Insurance discovery is a secret weapon for most healthcare facilities because it provides increased visibility of the available compensation for the services they provide. Whether you are working with a new or existing payer, insurance discovery will provide you with knowledge of the covered billable services.
Additionally, insurance discovery is also able to track down coverage for accounts that would typically be self-paid. This visibility will allow you to see beyond the information the patient provides.
Let’s face it, most people seeking medical treatment are rarely excited to do so. Especially in the case of personal injury cases or serious illnesses, patients 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 are often able to uncover hidden coverage for any given patient. Whether through commerical avenues or government resources, there are other ways to cover medical bills. Such discoveries lead to financial relief for already stresses patients. They will be more enthusiastic about seeking they 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 is 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 a high performance level 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 the health and quality of life of their patients.
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 bill come increased reimbursements. The increase of reimbursement will inevitably lead to increased revenue. This will allow the healthcare facility to mitigate the potential challenges that arise because of the rising costs on medical care.
Fund Capital America is equipped with specialized technology and knowledgable staff who are ready to help medical providers with increasing their revenue. They will 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 today.
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