One of the long standing rules of business is that profit is made on the pennies. If every day you can come up with a new efficiency, however small, it isn’t long before your business is made up of a thousand hidden ideas driving your operation forward. Major efficiencies, on the other hand, are seldom hidden for long. Transformative technologies, for example, move whole industries, and soon become the standard for the most successful companies.
In the healthcare industry, insurance eligibility is the key to revenue, and its efficient processing and administration is the key to cost reduction and profit. According to the Healthcare Financial Management Association, the automation of insurance verification processes significantly reduces associated administrative costs, by up to 50%. That’s hardly a surprise, given the well-known time and money that is regularly lost to benefit eligibility verification. The traditional procedures go something like this:
- The patient’s insurance cards are photocopied.
- Someone then calls the insurance company’s 800 number to verify eligibility status.
- The caller takes whatever time is needed to deal with long waits or busy signals.
- Once patient status is verified, the data is then usually manually transcribed.
The process also affects the insurance company’s costs, since they have to pay staffers to provide the requested information on a nationwide time schedule.
Patient Access Solutions (PASHealth) is now meeting this widespread market need through the use of a POS terminal and web portal that allows the payer’s office to quickly access needed information via a swipe card or quick data entry. The result is a complete printout verifying coverage and providing all related information, such as co-pay, deductible, and primary care physician, all in as little as 20 seconds. The company already has 450 major insurance companies signed up.
For additional information, visit the company’s website at www.PASHealth.com
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