The healthcare landscape is different, and one of the greatest 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 collect the revenue they are entitled.
In reality, practices are generating up to 30 to forty 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 cashflow and profitability.
One option is to boost eligibility checking utilizing the following best practices: Check patient eligibility 48 to 72 hours prior to 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.
Search for patient eligibility on payer websites. Call payers to determine eligibility for more complex scenarios, like coverage of particular procedures and services, determining calendar year maximum coverage, or maybe services are covered should they take place in a business office or diagnostic centre. Clearinghouses do not provide these details, so calling the payer is important for these scenarios.
Determine patient financial responsibilities – high deductibles, out-of-pocket limits, then counsel patients with regards to their financial responsibilities before service delivery, educating them regarding how much they’ll need to pay and once.Determine co-pays and collect before service delivery. Yet, even when accomplishing this, you can 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 looks like a lot of work, it’s as it is. This isn’t to say that practice managers/administrators are unable to do their jobs. It’s exactly that sometimes they want some help and tools. However, not performing these tasks can increase denials, as well as impact cashflow and profitability.
Eligibility checking is the single best way of preventing insurance claim denials. Our service begins with retrieving a summary of scheduled appointments and verifying insurance policy coverage for your patients. Once the verification is carried out the policy details are put into the appointment scheduler for your office staff’s notification.
You can find three methods for checking eligibility: Online – Using various Insurance carrier websites and internet payer portals we check patient coverage. Automated Voice system (IVR) – By calling Insurance firms directly an interactive voice response system can give the eligibility status. Insurance Carrier Representative Call- If necessary calling an Insurance carrier representative can give us a far more detailed benefits summary beyond doubt payers when they are not offered by either websites or Automated phone systems.
Many practices, however, do not have the time to finish these calls to payers. In these situations, it might be right for practices to outsource their eligibility checking to an experienced firm.
For preventing insurance claims denials Eligibility checking will be the single most effective way. Service shall begin with retrieving listing of scheduled appointments and verifying insurance coverage for that patient. After dmcggn verification is done, details are placed into appointment scheduler for notification to office staff.
For outsourcing practices must find out if the following 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 firms directly and interactive voice response system will answer.
Insurance company Automated call: Obtaining summary for certain payers by calling an Insurance Company representative when enough information is not gathered from website
Inform Us Regarding Your Experiences – What are the EHR/PM limitations that the practice has experienced when it comes to eligibility checking? How often does your practice make calls to payer organizations for eligibility checking? Let me know by replying within the comments section.