The healthcare landscape has evolved, and one of the primary changes is the growing financial responsibility of patients with higher deductibles that need them to pay physician practices for services. It becomes an area where practices are struggling to gather the revenue they are entitled.
Actually, practices are generating as much as 30 to forty percent of their revenue from patients who have high-deductible insurance policy. Neglecting to check patient eligibility and deductibles can increase denials, negatively impact cashflow and profitability.
One option would be to improve eligibility checking using the following best practices: Check patient eligibility 48 to 72 hours well before 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 determine medi-cal eligibility verification for additional complex scenarios, including coverage of particular procedures and services, determining calendar year maximum coverage, or if perhaps services are covered should they take place in a workplace or diagnostic centre. Clearinghouses tend not to 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 about their financial responsibilities before service delivery, educating them about how much they’ll need to pay and once.Determine co-pays and collect before service delivery. Yet, even when accomplishing this, you may still find potential pitfalls, including alterations in eligibility because of employee termination of patient or primary insured, unpaid premiums, and nuances in dependent coverage.
If this all sounds like lots of work, it’s because it is. This isn’t to say that practice managers/administrators are not able to do their jobs. It’s exactly that sometimes they want some assistance and better tools. However, not performing these tasks can increase denials, as well as impact cashflow and profitability.
Eligibility checking is definitely the single best way of preventing insurance claim denials. Our service begins with retrieving a list of scheduled appointments and verifying insurance coverage for that patients. Once the verification is performed the policy details are put directly into the appointment scheduler for that office staff’s notification.
There are three methods 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 provide the eligibility status. Insurance Carrier Representative Call- If necessary calling an Insurance carrier representative will give us a much more detailed benefits summary beyond doubt payers when not offered by either websites or Automated phone systems.
Many practices, however, do not have the resources to accomplish these calls to payers. During these situations, it may be suitable for practices to outsource their eligibility checking to an experienced firm.
For preventing insurance claims denials Eligibility checking is definitely the single most effective way. Service shall start with retrieving listing of scheduled appointments and verifying insurance policy for that patient. After nxvxyu verification is done, facts are put in appointment scheduler for notification to office staff.
For outsourcing practices must see if the subsequent measures are taken up to 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 providers directly and interactive voice response system will answer.
Insurance carrier Automated call: Obtaining summary beyond doubt payers by calling an Insurance Carrier representative when enough details are not gathered from website
Tell Us Regarding Your Experiences – What are among the EHR/PM limitations that the practice has experienced in terms of eligibility checking? How many times does your practice make calls to payer organizations for eligibility checking? Tell me by replying inside the comments section.