Strategic Care Solutions, LLC provides accounts receivable (AR) collections services for both skilled nursing facilities and assisted living communities. Collecting payments is one of the biggest challenges for nursing homes, senior care centers, and other living assistance providers. Our team helps keep you financially sound by maximizing what you’re able to collect.
Why Do You Need AR Collections?
Skilled nursing facilities lose an average of 1.7% of their revenues to bad debt. A bad debt is an amount that a patient owes for services that were already performed that they or their insurance company didn’t end up paying. The percentage is how much money you didn’t collect. For example, if you have an annual revenue of $10,000,000 with average bad debt losses, you are missing out on $170,000 in revenue that you should have collected.
Many facilities lose much more revenue to bad debt. The average loss includes facilities that have very strong accounts receivable collections processes to keep their bad debt expense low. Without processes and controls in place, your bad debt expense could be much higher.
What Are Common AR Collections Problems?
Strategic Care Solutions offers solutions to common problems that can drive up your bad debt expenses:
- Patient inability to pay was not followed up on when government or charitable services could cover all or a portion of the bill.
- Lack of proper documentation or follow up with responsible insurance companies.
- Not billing for patient co-pays.
- Not following up on overdue bills.
- Not providing easy ways for patients to pay their bills or to catch up on overdue balances.
- Lack of financial data showing how much money is lost to bad debt and the importance of making improvements.
What Strategic Care Solutions Does
Strategic Care Solutions provides a full range of AR collections services to meet your needs. This includes a mix of consulting and business office management services.
If you already have an internal accounts receivable team, our consultants will conduct a thorough review of your processes to see where you’re losing money and how you can improve collections. This might include better staff training, making software improvements, or changing procedures to more efficiently manage your collections process.
If you need an accounts receivable team or need more support than your internal staff can provide, our business office management services can help manage your AR collections. Our team can handle your entire billing process or take responsibility for collecting past-due accounts. We partner with and provide additional training to your internal personnel, provide superior customer service to all patients we interact with, and send detailed reports to your management team.
To learn more about our services or to schedule an initial consultation, contact Strategic Care Solutions today.