Whether a defendant comes for their treatment with an insurance policy or the intention to pay out-of-pocket, the medical provider or clinic must be able to maximize revenue as much as possible. There are several ways to achieve this, including insurance discovery. This insurance research service is available to medical providers and facilities through Fund Capital America.
Insurance discovery is a process that investigates a defendant’s insurance coverage. There are times when a defendant forgets about existing policies. Therefore, they may be unaware of their full benefits. Insurance discovery locates any existing policies and analyzes them in full. This analysis uncovers hidden coverages and reimbursement opportunities.
It’s no secret costs are rising for everything these days, including healthcare. To stay profitable, businesses must do what they can to stay afloat and thrive. Insurance discovery is an excellent tool in the healthcare business that will bring excellent benefits to the provider and defendant. This service can track down insurance for past, present, or upcoming appointments as well.
Insurance discovery is a secret weapon for most healthcare facilities. It provides increased visibility of the available compensation for the services they provide. Whether you’re working with a new or existing payer, insurance discovery will provide you with knowledge of the covered billable services.
Additionally, insurance discovery can also track down coverage for accounts that would typically be self-paid. This visibility will allow you to see beyond the information the defendant provides.
Most people seeking medical treatment are rarely excited to do so. Especially in the case of personal injury cases or serious illnesses, defendants often face medical challenges that are taxing on their health and wallet. Therefore, they aren’t too happy to have to pay out-of-pocket.
Insurance discovery services can often uncover hidden coverage for any defendant. Whether through commercial avenues or government resources, there are other ways to cover medical bills. Such discoveries lead to financial relief for already stressed defendant. They will be more enthusiastic about seeking the care they require and will be more satisfied with the well-rounded services they receive.
In our post-COVID world, medical providers carry a significant amount of stress. The looming concerns of another outbreak, increasing staffing shortages, and now inflation are taxing on everyone. While insurance discovery services can’t solve the grander issue of COVID, they can help alleviate some of the other stressors in the following ways:
Financial Stressors
Regardless of the service, no business can function at peak performance while struggling financially. There is a financial strain on all healthcare providers in some capacity, regardless of their size. By increasing reimbursement rates, insurance discovery will alleviate the financial stressors for many providers. Doctors will soon be able to focus on what they do best— restoring their defendant's health and quality of life.
Work Burden
The administrative and clinical sides of healthcare have both taken a hit in staffing shortages in the recent years. This means that less time and resources are available for insurance research. Insurance discovery services will provide a detailed report of the available coverages for each with minimal effort on the provider’s part.
With the increased availability of insurance payers to bil, increased reimbursements also come. Increased reimbursement inevitably leads to increased revenue. This allows the healthcare facility to mitigate the potential challenges that arise because of the rising costs of medical care.
Insurance discovery requires sophisticated search methods to identify the coverage a defendant has. By using advanced software, we can obtain information from various databases to find active billable coverage, including primary, secondary, and tertiary coverage. It also allows a robust search of information from public and private payers.
A defendant’s insurance information is discoverable under case law. Their insurance policy may provide coverage that helps obtain the funds to settle the claim. Insurance information is also relevant because it can help resolve financial concerns among healthcare providers treating defendants awaiting lawsuit settlements.
During a lawsuit, the discovery process can take months. At Fund Capital America, we employ the latest technologies to obtain insurance information as quickly and accurately as possible (often within days or even hours). This ensures healthcare providers get paid and the legal process isn’t delayed due to a lack of information relevant to a case.
Less work, maximized reimbursements, and an enhanced defendant experience are part of a formula for success. Fund Capital America’s insurance discovery services help healthcare facilities achieve this formula and so much more. The innovative technology and proven processes we use can improve the financial health of any organization dealing with health insurance. Your business can experience the following benefits with the help of Fund Capital America:
Fund Capital America is equipped with specialized technology and has a knowledgeable staff ready to help medical providers increase their revenue. They can assess your current status and help formulate a plan of action that will fit the needs of your business. For more information and to get started, call us at (855) 870-2274 today.
"*" indicates required fields