Is your front end team running into difficulties when financially clearing patients? Financial clearance may be the culprit behind claim denials when it reaches the revenue cycle’s back end team. Registration errors, not having prior authorization, all of these can also affect claim denials. Thankfully, there are ways to prevent or reduce the odds of these denials to boost revenue and cash flow while also reducing financial stress.
Validate IDs and addresses. While this may seem obvious, it is surprisingly common for discrepancies to arise between a patient’s identity and where they reside. It may be a good idea to double check that the residence matches the identity to improve revenue recovery while also preventing an identity theft situation.
Verify benefits and eligibility. With so many unique insurance options, it can be downright exhaustive to determine which patients have certain benefits and coverage and which ones do not. A meticulously maintained database with payor information can dramatically streamline patient coverage verification.
Estimation of the bill. In many states, accurate bill estimation is a legal requirement. Taking advantage of software that keeps track and comprehensively groups details such as patient benefits and historic charges not only allows accurate estimating, it can also assist with patient discussions concerning their out-of-pocket obligation and payment options.
This update is by Medical Accounts Systems, a full-service revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical bill debt collection, please call 877-759-6315.