Patient’s are responsible for an ever-increasing portion of the charges that are billed to their health insurance. In fact, according to TriZetto, patients now make up more than 30% of the provider's revenue from these billings.
More than ever, “covered” does not directly translate to “paid in full”. It’s no wonder that over 90% of patients say price transparency is a priority for them when selecting a provider. All consumers want to know what their expenses will be prior to obligating themselves and your patients are no different. Imagine driving a car off the lot without first knowing how much it costs. That’s ridiculous right? But that’s the situation in OD offices all across America. Can you provide accurate cost transparency when checking out your patients? Can you say with full confidence that you're prioritizing insurance revenue?
We know that improving your claim reimbursements, reducing denials or rejections, and keeping a steady flow of cash is difficult when you're focusing on patient care. We're highlighting a few ways that VisionWeb's Revenue Cycle Management team and our clearinghouse partner, TriZetto Provider Solutions, a Cognizant Company, make the billing process easier for your team and your patients.
We know that improving your claim reimbursements, reducing denials or rejections, and keeping a steady flow of cash is difficult when you're focusing on patient care. We're highlighting a few ways that VisionWeb's Revenue Cycle Management team and our clearinghouse partner, TriZetto Provider Solutions, a Cognizant Company, make the billing process easier for your team and your patients.
Two Important Parts of Billing We'll Handle for ODs
In the past, we've discussed the benefits of outsourcing parts of your practice that aren't within your scope of professional training or just exacerbate your existing resources. This could include marketing, accounting, financial planning, and managed billing. Keep in mind, you could potentially cut your denial rate in half if you outsource to VisionWeb's team of billing experts. Here are a few other benefits:
Patient Responsibility Estimator (PRE)
More often than not, patients will inquire how much an exam will cost them even before they've started the appointment. Can you imagine how many more patients you'd capture if you were able to provide them answers before they leave your practice?
Avoiding unexpected costs is important, but most billing consulting or outsourcing companies can't say that they include a patient responsibility estimator. Usually when insurance providers pull managed vision care benefits, they don't pull medical insurance benefits. Even if they do obtain the benefits from the payer, they often are confused by the insurance jargon. Aren’t we all?
That's where PRE comes in to help. Our customers can input patient demographics in our TriZetto portal, click the eligibility button, then you'll insert the procedure and diagnosis codes to find out what exactly the patient will owe. We encourage use of the PRE because we want to make sure you're not missing out on any hefty medical claim reimbursements.
Patient Statements & AR
If you choose to hire VisionWeb to manage your billing, you won't have to print and mail patient statements yourself or keep a close eye on your AR. When possible, VisionWeb will refile any rejected/denied claim to make sure you receive all the money you have earned. We also post your payments, transfer any outstanding balances, and send the patient their statements. Turning this function over to VisionWeb will save your staff time and allow them more opportunities to interact with your patients. More face time = happier patients and more sales.
If you're looking to learn more about how VisionWeb handles your claims, check out our informational kit here.
