Every year at this time, hiccups in your revenue stream may be compromised as patients change their insurance company or their current coverage may have updated policy changes that were not noticed by the beneficiary. This creates uncertainty and potentially costly oversights for the healthcare provider.
Many reasons may cause a breakdown in communicating their new insurance coverage or plan when the new year begins. Patients may not have understood changes to their plan or even basic information about their plan and/or fail to recognize the importance of giving their healthcare providers their updated insurance information. Often patients seeking care are experiencing a stressful time in their lives and these details can fall through the crack. Also, many times family members need to be involved in their acute and post-acute selections at which time they may also be unfamiliar with their loved one’s insurance coverage.
Knowing this is most likely to occur, it is very important that eligibility verification is properly done at the time of admission or when services are rendered. Using automated verification is often a successful approach for identifying verification by many providers. Work with your patient to ensure clarity and full understanding of any changes to their plans and emphasizing the importance of discussing changes in their coverage to their healthcare providers