Gaps in demographic and insurance information are commonplace. Patients are often mislabeled as self-pay despite the presence of billable (but not provided) insurance coverage. ZOLL® Data Systems’ internal reporting across all client sites validates this common revenue cycle challenge.
New technologies with the ability to search multiple data sources and provide a patient’s social security number (SSN), date of birth (DOB), and other critical information have become paramount.
Having tools to help with patient information verification and insurance discovery in self-pay populations is more important than ever in order to:
Begin by using a demographic verification product to run name, address, date of birth, and social security number to ensure billing the right person the first time, then conduct insurance discovery to avoid downstream issues.
Many patients may not have their new Medicare card available and recalling the Medicare Beneficiary Identifier (MBI) is more difficult than providing their familiar SSN. Pairing a batch Medicare beneficiary tool with insurance discovery can facilitate the lookup process through an automated, multi-database search capability.
Pre-billing technology builds on the information collected by emergency department, outpatient, and other providers. Here are three best practices to consider:
If 5% of write-offs are converted to Medicare-billable claims, the impact on the bottom line can be substantial. Identifying all possible revenue opportunities at the front end of the billing process and submitting a clean claim reduces costs related to manual verification, claim rejections, and returned mail. Read the full article in Becker’s Hospital Review to learn more about how you can migrate self-pay patients to billable coverage and capture more revenue.
Offering Patient-centric Payment Plans Increases Provider Collections by More than 11%