Running a hospital is no cheap or easy feat. There are many costs involved in the process and if a patient cannot afford to pay a hospital, it’s often not discovered until it is too late. Here at AccuReg, we want to save you money from the beginning and cut out all the frustration that can occur when your business is not receiving the money that it deserves and needs to survive.
1. Denials Prevention
Instead of managing denials, AccuReg helps to prevent them. Many hospitals ignore known claims denials risks and opt to only address issues after claims have been denied. But by then it is too late! Our solution: early error detectors and alerts that work to make sure claims are right the first time. If your hospital isn’t effectively working to prevent denials, you are at risk for losing hundreds of thousands of dollars in rework labor costs every year. When working with AccuReg more than 90 percent of front end denials are preventable.
2. Eligibility Verification
Eligibility issues lead to claim denials, unexpected financial burden for patients, and your hospital not getting fully paid. Without a system to automatically obtain and interpret eligibility of patients, you can’t guarantee reimbursement for care. AccuReg, ensures that coverage is identified and verified on every account, and that the hospital will receive maximum reimbursement, preventing your hospital from losing money.
3. Payment Estimation
Ninety-nine percent of surveyed hospital business office managers believe determining and collecting patient liability affects a hospital’s finances and positively impacts patient satisfaction. High deductibles are putting patients on the hook for larger portions of their medical bills. In many cases, a patient’s ability to pay depends on their upfront understanding of what they will owe. Hospitals that don’t provide patients with clear financial estimates miss opportunities to collect payments and increase their risk of incurring bad debt. Working with AccuReg ensures that patients know their upfront cost and ensures that hospitals are able to get paid with no problems.
4. Financial Assistance Screening
Up to 30 percent of bad debt comes from employed patients who could have paid prior to service but were not offered payment options. When you understand a patient’s financial circumstances you can determine the best course of action to support payment. As payment liability shifts from payers to patients, hospitals are struggling to collect full and prompt patient payments. Hospitals that don’t identify a patient’s ability and willingness to pay, before healthcare services are delivered, will write off more and more bad debt every year.
To learn more about AccuReg and how we can save your hospital money, click here!