Increase Revenue with Coverage Discovery Services
Every year, healthcare providers lose billions due to unpaid care. At HIGHVIEW BILLING, our Coverage Discovery team finds insurance coverage that patients might not even know they have. We track down every possible reimbursement for your services, helping you recover more revenue and reduce financial losses. Let us ensure you're getting paid for all the care you provide
What’s Behind The Lost Revenue
Much of the lost revenue comes from insurance coverage that patients might not even know they have. For example, young adults may not realize they're still covered under their parents' health insurance. Similarly, people may not be aware that they are covered under a plan arranged by their spouse.
Even if patients know they have secondary insurance, they often assume that your billing team will automatically have access to that information when they check their primary coverage. Medicaid and Medicare, with all their different parts, can be complicated for professionals to navigate. Understandably, recipients who are elderly or disabled often don't have the time or resources to figure it out themselves and expect your billing staff to handle it. That leads to missed opportunities to collect additional payments.
How Highview Billing Coverage Discovery Service Works
Manually checking all possible insurance options for every patient would be impossible. That’s where Coverage Discovery comes in. We use specialized software tools designed to make this process easy and efficient.
When a patient mentions they are self-pay, our system automatically checks for any available coverage. If any coverage is found, both the patient and provider benefit.
Our tools include advanced search features, automatic claim scrubbing, a large database, and smart algorithms that ensure we only get accurate results, avoiding any incorrect conclusions or false-positive claims. This helps us find hidden coverage and maximize reimbursements.
Benefits of Using
Coverage Discovery
Maximizes Reimbursement: Identifies all available coverage to ensure you get the full payment.
Reduces AR Days: Helps shorten the time it takes to get paid.
Lowers Collection Accounts: Decreases the number of accounts that need to be sent to collections or written off.
Cuts Collection Costs: Reduces the expenses associated with collecting unpaid bills.
Minimizes Bad Debt: Helps lower overall bad debt by uncovering hidden insurance coverage.
Improve Front-end Eligibility and Benefit Verification
The Coverage Discovery process begins right at the start of the medical revenue cycle with eligibility verification. About one-third of claim denials and rejections happen due to errors before the provider even sees the patient. By improving the registration and verification processes, you can significantly boost revenue.
Here are some ways Coverage Discovery benefits the front-office process:
Streamlines Staff Interaction: Makes it easier for staff to interact with patients.
Increases Front-End Collections: Helps collect payments earlier in the process.
Ensures Correct Code Matching: Ensures that the proper codes are used for accurate billing.
Guides Staff: Provides clear guidance to staff on handling coverage details.
Reduces Rejections and Denials: Minimizes claim rejections and denials by verifying coverage upfront.
Both Front-end and Billing Staff Appreciate Coverage Discovery
Both front-end and billing staff value our Coverage Discovery service because it makes their jobs easier and more efficient. It frees up their time, allowing them to focus on the tasks that require their full attention.
Efficient Registration Process
An efficient registration process helps your staff gather accurate information, allowing them to communicate confidently with patients. When patients clearly understand their bills and financial responsibilities, they're more likely to pay. In many cases, patients may not be able to pay the full cost upfront. By informing them in advance and offering a payment plan, you can increase the amount collected and make patients feel more comfortable with the billing process.
Qualified Billing Staff
Billing staff benefit significantly from having accurate insurer and payer information. Proper code matching ensures that claims are approved when submitted. It also simplifies the process by identifying the correct codes, making it easier to complete and submit claims accurately.