Your time and your staff’s time are valuable. But your practice is wasting everyone’s time if you’re treating patients prior to checking on their insurance eligibility and coverage.
In days gone by, the physician could treat anyone who walked through the door. Maybe they let their clerk worry about collecting payment and running down delinquent accounts.
But nowadays that’s a recipe for disaster. Running a “treat now/qualify later” office is not only outdated, but our audits have shown practices to lose at least one-third of their profit margins annually by not checking insurance eligibility.
Still, in our quarterly surveys, about 1 in 10 patients are being treated despite not having proper verifications. This leads to billing department migraines, red tape battles, patient-due balances, and ultimately a staggering hit to your office’s bottom line.
Look at the numbers: If as a physician you are billing $5,000 a day in charges, but 10 percent are unverified, the practice is losing $500 per day or $125,000 in potential revenue a year. That is a lot of money!
This needn’t be a crisis. The solution is easy and right at your fingertips.
Eligibility verification does not need to be a manual or multi-step process. Verifying your patient’s eligibility is just a click away through modern practice management software.
Stop wasting your time on the long, manual process of verifying patient eligibility - it’s simple. For as little as $50 a month your practice can automate this process with a one-click solution. Talk to your vendor and find out what eligibility features are available through your software.
Or give us a call if we can help.
