One problem that weakens a hospital’s revenue cycle management is the failure to ensure patient eligibility for insurance. Because many practices don’t have the time to gather insurance information when a patient calls to set up an appointment, the risk of claims being denied is higher. In fact, thousands of claims are denied due to eligibility issues, thereby affecting the hospital’s revenue. This is why it’s important for hospitals to find a partner who can do this task for them.
Higher Approval Rate
For example, there are companies that assist hospitals and patients in seeking Social Security Disability Insurance (SSDI) coverage. From consultation to filling out forms to appealing denials, patients are guided by a team trained in insurance policies and rules. This saves the hospital a lot of time and increases the chances of securing zero account receivable balance faster. Remember, the higher approval rate, the higher the chances the hospital is paid for services rendered.