The healthcare landscape has evolved, and one of the biggest changes is the growing financial responsibility of patients with high deductibles which require them to pay physician practices for services. This is an area where practices are struggling to collect the revenue they are entitled.
Actually, practices are generating as much as 30 to forty percent of the revenue from patients who have high-deductible insurance policy coverage. Failing to check patient eligibility and deductibles can increase denials, negatively impact income and profitability.
One option 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.
Look up patient eligibility on payer websites. Call payers to find out eligibility for more complex scenarios, such as coverage of particular procedures and services, determining calendar year maximum coverage, or maybe services are covered if they take place in a business office or diagnostic centre. Clearinghouses tend not to 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 about their financial responsibilities before service delivery, educating them on how much they’ll need to pay and when.Determine co-pays and collect before service delivery. Yet, even when accomplishing this, you can still find potential pitfalls, like alterations in eligibility due to employee termination of patient or primary insured, unpaid premiums, and nuances in dependent coverage.
If this all looks like lots of work, it’s as it is. This isn’t to state that practice managers/administrators are unable to do their jobs. It’s exactly that sometimes they need some assistance and better tools. However, not performing these tasks can increase denials, in addition to impact cash flow and profitability.
Eligibility checking is definitely the single best way of preventing insurance claim denials. Our service starts off with retrieving a listing of scheduled appointments and verifying insurance coverage for the patients. Once the verification is performed the coverage facts are put straight into the appointment scheduler for the office staff’s notification.
You will find three techniques for checking eligibility: Online – Using various Insurance carrier websites and internet payer portals we check patient coverage. Automated Voice system (IVR) – By calling Insurance companies directly an interactive voice response system will give the eligibility status. Insurance Provider Representative Call- If required calling an Insurance company representative will give us a more detailed benefits summary for certain payers if not offered by either websites or Automated phone systems.
Many practices, however, do not have the time to complete these calls to payers. During these situations, it might be appropriate for practices to outsource their eligibility checking with an experienced firm.
For preventing insurance claims denials Eligibility checking will be the single best approach. Service shall begin with retrieving list of scheduled appointments and verifying insurance policy coverage for your patient. After dmcggn verification is completed, details are put into appointment scheduler for notification to office staff.
For outsourcing practices must find out if the subsequent measures are taken approximately 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 companies directly and interactive voice response system will answer.
Insurance carrier Automated call: Obtaining summary beyond doubt payers by calling an Insurance Provider representative when enough information is not gathered from website
Inform Us Concerning Your Experiences – What are some of the EHR/PM limitations that the 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 within the comments section.