Think it’s too expensive to invest in verifying your patients’ health insurance benefits before seeing them?
Look at how much you are spending on appealing denied claims…
One Body charges a flat fee per verification we do for you. We provide you with a very comprehensive verification report containing all the details you need to know about your patient’s responsibility, deductible, copay, authorization requirement, limitations etc. Our pricing is on our website.
If you are not verifying your patients’ benefits or are doing the bare minimum by just glancing at what’s in Availity, you should really reconsider this decision for several reasons.
1) The #1 reason claims are denied are due to eligibility issues!
And many of these issues are preventable
2) The cost of appealing a denial is on average $70 per claim denial.
Wouldn’t you rather spend under $10 per claim to ensure that you know everything about the patient’s benefits versus submitting a claim, paying the claim fee, waiting, only to find out that it was denied. You then have to figure out how to appeal it and resubmit it. This takes hours of staff time and resources appealing the claim denial to hopefully collect, that is, if you are able to collect at all…
3) Reduced cash flow
Denied claims decrease your cash flow and also delay cash flow which could put you in a stressful financial situation..
4) Outsourcing billing companies may not be doing everything they can to collect
We work with wonderful billing companies who really care about their clients. They do everything they can, no matter how long it takes to try and collect what you are owed. However, not all billing companies are created equally. Many will only spend the amount of time equal to what they would make from appealing the claim. So for example, lets say the claim is worth $100. The biller charges you 5%. That means that they will make $5. If the biller has a staff member making $25 an hour, they will have the staff member spend no more than 15 minutes on appealing your claim after which they will mark it as uncollectable. To avoid leaving your revenue in the hands of your billing company, ou won’t get paid at all on the claim if it’s not collected! Do you know that over 35% of claims that are denied are not resubmitted? Do you know how much time your biller is spending to appeal claims? Make sure you are hiring a biller that is tracking the total revenue you should have collected/expected to collect vs what you actually collected. Then look at the difference and see the cause of the amount uncollected. This is helpful to hone in on what the issues are and which ones can be fixed. If there are eligibility issues, you can easily fix them so you can increase revenue and increase cash flow.
If you are interested in learning how One Body can help you with verifications, please fill out the form below!