Importance And impact of Elegibility VerificationPDF

1. Importance & Impact of Eligibility Verification  There is a lot of confusion in the current healthcare space regarding health insurance- not only among the other hospitals and healthcare providers but also among the patients.  In fact, many of your patients are not well aware of the mechanism of the insurance process as it comes with numerous cost-sharing options. They may not even be familiar with the difference between co-pay, premium, coinsurance, deductible, and out-of-the- pocket maximum. All of which work together intending to provide health coverage.  Additionally, many patients are often confused about why their insurance plans follow higher coinsurance, though they opted for a low-cost premium plan. Having negotiated lower payment rates, they feel cheated when they have to pay up the bills for availing of an out-of-network service. They get puzzled with the belief that they are denied health coverage, little realizing their mistake of not covering the deductibles. inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

2. Benefits of Eligibility Verification The sum due by healthcare providers for services performed to patients is billed to insurance companies. This is referred to as the accounts receivable procedure. In most cases, AR days are derived by dividing cumulative account receivable days by daily charges. If account receivable days exceed 30 days, payments to healthcare professionals will be postponed for at least 30 days. In fact, AR is divided into age groups – the time it takes for healthcare practitioners to bill their claims to insurance carriers and for the outstanding amount to be reflected. inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

3. inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

4. Common Challenges in Optimizing Account Receivables When healthcare providers do not get revenue reimbursements on time, their account receivables rise. Recovering money from individual patients puts a greater strain on medical providers’ accounts receivable operations. Missed collections during visits, individuals deferring payments owing to financial difficulty, the unpredictability of AR length, and other issues must be dealt with by providers. If accounts receivable ageing surpasses 90 days, revenue cycle management organizations and healthcare providers are likely to lose money and their claims will not be paid. The following are the most prevalent issues with significant account receivables: 1. Claim Denials 2. Unjustified write-offs 3. Debts that aren’t up to par 4. Collections inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

5. A/R Tracking  Keeping track of your accounts receivables on a monthly basis provides suppliers with the data they need to identify customers who are at risk of losing revenue and adding to bad debt. Providers can evaluate ARs over time to spot potentially dangerous trends, and identify any remaining reimbursements that are relatively simple to resolve.  Providers should examine their AR data to identify how old their borrowers are and what their collection rates are. These two measures give you an overview of your provider’s AR cycles and whether they’re on the correct track. The number of ARs in each age group is revealed via aged debtor reports. The success of providers in turning ARs to payments in a fiscal period is measured by collection rates. inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

6. Identifying Root Cause of Denials The second AR recovery approach is to figure out what’s causing your denial patterns. When dealing with insurance claim denials, it’s critical to discover payer trends as well as the fundamental cause of denial trends so that action plans may be put in place to prevent future denials. Although all payers utilize the same CAS Codes, not all payers use them in the same manner. Assess CAS Codes by payer group and link CAS Codes depending on your understanding of the payer. You can fix several rejections quickly if you recognize payer patterns, and start investigating the fundamental cause of the denial. inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

7. Making it Right in First Attempt It’s vital that clinicians obtain accurate patient data and submit the right claims in the first time itself. From the start, inconsistencies and errors set physicians up for insurance claim denials and longer AR cycles. The most significant challenge to medical claim payment is unverified insurance. From a revenue cycle standpoint, collecting the most accurate information up front begins with patient scheduling and registration, which lays the foundation for claims to be paid and received in the most efficient and productive way possible. Optimizing your accounts receivable in healthcare necessitates proactive revenue cycle management and the elimination of any process inefficiencies. Investing time and effort into improving administration, running AR reports, and tracking claims can help healthcare providers recover revenue that would otherwise be wasted. Medical billing and A/R outsourcing companies like Info Hub can use their knowledge and big data analytics to pinpoint where providers are having the most trouble with their accounts receivable. Integrations with your electronic health recordsto capture all charges, ensure code accuracy, and automatically resubmit rejected claims, eliminate many of the administrative problems that might occur during the revenue and accounts receivable cycles. Contact us to partner with our professional team of A/R specialists from Info Hub. Read More Blogs: Importance Of A/R Follow-Up And Denial Management

8. About Us Though there are several common benefits offered by offshore medical billing companies, but choosing the right medical billing partner plays a vital role. Info Hub is one of the leading offshore medical billing companies in Coimbatore, India, with sophisticated infrastructure and skilled manpower that is highly experienced in multiple aspects of medical billing and coding, to support healthcare practices grow heights and develop consistency in generating revenue. If you are looking to outsource your medical billing and coding services to a reliable outsourcing partner, Info Hub is your ideal choice. With more than a decade experience in providing excellent medical billing and coding services, Info Hub has earned high client value by building trust with its top- notch services. For a quick appointment, make a call to +1-888-694-8634 / +91-0422-4212455. inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441

9. Contact Us Info Hub, Sf No 558/2, Udayampalyam Rd, Nava India, Coimbatore, Tamil Nadu 641028 Call Us: +91 829-745-6441 Email Us At: inquiry@infohubservices.com inquiry@infohubservices.com https://infohubservices.com/ Call us +91 829-746-441