Top Strategies to Simplify Insurance Discovery
Optimizing the revenue cycle is important for healthcare service providers and insurance discovery is an important component of that, but it comes with its share of challenges. To protect revenue and avoid leaving money on the table, organizations must simplify the insurance discovery process.
The challenges of insurance discovery
Insurance discovery isn’t as simple as it sounds. Without the proper hospital revenue cycle management, healthcare centers have no choice but to search for coverage manually, wasting precious time and resources.
As a result, you’ll need a robust tool to manage the larger volume of self-pay and Medicaid accounts. Here are some of the top strategies to simplify Insurance Discovery for your organization
Top strategies to simplify your insurance discovery
Having the right Revenue Cycle Management (RCM) process in place in your healthcare organization can significantly increase the efficiency of your data and financial management system. These tools use machine learning, robotic process automation, and AI to synthesize and analyze your data, preventing costly human errors.
In addition, using RCM in medical billing can effectively optimize your revenue management. For instance, some tools have been found to decrease denials by 5% and expedite patient payment collections from 30+ days to 1-3 days!
- Manage your human resources
Manual coverage searches are one of the greatest challenges for hospitals. As a healthcare provider, you must find the right balance between relying on RCM solutions and your billing staff.
It’s best to provide training programs and ensure your billing and collecting team is knowledgeable in using the latest revenue cycle management healthcare t tools available.
Furthermore, consider creating a dedicated team to handle your healthcare revenue integrity. They will take charge of monitoring trends and collecting data across your practices, preferably with advanced tools. Doing so will take up much of your time and resources; however, the hard work will surely pay off.
- Work with a trusted third-party agency
Fortunately, there are various options in the market that can easily take care of your organization’s Insurance discovery needs. Doing so will allow your staff to focus on your primary goal of delivering high-quality patient care.
Professional medical billing agencies can help apply the necessary RCM processes including Insurance discovery for your organization, improving your overall business profitability.
About the Author:
Gett Johnson leads a global team in 3 locations as the VP Sales- Plutus Health providing, RPA powered revenue cycle management services to healthcare organizations across 22 states in the US. Plutus Health Inc. is a 15-year-old full-cycle RCM firm specializing in medical coding & billing, denial management, credentialing, prior authorizations, AR follow-up for both medical and behavioral health specialties. As the industry experts in revenue cycle management solutions, they’ve created a unique process that combines machine learning and robotic process automation to address the clients’ most frustrating problems.
