House Bill (HB) 905 requires Virginia hospitals to offer patients, upon request, an estimate of the payment amount for scheduled elective procedures.
HB 905 requires every hospital to furnish a patient scheduled to receive an elective procedure, test or service to be performed by the hospital, upon request or the request of a legally authorized representative made no less than three days in advance of the date on which such elective procedure, test or service is scheduled to be performed, with an estimate of the payment amount for which the participant will be responsible for such elective procedure, test, or service.
In order to efficiently comply with this requirement, it is ideal for hospitals to use an accurate and automated estimation tool.
AccuReg’s Payment Estimation delivers precise out-of-pocket estimates and payment processing to improve the Patient Access Experience™. This solution automatically calculates the dollar amount each patient is responsible for paying based on payer contract terms. It performs point of service collections performance tracking and reports critical key performance indicators, such as collected-to-estimated ratios and registration collection rate by employee, location, facility, region, and system. Additionally, it integrates with all of AccuReg’s solutions, creating a single, intuitive, web-based user interface that enforces quality registrations and collections in a central, exception-based workflow.
Click here for more information about AccuReg Payment Estimation.