Focusing on insurance verification can help providers improve patient payments this year, according to Leonard Wenyon, vice president of revenue cycle management solutions at IKS Health.
Mr. Wenyon shared the following tip with Becker's Hospital Review.
"As the New Year begins, insurance benefit deductibles will reset to zero. Providers can prepare for the New Year by reminding and training front office staff to verify insurance plans and benefit levels for all current patients; verifications should include copay, coinsurance and deductible requirements. I recommend establishing a protocol such as a 72-hour verification period policy for the physician practices. By verifying benefits within a short window of time before the patient's appointment, the staff will help ensure patients are prepared to pay upfront costs because they've been informed of financial obligations in advance. If payment isn't collected at the point of service, the window to collect payment quickly shrinks once the patient leaves the office."
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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