How can SNFs Overcome Revenue-related Challenges?

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How can SNFs Overcome Revenue-related Challenges?

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A growing number of SNFs or skilled nursing
facilities across the US are facing
revenue-related challenges. It has become
difficult for them to survive in business,
considering the number of industry changes taking
place. For instance, some facilities are under
financial pressure because they are operating on
thin margins in the face of insufficient Medicaid
reimbursements. Private-pay population numbers
have also declined which has caused financial
problems for many facilities. There are various
other problems being faced by skilled nursing
facilities. The need for inpatient skilled
nursing care has decreased as several new
programs are allowing Medicaid funded services at
home as well as in communities. Also, the number
of residents required for skilled nursing is
reducing at a rate of 1 per year. Some
facilities are struggling with inadequacy of
nurse staffing while others are dealing with
penalties for being unable to prevent hospital
readmissions.
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With the launch of Skilled Nursing
Facility Value-Based Payment Program (SNFVBP) in
2018, reimbursement penalties will go into effect
in 2019. Once implemented, providers of skilled
nursing facilities will have to account for not
only exact services offered to the patients but
also the actual quality of care. Providers who
will show the best readmission rankings will
receive high incentives whereas providers with
poor rankings will get low incentives from the
payment pool managed by the CMS (Center for
Medicare Medicaid Services). So in order to
avoid leaving money on the table, it will become
necessary for skilled nursing facilities to work
on good readmission rankings. To ensure the
fiscal health of a skilled nursing facility, it
is necessary to keep on top of eligibility
verification. At times, skilled nursing
facilities experience lost or delayed revenue
because of the complications related to checking
eligibility status. Another challenge is related
to the conversion of outstanding revenue into
cash. For this, sound revenue cycle management is
very important. Providers need the right
experience and expertise to focus on billing and
accounts receivable management practices. They
need the right expertise in project management,
business process analysis and systems
auditing. Contracting with a billing company is
the best solution for SNFs who are struggling
with implementation of effective revenue cycle
management. By hiring a reliable medical billing
company, SNFs can not only get paid on time for
rendered services but also reduce accounts
receivables, lower costs and comply with
healthcare regulations.
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