A big proportion of the time that healthcare providers spend is lost in crunching numbers. According to a study by American Hospital Association, healthcare administrators particularly physicians, spend around 49% of their office day maintaining Electronic Health Records (EHR). These records include billing information, insurance claims, and payment records. <\/p>\n\n\n\n
With the amount of time spent on maintaining financial records, inefficiencies and in worst case scenario, compliance risks are bound to occur. Healthcare providers face the double-edged sword of navigating the complex, fragmented nature of what is<\/strong> healthcare accounting<\/strong>, while effectively managing risks of errors. <\/p>\n\n\n\n In order to be able to efficiently navigate risks, healthcare providers must be able to identify them when they occur. This blog presents a list of common healthcare accounting challenges<\/strong> providers can face and how to navigate and address them. <\/p>\n\n\n\n