Information that can help improve your revenue cycle management is important, and the Affordable Care Act marketplace can provide you this. Also known as ObamaCare Act, the Affordable Care Act allows hospitals to be more informed about how clients contribute in hassle-free payment.
Here are some important details you should know about this marketplace:
Types of Marketplace
There are four types of Affordable Care Act marketplace: state-based, federally-supported state-based, state-partnership, and federally-facilitated. State-based marketplace functions are handled by states, which operate Marketplace websites where people can enroll and seek coverage.
In federally-supported, state-based marketplace, on the other hand, consumers can apply through healthcare.gov. The same goes with state-partnership marketplace though under this type, states are allowed to divide the work with Human Health Services (HSS). With the federally-facilitated marketplace, HSS is the one handling all marketplace functions.
“Metal” Insurance Categories
When getting health insurance, consumers can choose from Bronze, Silver, Gold, and Platinum. The categories are based on the amount of cost the consumer and the plan will shoulder. They are called “metal plans” because the amount is equivalent to the value of each metal. When choosing a plan, consumers are advised to consider the monthly payment they have to make. This would enable them to determine the plan they can maintain and take the most advantage of.
Think of the marketplace as a shop that gives useful treats you can benefit from. Knowing all these will enable hospitals to improve their processes and revenue cycle management.