Accounts Receivable Collections For Long Term Care Facilities in New England
Strategic Care Solutions, LLC provides accounts receivable (AR) collections services for both skilled nursing facilities and assisted living communities in New England. Collecting payments is one of the biggest challenges for nursing homes, senior care centers, and other assisted living facilities across the New England area. Our team’s medical billing outsourcing services help keep you financially sound by maximizing what you’re able to collect.
Why Does Your Long Term Care Facility Need AR Collections?
Skilled nursing facilities lose an average of 1.7% of their revenues to bad debt. 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 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 long-term care facilities in New England 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.
Schedule a ConsultationWhat 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.
How Strategic Care Solutions Can Help Your Long Term Care Facility
Strategic Care Solutions provides a full range of AR collections services to meet your needs, including outsourced billing services that help you maximize collections. Our AR services comprise 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.
Get Support Where You Need It with Outsourced Billing
If you need an accounts receivable team in New England or need more support than your internal staff can provide, our business office management services can help manage your AR collections. Our New England-based 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 maximize your nursing home billing.
Looking for Help With Your Long Term Care Facility in New England?
Our mission is to help you keep your senior care facility in the New England area running smoothly, whether you need help with compliance, finance, development, or more. Give us a call today and we would love to learn more about you and how we can help!