The ball drops, the new year begins, and a flurry of insurance changes descend on your practice.
The greatest increase in claim rejections resulting from eligibility occurs in the first quarter of every year, Greenway Clearinghouse Services data shows.
It costs $3.17 for an employee making $19 an hour to spend 10 minutes verifying insurance. Those dollars pile up quickly when a practice is unprepared.
These guidelines can help you start the new year right.
Tune up your clean claim rate
By using the eligibility functionality in your practice management system, you can offset the cost of manual verification. In addition, verifying patients’ eligibility before or during a visit helps trim the risk of rejections that can diminish your clean claim rate.
Looking to update patient demographics? Increasingly, patients rely on portals to view their health information, request appointments, and manage other healthcare-related tasks. You can collect information from patients prior to a visit via the portal.
Avoid eligibility rejections
Invalid information is a leading cause of eligibility rejections. Most often, it relates to subscriber ID requirements, entity codes, and instances in which entities are not eligible for benefits for submitted dates of service, data from Greenway Clearinghouse Services shows.
Here are a few tips for avoiding eligibility rejections:
Obtain copies of the patient’s insurance card.
Check for data entry errors.
Verify dates of eligibility.
Verify benefit coverage.
Obtain authorization when needed.
‘… Do we really need someone to manage billing?’
The new year is a time for reflection. How is the financial health of your practice? Check out this blog for the top four phrases overheard at a financially unhealthy practice. If any ring a bell, it may be time for a revenue cycle checkup.
For more information, click here to schedule a conversation with a Greenway representative.