Patient insurance eligibility verification is a critical issue in the healthcare industry. The process is fraught with problems — from inaccurate information and time-consuming patient registration to high claim denials on the backend.
maxRTE, an industry leader in providing simple, dependable and flexible insurance eligibility software, partnered with Healthcare Fiscal Management, Inc. (HFMI), a healthcare provider payment services firm, to co-sponsor a study on insurance eligibility verification processes in hospitals, clinics and health systems. The insurance verification research was conducted by a third party, KC Associates.
The study included 135 participants. The 35-page is report filled with insight into patient registration processes, eligibility verification operations, patient payment, eligibility verification software and tools, as well as retroactive reviews, verification challenges, early-out/bad debt collections, patient admissions experience and more.
Some Key Findings
Only 41% report accurate patient information; nearly 90% report that patients have a less-than-good understanding of their benefits; greater than 70% report that eligibility determinations are retroactively reviewed; and nearly 30% report that insurance-eligible patient claims are overlooked until they reach early-out/bad debt status.
“Some of the findings in the report surprised us,” said Don Slusarski, a Principal at maxRTE. “At the same time, a number of things that we had always thought to be true, are. A prime example is how many organizations are required to still use manual processes and access multiple sources to be able to do an eligibility-check, which really slows down the process.”
To get a no-cost copy of the report, visit www.maxRTE.com or call 1-800-584-5545.
Media Contact: Kirsten Chapman, KC Associates, LLC. 763.449.0444 www.kc-associates.com
maxRTE simplifies insurance eligibility by offering software that provides instant results of a patient’s insurance benefits data at the point-of-service. The software eliminates the need for manual processes and the time-consuming aspect of logging into multiple systems, which improves claims payments and helps to prevent costly collections on the back-end.
maxRTE is a web-based subscription service powered by innovative technology. The technology is simple-to-use and reliable and adaptable to meet the needs of each healthcare facility.
About Healthcare Fiscal Management, Inc. (HFMI)
Since 1997, Healthcare Fiscal Management, Inc. (HFMI) has been helping hospitals, physician groups, and healthcare systems maximize recovery of true self-pay and self-pay after insurance revenue while preserving their ability to deliver an outstanding patient experience.
Company: Healthcare Fiscal Management, Inc.
Address: 1202 Washington St. Williamston, NC 27892
Toll-free No: 800-584-5545