The 4 Advantages of Instant Verification for Insurance Eligibility
Updated, March 23, 2023, by Blakely Roth
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 the income deficit your practice can accumulate.
It’s not just your practice, either. According to an article from the Medical Group Management Association (MGMA) 90% of medical practices reported costs have risen faster than revenues in 2022, with labor costs increasing 30% year-over-year as well. Additionally, less than two-thirds of medical practices hit their revenue goals in previous years.
Some of the top reasons for profit leakage in healthcare can be linked back to claim rejections, including 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 software. Here’s how:
1. Increase Patient and Staff 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 time-consuming effort affects productivity, and worse, it frustrates patients. With the right insurance eligibility checks and tools, your front office staff can work smarter, not harder.
Using Clearwave allows your practice to verify insurance eligibility for patients automatically, and up to 7x per patient touchpoint. These real-time insurance eligibility checks means you’ll receive an instant response, and you won’t be charged for every eligibility check, meaning you can always have accurate insurance information, without draining your pocket. Your staff won’t have to check multiple sites to have your patient’s insurance eligibility verified anymore. Time is money, whether you’re a patient or a member of staff.
2. Reduce the Number of Claims Rejections
If you know that your practice has a high number of rejected claims, it’s time to do something about it. Claims errors can originate from the moment a patient steps foot in your practice.
Take advantage of Clearwave’s efficient insurance eligibility solution, which will allow your practice to accurately and quickly run eligibility in real-time. Clearwave 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. Improve Patient Care
Ensuring your schedule and appointments run on time should be a top priority for your staff, instead of chasing down insurance payers. 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. Increase Collections
Verify insurance at every critical patient touchpoint, from appointment scheduling through patient registration — and get a real-time response. If your practice has a solution like Pre-Check, patients can even update their insurance or payment information before their appointment. Verifying coverage before a patient visits for their appointment helps eliminate uncollected revenue from any patient.
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. Real-time insurance can also help you ensure you’ve got the most up-to-date insurance information on those patients that you wait to bill for, during their global period of care.
Improves your practice’s cash flow by collecting the correct payment and insurance information in real time. Take the hassel out of verification and get paid faster. Choose proven insurance eligibility software from Clearwave.
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 insurance eligibility checks 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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