By changing their mindset from denials management to denials prevention, healthcare facilities have realized:
By identifying additional third-party billing opportunities, one 18-bed hospital
Getting it right the first time
Recent changes in the healthcare market have made it increasingly difficult to identify all opportunities to bill third-party payers. Even when you have identified a patient’s resources, simple errors or outdated information can cause rejections or denials.
40% of the information leading to a successful reimbursement stems from the registration process.
Factors like not having time to collect information during critical care visits, patients having coverage they were not aware of, not updating information on each patient visit, and simple keying errors can all contribute to not having a patient’s insurance information or the information being inaccurate.
If left uncorrected, missing information leads to missed opportunities for reimbursement while incorrect information leads to rejections and denials.
By identifying payer sources and correcting errors before or soon after service, you gain more opportunities to bill third-party payers and reduce the amount of time spent re-working claims that were rejected or denied.
Proactive measures prevent downstream work
BOOST can help you get there.
The right tool to enhance your revenue cycle
If you have been looking for the right tool to improve your healthcare revenue cycle, you have come to the right place. BOOST can help your staff identify missed payer sources and correct errors prior to generating claims.
BOOST has already helped healthcare organizations grow patient revenue by millions of dollars per year by reducing missed insurance and patient demographic errors.
Let BOOST help your organization by
- scanning your most active payers for the existence of primary, secondary and tertiary coverage;
- verifying that the insurance and patient demographic information you have matches what the payer has;
- collecting the correct insurance and demographic information where errors have been identified;
- collecting policy information when coverage that you were not aware of is discovered;
- compiling information into intelligent worklists so your staff can be more efficient.*
*With some EHR’s, BOOST can automatically make corrections for you, creating even more efficiency.
Databound is wholly committed to your success.
BOOST can be configured within reason to meet your unique needs.
Direct-to-payer connections ensure that the information provided by BOOST matches payer records.
BOOST identifies discrepancies between your records and the payer’s, captures the payer’s information, and returns it to you in the form of a worklist, so that you can correct information before claims are generated.
When patients return within the same calendar month, BOOST recalls stored information, preventing redundant transaction costs.
For scheduled visits, BOOST verifies and discovers information pre-service, giving your staff ample time to update records and seek prior authorizations.
For unscheduled visits, BOOST discovers insurance shortly after the date of service, maximizing possible revenue collected.
BOOST can connect to most payers, meaning you should not need a patchwork of vendors to ensure that you are getting verification and discovery for your most active payers.
Test BOOST for free
The best way to determine if BOOST will provide significant value to your organization is to take advantage of our free Boost Test.
Here’s how it works:
- Identify one payer to test both verification and discovery.
- Provide Databound with select information on up to 5,000 uninsured encounters for insurance discovery.
- Provide Databound with select information from up to 5,000 insured encounters for insurance and patient demographic verification.
We will process these records through BOOST at no cost and return the results to you – with no obligation on your part. Your results will include
the total number of insured encounters that failed verification
the total number of uninsured encounters that were identified as having coverage with the payer you selected
the verification failure reason, and worklists for employees to follow in order to make the necessary changes for a clean claim
policy numbers, group numbers, effective dates and term dates for patients where new insurance was found.
Take the next steps
To participate in the free Boost Test, please let us know your: