
• Assisted living
• Home care providers
Today the current spending on LTC services exceeds $300 billion annually and is expected to rise in near future. In fact, the demand for long term care (LTC) services is projected to reach more than 17 million in the next 30 years. Even being such a lucrative business with huge demand, long term care business reimbursement today are suffering due to - labor shortages, experienced coders, wage pressures, vax mandates, Medicaid, private pay, value-based reimbursement, constant changing billing regulations, MedPAC vs. Medicare and so on and so forth. Furthermore with the patient credit amount is reported under a different value code, it is quite clear that LTC requires experienced billers and coders who know it all.
Moreover, the pandemic brought additional complexities like new codes, changing regulations etc.
With such complications, SNFs not only require a strategic approach to revenue recovery but also a cost effective RCM solution that reduces payment denials, etc.
The Sunknowledgehelp for your long term care facility billing:
With the best understanding of industry mandates and billing requirements, Sunknowledge can eliminate proven gaps in your revenue cycle management. Resolving pending A/R which is a huge challenge in LTC, our experts can resolve old aging accounts as old as three years.
Catering to all your LTC billing needs when you lack adequate staffing, we are a complete operational extension working on improving your ROI. Working on UB - 04 form carefully, following up continuously and connecting with live insurance company representatives for details; we further help you reducing your operational cost by 80%.
Still confused? Call us right now and let our expert help you understand how we can improve your long term care facility billing in no time.
