It’s time for a change in mindset
By changing their mindset from denials management to denials prevention, healthcare facilities have realized
- At least 1 day reduction in A/R
- 23% improvement in clean claims rate
- Increased staff efficiency with intelligent worklists
By identifying additional 3rd party billing opportunities, one 18-bed hospital realized:
- 15% of encounters supposedly not covered by 3rd party payers were eligible to be billed
- A potential $1,000,000 in additional revenue over 17 months
Rise to new challenges
Recent changes in the healthcare market have made it increasingly difficult for providers 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 Even when you have identified a patient’s resources, simple errors or outdated information can cause rejections or denials.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, or simple keying errors can contribute to not having a patient’s insurance information or the information being inaccurate. If left uncorrected, missing information leads to missed opportunity for reimbursement while incorrect information leads to rejections and denials. If healthcare facilities can identify payer sources and correct errors before or soon after service, it would lead to more opportunities to bill third-party payers while reducing time spent re-working claims that were rejected or denied.
But don’t just take our word for it, read Norton Sound’s case study and see how they surpassed their challenges, and then continue reading below:
The right tool for the job
People generally want to do a good job. Sometimes, providing the right tool can elevate from above average to excellent. Boost™ is the tool to help your staff identify missed payer sources and correct errors prior to generating claims.
Boost has helped healthcare organizations grow patient revenue by millions of dollars per year and create significant reductions in insurance and patient demographic errors by:
- Scanning your most active payers for the existence of primary, secondary and tertiary coverage
- Verifying the insurance and patient demographic information you have matches what the payer has
- Collecting correct insurance and demographic information where errors are identified
- Collecting policy information when coverage 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.
- Direct to payer connections ensure the information provided by boost matches payer’s records.
- 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 you can correct information before claims are generated.
- When patients return during the 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 patch-work of vendors to insure you are getting verification and discovery for your most active payers.
- Databound is wholly committed to your success. boost can be configured within reason to meet your unique needs.
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 is 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. Results will include:
- Total number of insured encounters that failed verification.
- Total number of uninsured encounters that were identified to have coverage with the payer you selected.
- Verification failure reason and worklists for employees to follow to make necessary changes for a clean claim.
- Policy numbers, group numbers, effective dates and term dates for patients where new insurance was found.
You can use the results of the test to edit claims, bill encounters, and validate the usefulness of boost for your organization.
We will use the results to develop estimates of boost’s performance for your facility if fully implemented and share those estimates with you.
Take the next step
To participate in the free boost test, please let us know your: