Use our resources to assist you in learning more on how these problems affect you and what they cost the practice.
OUR INDUSTRY IS MIRED WITH BUREAUCRACY.
THAT’S TIME CONSUMING, FRUSTRATING AND EXPENSIVE.
Take a look at these resources and learn how, according to the AMA, you could save your practice time and money while dramatically reducing the number of administrative hassles you deal with every day!
1Save money, reduce time, and improve service with electronic eligibility verification from PASSLink.
AMA
"How much time and money does your practice devote to verifying patients’ insurance eligibility and policy coverage?
How much time does your staff spend on the phone with health insurers and other payers, waiting for responses, and filling out forms?
If your answer is “too much,” electronic eligibility requests and responses is the solution."
Read MoreSavings (per AMA).
Cost of handling paper eligibility verification: $3.70 x 1,250 = $4,625
Cost of handling electronic eligibility verification: $0.74 x 1,250 = $925
Average annual savings from electronic eligibility verification per physician: ˜$3,700**
By adopting this method, your practice can
- Submit eligibility inquiry and receive payer responses quickly and accurately
- Identify primary care provider and other medical coverage
- Reduce rejections; avoid collection and billing costs stemming from insurance errors
- Determine a patient’s financial responsibility to enable your practice to collect from patients at the “point of care“
- Apply your staff’s valuable time and energy to revenue-enhancing activities, instead of spending time making phone calls to health insurers
2Physician practice bad-debt is often largely based on the inability to collect from patients after they have left the office.
As a result, the AMA recommends that practices avoid this lost revenue by receiving patient payment at the time of service.
Read MoreBy implementing PASSLink’s system of collecting payment from patients at the time of service – before they walk out of the door – your practice can:
- Reduce accounts receivable
- increase cash flow
- save money by reducing billing and back-end collection costs
- Decrease administrative burdens associated with tracking and writing off bad patient debt
- effectively manage the growing portion of practice revenue generated from patient payments, and
- improve financial viability.
3Few phrases draw the ire of physicians and their staff more than “prior authorization” (PA)
Given the long phone calls, tedious faxes and multitude of health plan portal logins/passwords that characterize the current PA process, the high level of physician frustration on this issue is hardly surprising. (AMA)
Read MoreThe AMA states …
PA is a health plan resource utilization control mechanism requiring providers to obtain advance approval before performing a service to qualify for payment coverage.
While health plans see PA as an effective tool to cut costs or ensure appropriate treatment, physicians experience PA as a manual, time-consuming process that questions their clinical judgment and siphons valuable resources away from patient care.
Even more concerning are the treatment delays and negative patient health outcomes that can be caused by PA.
The AMA believes that PA is currently overused and that existing PA processes are extraordinarily burdensome.
But, given the fact that health plans will likely use PA as a utilization control tool for the foreseeable future, the AMA advocates for improved efficiencies in the PA process to minimize the impact of PA on physician practices by reducing the number of “touches” required for PA and increasing the efficiency of PA workflows.
Try PASSLink’s PA tool to streamline the process and reduce the time to as little as 30 secs or less and receive auths in as little as 5 clicks or less.