The 4 Advantages of Instant Verification for Insurance Eligibility
One of the many tasks of front office staff includes verifying patients’ insurance eligibility and benefits. Failing to confirm how your patients will pay for their medical care can result in unpaid claims and disgruntled patients. Managing this task is just as essential as answering calls or scheduling appointments at your medical practice.
Although your practice may submit multiple insurance claims on a daily basis, reimbursement can take time. The longer it takes for payment to come through, the larger income deficit your practice can accumulate.
It’s not just your practice, either. According to an article from HealthAffairs, overall annual medical liability system costs, including defensive medicine, are estimated to be $55.6 billion,or 2.4 percent of total health care spending.
Some of the top reasons for claim denials include lapsed insurance coverage, incomplete or incorrect patient insurance, and services not covered. The good news is that Clearwave can solve these problems with real-time insurance eligibility verification.
1. Increases Patient Satisfaction
With high patient deductibles and ever-changing plans, the job of verifying benefits and coverage becomes quite challenging. It’s also time-consuming.
Often, practices depend on their front office staff to make tedious calls to companies for verification. This affects productivity, and worse, it frustrates patients. With the right tools, your front office staff can work smarter, not harder.
Using Clearwave allows your practice to verify insurance eligibility for patients automatically. This means you’ll receive an instant response. Instant really does mean instant!
Your staff won’t have to sit around and wait to have your patient’s insurance eligibility verified anymore. For patients, it helps to reduce instances where a carrier doesn’t cover a particular procedure, or their plan expires before the appointment time because they don’t have to wait, either. Time is money, whether you’re a patient or a member of staff.
2. Reduces the Number of Denials
If you know that your practice has a high number of denied claims, it’s time to do something about it. This starts from the moment a patient steps foot in your practice.
Take advantage of Clearwave’s efficient insurance eligibility software, which will allow your practice to accurately and quickly run eligibility in real-time. We can customize your intake and remove any unwanted data that may be slowing down the payment process. Patients only see the information that matters, ensuring they pay promptly, and your practice subsequently cuts down on the number of denials.
3. Improves Patient Care
One of the most important things at a practice is ensuring your schedule and appointments run on time. Clearwave automatically runs eligibility so staff can spend less time on the phone and more time with your patients. Clearwave’s insurance eligibility runs thanks to integration with your scheduling system or patient check-in.
If there are eligibility issues, you can add intelligence to inform your staff of the exact eligibility problem. This cuts down on the amount of research necessary to fix the problem, which in the long term means less time spent on the phone with insurance companies. Appointments stay on track, and patients don’t have to spend hours waiting to see their doctor.
4. Increases Collections
You can verify insurance during appointment scheduling and patient registration. You can do this and get a real-time response. Verifying coverage before a patient visits for their appointment helps eliminate uncollected revenue from any patient.
They may have insufficient or invalid insurance benefits, which increases your collections. If your practice has a solution like Mobile Pre-Check, patients can even update their insurance or payment information before their appointment.
Whether a patient is updating their payment or insurance information, or staff is verifying insurance during scheduling and registration, it prevents the possible loss of payment later.
This improves your practice cash flow by collecting the correct payment and insurance information at the point of service.
Real-Time Insurance Eligibility for Your Practice
Dealing with insurance impacts your practice’s workflow every day. It also directly affects the patient experience. With Clearwave, your practice will reduce patient check-in time by confirming eligibility in only a matter of seconds. You’ll have important deductible information and their co-payment.
You’ll also be able to increase productivity through real-time eligibility and time-saving automation. Your practice can manage the insurance process more effectively and increase patient satisfaction.
Looking for more insurance eligibility resources to uncover new opportunities at your medical facility? Download our latest eBook, “Five Tips for Making Eligibility Easy and Boosting Your Bottom Line,” to review the top five areas where you can uncover new revenue opportunities.
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