What is Healthcare Insurance Discovery?
It’s an ability to ascertain if a patient with no insurance information really does have coverage.
The Risk and Reward on Discovering Insurance
Risk: Depending on the size of your patient database, you might have dozens, hundreds, or even more of them with either incomplete or totally missing insurance information. Your financial exposure on those patients is dramatically risky.
Reward: Finding previously unknown insurance information has the opposite effect by dramatically lowering that risk.
Insurance Discovery for Laboratories, Radiology, and Anesthesia
In particular, specialties that don’t have face-to-face patient contact such as laboratories and depending on the scenario, radiology, anesthesiology, and emergency rooms, can really benefit by having an insurance discovery option.
Accurate Insurance Discovery
With access to an accurate option such as ours, you’ll be amazed to see how many “uninsured” patients really do have coverage!
What is “accurate” in the world of insurance discovery?
If the discovery feature finds coverage at a 30% rate (three in ten patients), that’s not only accurate, it’s downright excellent.
Ours generally operates at that 30% rate, and it’s fairly instantaneous in doing so.
Determining the need for Insurance Discovery
Simply generate a report of all patients with no insurance. Now visualize what a difference 30% can make.
Additional Insurance Discovery Benefits
Once insurance is identified, MedicsRCM services or the MedicsPremier platform (for clients using the system as an in-house solution) can:
- perform eligibility verifications to ensure the newly-found coverage is in effect, and then also display co-payments, co-insurance, and deductible amounts
- provide out-of-network alerts and selections of in-network providers, if any
- convert old Medicare HIC numbers to the new MBIs
- identify if patients are currently in Medicare Part A status
The “ignorance is bliss” premise doesn’t work when it comes to patients who have no insurance information listed. Instead, our intelligent insurance discovery option will uncover valuable information in the form of previously unknown coverage!