The healthcare landscape has changed, and one of the primary changes is the growing financial responsibility of patients with high deductibles that need them to pay physician practices for services. This is an area where practices are struggling to gather the revenue they are entitled.
In reality, practices are generating up to 30 to 40 percent of the revenue from patients that have high-deductible insurance policy coverage. Neglecting to check patient eligibility and deductibles can increase denials, negatively impact cash flow and profitability.
One solution is to boost eligibility checking making use of the following best practices: Check patient eligibility 48 to 72 hours in advance of scheduled visit using one of those 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.
Look up patient eligibility on payer websites. Call payers to figure out eligibility for additional complex scenarios, such as coverage of particular procedures and services, determining calendar year maximum coverage, or if services are covered should they occur in a workplace or diagnostic centre. Clearinghouses do not provide these details, so calling the payer is essential for these particular scenarios.
Determine patient financial responsibilities – high deductibles, out-of-pocket limits, then counsel patients regarding their financial responsibilities before service delivery, educating them on how much they’ll must pay and when.Determine co-pays and collect before service delivery. Yet, even if accomplishing this, you can still find potential pitfalls, like modifications in eligibility because of employee termination of patient or primary insured, unpaid premiums, and nuances in dependent coverage.
If this all seems like a lot of work, it’s because it is. This isn’t to state that practice managers/administrators are not able to do their jobs. It’s just that sometimes they want help and tools. However, not performing these tasks can increase denials, as well as impact income and profitability.
Eligibility checking is the single most effective way of preventing insurance claim denials. Our service begins with retrieving a list of scheduled appointments and verifying insurance policy coverage for the patients. When the verification is done the policy data is put directly into the appointment scheduler for your office staff’s notification.
There are three options for checking eligibility: Online – Using various Insurance company websites and internet payer portals we check patient coverage. Automated Voice system (IVR) – By calling Insurance firms directly an interactive voice response system will give the eligibility status. Insurance Provider Representative Call- If required calling an Insurance company representative will provide us a far more detailed benefits summary for certain payers if not available from either websites or Automated phone systems.
Many practices, however, do not have the resources to complete these calls to payers. In these situations, it might be right for practices to outsource their eligibility checking to an experienced firm.
To prevent insurance claims denials Eligibility checking will be the single best approach. Service shall begin with retrieving set of scheduled appointments and verifying insurance policy coverage for your patient. After dmcggn verification is finished, data is put in appointment scheduler for notification to office staff.
For outsourcing practices must check if the following measures are taken as much as check eligibility:
Online: Check patient’s coverage using different Insurance company websites and internet payer portal.
Automated Voice System (IVR): Acquiring eligibility status by calling Insurance firms directly and interactive voice response system will answer.
Insurance provider Automated call: Obtaining summary beyond doubt payers by calling an Insurance Company representative when enough information and facts are not gathered from website
Inform Us Concerning Your Experiences – What are some of the EHR/PM limitations that your practice has experienced when it comes to eligibility checking? How frequently does your practice make calls to payer organizations for eligibility checking? Tell me by replying in the comments section.