When it comes to healthcare, most Americans want price estimates upfront, but only half of these estimates are accurate. Many struggle with unexpected medical bills; 67% of Americans worry they could not afford a surprise medical bill. Even with employer-sponsored insurance, 4 in 10 Americans struggle to afford healthcare. Collecting payments on the payer side and going to the doctor during COVID-19 has become increasingly complex and disconnected.
Why are medical costs so unpredictable? 69% of patients attempt to learn about costs before or during their appointment, yet still, struggle to get a clear estimate. High deductible plans have grown in popularity, and patients on these plans often experience higher out-of-pocket costs, an increase in unexpected medical bills, and confusion about payment responsibility.
Wasted spending is a big issue in healthcare, and every year, $190 billion in unnecessary spending goes towards the administration of payments. Payments are collected from consumers, insurance payers, and a mix of both, which are each processed at a different time in the payment cycle. Additionally, 10% of claims are denied, and the work required to resubmit claims costs up to 18 times more than a claim that was filed correctly the first time.
90% of denied claims are avoidable. Common mistakes contributing to denial include services not covered, incorrect patient identification, out-of-network providers, and prior authorization required. The solution to this problem is insurance eligibility verification, contactless check-in, and connecting healthcare systems. Insurance eligibility collects necessary data and confirms insurance coverage, which can then be used to calculate accurate pricing estimates.
Connecting healthcare systems through PracticeSquire makes getting paid fast and simple. Patients can easily check-in, understand cost responsibility before receiving services, and save their information. Providers will encounter fewer mistakes, get accurate data capture and digital insurance verification for faster claims, and reduce administrative workload. Office staff get reduced risk of infection, eliminate mistakes from misread insurance cards, and gain more time to focus on other tasks.
What do you think of this infographic? Share your thoughts on any of our social media pages. You can also comment on our MeWe page by joining the MeWe social network.