The healthcare landscape has changed, and one of the primary changes is the growing financial responsibility of patients with high deductibles which require them to pay physician practices for services. It becomes an area where practices are struggling to collect the revenue they are entitled.
Actually, practices are generating up to 30 to 40 percent with their revenue from patients that have high-deductible insurance policy. Neglecting to check patient eligibility and deductibles can increase denials, negatively impact cash flow and profitability.
One solution is to boost eligibility checking utilizing the following best practices: Check patient eligibility 48 to 72 hours well before scheduled visit using one of these brilliant three methods: Business-to-business (B2B) verification, which enables practices to electronically check patient eligibility using electronic data interchange (EDI) via their electronic health record (EHR) and exercise management solutions.
Check out patient eligibility on payer websites. Call payers to find out verify medical eligibility for more complex scenarios, including coverage of particular procedures and services, determining calendar year maximum coverage, or if perhaps services are covered if they occur in a workplace or diagnostic centre. Clearinghouses usually do not provide these details, so calling the payer is necessary for such scenarios.
Determine patient financial responsibilities – high deductibles, out-of-pocket limits, then counsel patients regarding their financial responsibilities before service delivery, educating them about how much they’ll have to pay and when.Determine co-pays and collect before service delivery. Yet, even if accomplishing this, you may still find potential pitfalls, like alterations in eligibility because of employee termination of patient or primary insured, unpaid premiums, and nuances in dependent coverage.
If all of this seems like a lot of work, it’s because it is. This isn’t to express that practice managers/administrators are unable to do their jobs. It’s that sometimes they require some assistance and much better tools. However, not performing these tasks can increase denials, in addition to impact cash flow and profitability.
Eligibility checking is definitely the single most effective way of preventing insurance claim denials. Our service starts off with retrieving a listing of scheduled appointments and verifying insurance coverage for your patients. Once the verification is performed the coverage data is put into the appointment scheduler for your office staff’s notification.
You can find three techniques for checking eligibility: Online – Using various Insurance company websites and internet payer portals we check patient coverage. Automated Voice system (IVR) – By calling Insurance providers directly an interactive voice response system will give the eligibility status. Insurance Company Representative Call- If needed calling an Insurance provider representative will provide us a more detailed benefits summary beyond doubt payers if not available from either websites or Automated phone systems.
Many practices, however, do not have the resources to accomplish these calls to payers. Within these situations, it might be appropriate for practices to outsource their eligibility checking for an experienced firm.
To prevent insurance claims denials Eligibility checking will be the single most effective way. Service shall start out with retrieving listing of scheduled appointments and verifying insurance coverage for the patient. After nxvxyu verification is done, data is put into appointment scheduler for notification to office staff.
For outsourcing practices must check if the subsequent measures are taken as much as check eligibility:
Online: Check patient’s coverage using different Insurance provider websites and internet payer portal.
Automated Voice System (IVR): Acquiring eligibility status by calling Insurance companies directly and interactive voice response system will answer.
Insurance carrier Automated call: Obtaining summary for several payers by calling an Insurance Company representative when enough information is not gathered from website
Tell Us About Your Experiences – What are the EHR/PM limitations that your particular practice has experienced with regards to eligibility checking? How frequently does your practice make calls to payer organizations for eligibility checking? Inform me by replying within the comments section.