How often are you receiving letters that inform you that the services, which you’ve already rendered, will not be paid for? Unfortunately, denials are too common in the healthcare industry. Physicians are constantly providing exceptional healthcare and due to an assortment of excuses, payers are finding ways to deny payment. Ideally, the denial rate should be kept below 5% for a prosperous business*. However, if the percentage does tend to be higher, successfully appealing these denials can recover thousands of dollars for your business.
Denial Management by Sovrin Health Systems encompasses all forms of denial, from benefit denials to denial of claims. You’re not alone, let Sovrin help turn denials into approvals and unpaid claims into payments.
Revenue of Old Accounts Receivable
How much money has accumulated in your accounts receivable? How much is owed to you by patients and also payer groups? How old are the accounts that have yet to be paid? Why are they being delayed and expiring? Can you successfully acquire the money for these past services?
Sovrin can answer these questions after our analysis and provide our expertise in healthcare solutions to solve any issue, resulting in a higher return and continual growth of your practice.
Accounts Receivable (A/R) is money owed to a business for products or services that are rendered to a client or customer. A/R is a topic of concern facing many physicians and practices today, due to its ability to accumulate quickly and the lack of resources to handle such large quantities of its various forms.
It’s inevitable that physicians and practices will provide exceptional healthcare services before payment for those services have been rendered. Bills are continually sent out to insurance payers, but most of what is returned are extreme numbers of denied and underpaid claims.
Businesses averaging less than 35 days in A/R are at the optimal revenue cycle performance†. Conversely, if aged A/R begins to accumulate, it starts to have a noticeable effect on operating expenses and the overall income of the practice. The recovery of A/R is not a simple task and the longer you wait to manage the claims, the more revenue you are losing for the services that you’ve already rendered.
Our Sovrin team can rapidly increase the return on A/R, both aged and inbound. Without acknowledgement and attention to these accounts, your practice will begin to accumulate more money owed, which can eventually deteriorate the organization’s operating expenses, including wages.
Aged A/R can make up anywhere from 15-30% of your annual revenue*. At Sovrin, not only do we have the experience of collecting on these past claims, but we also have proprietary knowledge in handling aged A/R.
For Billing Management
Sovrin Health Systems is a company that provides the current billing management with more resources without the cost of hiring additional staff or spending more time trying to handle the escalating numbers in accounts receivable.
Sovrin is not a replacement for the current billing management and staff. Quite the contrary, the services we deliver help to provide an outside analysis and increase the efficiency in every facet of your organization.
Naturally, accounts receivable (A/R) will build in every practice. The difficulty stems from the lack of resources to manage such extreme loads and the ability to analyze and provide solutions to the sources of the numerous complications that arise.
Due to reasons such as lack of time, manpower, and understanding of the industry and regulation, A/R will begin to accumulate and eventually deteriorate the organization’s overhead, which include wages and the services that the practice can provide.
Do not limit your cash flow; let Sovrin help you see higher returns and overall efficiency in your organization.
Sovrin Health Systems is constantly looking for ways to improve your entire revenue cycle. We will find the issues that are negatively affecting your revenue cycle and then offer you the most cost-effective and quality-driven solutions.
The services that we will provide to your organization go above and beyond the typical claims recovery company. We are more involved at the source of the issues that affect your revenue, we don’t just clean claims – we solve the continual discrepancies that are involved in your business’ loss of revenue.
Sovrin Health Systems thoroughly analyzes every facet of your business and your unique revenue cycle, then provides reporting and solutions. We can ultimately resolve and improve the overall functionality of your business.
Do you know how much your practice has accumulated in accounts receivable? Accounts receivable (A/R) is an inevitable factor of practice care. For a typical billing staff and even hired billing and collection companies, A/R will accumulate and most of it will go unresolved. These anticipated payments eventually expire, meaning your practice is throwing away money that was earned.
Our Sovrin team can increase the return on A/R. Without acknowledgement and attention to aging A/R, your practice will begin to accumulate more money owed and eventually deteriorate the organization’s overhead, which include wages.
We firmly believe that with our help, your business will significantly increase revenue and operate more smoothly and efficiently.
For more information about where Sovrin fits into the revenue cycle, please review the Revenue Cycle Management section under the Services section of our Website.
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