The #1 reason for a rejected claim is eligibility. Verifying the patient ahead of time improves the rate of payment from both the provider and the patient. With CollaborateMD’s Real-Time and Batch Patient Eligibility you can verify within seconds if patients are eligible, so you can save time and money.
Verifying insurance coverage in advance allows the practice to estimate the total responsibility of payment for the patient. Engaging patients earlier in the revenue cycle, and clearly communicating their potential financial obligations increases the chances that they will pay in full.
Checking patient eligibility before each appointment can help your staff easily verify coverage and explain the patient’s responsibility upfront. Many patients are confused about their insurance, and verification allows practices to help patients get all of the information so they are prepared for any extra costs and can create a payment plan if necessary.
Manual verification can be extremely time-consuming and can cost the practice man-hours and hinder the staff’s workflow. Automating this task allows your employees to focus on what’s most important. Having an online payment portal where patients can access their balances, review past statements, and make payments reduces the chance of write-offs, and collection calls. It makes the process of collecting payments more convenient for you and for the patient.
Eliminate the time your staff spends on verifying patient eligibility; avoid possible loss of payment due to invalid or inadequate insurance benefits, improve patient A/R by verifying coverage prior to services, and increase cash flow by collecting accurate payments at the point of service.