Patient insurance coverage frequently changes, which can lead to missed details when tracked manually. This often results in claim denials and subsequent reimbursement issues.
This article explores the benefits and effectiveness of automated eligibility coverage tracking platforms designed to address these challenges effectively.
The Problem: Manual Tracking Just Doesn't Cut It Anymore
Determining a patient’s status as well as his or her insurance is a crucial but time-consuming process in the billing department. Previously, it included calling insurance companies, verifying the data in different systems, and entering the information into spreadsheets.
Since patient details are dynamic and various claims need to be addressed every week, it becomes impossible to manage information updates through traditional methods. Some of the problems include:
- Time-Consuming Process - Verifying coverage manually can take up to 30 minutes per patient. For large billing companies, this may translate into big time losses.
- Human Error - Manually compiling and updating records inevitably leads to inaccurate or outdated information falling through the cracks.
- Claim Denials - Incorrect policy details lead to higher denial rates, payment delays and lost revenue.
- Lack of Visibility - With records scattered across systems and spreadsheets, billing teams lack clear visibility into coverage changes.
Traditional ways of checking eligibility can't keep up with increasing patient numbers and complexity. Billing teams handling
medical billing denials and solutions urgently require automation support to manage this crucial data.
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