As insured patients handle increased financial responsibility and have higher deductible health plans, practice managers are actually necessary to find modern approaches to maximize self-pay collections while maintaining a great buyer experience and convenience to patients. With a variety of technologies available that streamline collections processes and improve efficiencies, practices have a variety of resources to increase collections without disrupting the patient experience.
One of these resources, the Automated Payment Plans Feature, from healthcare application provider PaymentCare, successfully facilitates collections for providers and patients. In this case study, we will review four separate cases of various kinds of facilities using Automated Payment Plans as well as the impact this tool has experienced on their bottom lines.
Any adverse health insurance coverage is an important a part of financial planning within this era of skyrocketing medical costs. Medical inflation has become aggravating at its full spree which makes it much more vital that you purchase a Medical Insurance plan that could sponsor the hospitalization and treatment bills or expenses.
You have to be feeling care free after taking an insurance, however your health insurance features a waiting period clause for specific conditions. It comes with an initial period clause which states that any hospitalization claim will never be admissible in first 30 days of the policy commencement aside from accidental hospitalization.The pre-existing diseases or conditions are also not covered immediately after you get an insurance policy.There exists a waiting period which range from 24 months to four years as per the master plan conditions in the market. Also, there are specific surgeries and treatments like hernia, cataract, joint replacement, etc. which can be treated following a specific waiting duration of 1 or 24 months.
There are certain capping or sublimits inside your health plan which says that the precise type of expenses are paid by the insurance company upto a specific limit and beyond the insured or customer has to bear them at his own. For example: Room rent charges are capped on each day basis for different health plans. Some health plans also come with a mandatory co-pay where the portion of the admissible claim is to be borne by the insured as well as the remaining pays by the insurance company.
The insurance coverage companies offering health plans have certain empaneled network hospitals with whom there is a tie up. Any hospitalization or treatment consumed in the mentioned or specified network hospital list is done on the cashless basis subject to policy conditions.
Check for the list of network hospitals of insurance provider and make certain you may have network hospitals in the insurer near your house of residence in case of any emergency hospitalization. Also, a therapy in non-network hospital may not offer cashless treatment plus some insurers use a co-pay clause if you are taking a therapy in non-network hospital.
Different insurance companies have different claim procedures. Some settle or administer claims through Alternative Party Administrators (TPA’s) and some have their own on-site claim settlement unit to foster quick and hassle uqgjld claim processing. Also, look into the claim settlement ratio of the insurer you want to get a health plan from to possess a clear picture on the variety of claims settled from the insurer.
It is essential to have a right buying decision which is often carried out by comparing the accessible medical insurance plans online. It is possible to compare the cost, key features, policy benefits, value added benefits, eligibility, exclusions,etc. of multiple medical insurance plans to produce a right informed choice of your personal without the interference of the agents. Buying online medical health insurance plan is really a straight forward process which required least documentation and quick policy processing. There are particular online portals which will enable you to make a fairly easy comparison and will help you in choosing the right Medical insurance plan.
Online buying of the health plan is economical as companies offer discounts on premium for buying a policy online. The reason for an insurance coverage to get economical if bought online is since the intermediary price of the premium component is taken away. If you have no intermediary in between, Co.’s save on the commission and policy issuance cost, which the Co. transfers it to the customers.