As insured patients handle increased financial responsibility and have higher deductible health plans, practice managers are actually necessary to find revolutionary ways to maximize self-pay collections as well as maintaining a good consumer experience and convenience to patients. With many different technologies available that streamline collections processes and improve efficiencies, practices have a multitude of resources to help increase collections without disrupting the sufferer experience.
One of these brilliant resources, the Automated Payment Plans Feature, from healthcare application provider PaymentCare, successfully facilitates collections for providers and patients. In this case study, we shall review four separate cases of several types of facilities using Automated Payment Plans as well as the impact this tool has had on their own bottom lines.
Any adverse health insurance coverage is a vital a part of financial planning in this era of skyrocketing medical costs. Medical inflation has been aggravating at its full spree which makes it even more important to purchase a Medical Insurance plan that could sponsor the hospitalization and medical treatment bills or expenses.
You have to be feeling care free after taking an insurance, however your medical insurance comes with a waiting period clause for specific conditions. There is an initial period clause which states that any hospitalization claim will not be admissible in first 30 days in the policy commencement aside from accidental hospitalization.The pre-existing diseases or conditions will also be not covered immediately after you get an insurance plan.There is a waiting period ranging from 24 months to four years as per the program conditions in the industry. Also, there are particular surgeries and treatments like hernia, cataract, joint replacement, etc. which is often treated after a specific waiting period of 1 or 2 years.
There are certain capping or sublimits within your health plan which states that the precise sort of expenses are paid by the insurer upto a specific limit and beyond that the insured or customer must bear them at their own. For example: Room rent charges are capped on per day grounds for different health plans. Some health plans also have a mandatory co-pay where area of the admissible claim is to be borne from the insured as well as the remaining is paid by the insurer.
The insurance coverage companies offering health plans have certain empaneled network hospitals with whom they have a tie up. Any hospitalization or treatment consumed the mentioned or specified network hospital list is done on the cashless basis subject to policy conditions.
Search for a list of network hospitals of insurance company and make certain you have network hospitals from the insurer near your home of residence in the case of any emergency hospitalization. Also, a treatment in non-network hospital may not offer cashless treatment plus some insurers possess a co-pay clause by taking a treatment in non-network hospital.
Different insurance companies have different claim procedures. Some settle or administer claims through 3rd Party Administrators (TPA’s) and some get their own in-house claim settlement unit to foster fast and hassle uqgjld claim processing. Also, look into the claim settlement ratio from the insurer you intend to buy a health plan from to possess a clear picture on the variety of claims settled from the insurer.
You should require a right decision which can be performed by comparing possible medical insurance plans online. You are able to compare the purchase price, key features, policy benefits, useful benefits, eligibility, exclusions,etc. of multiple health insurance plans to create a right informed choice of your without any interference of the agents. Buying online medical health insurance plan is actually a hassle-free process which required least documentation and quick policy processing. There are particular online portals which will allow you to create a fairly easy comparison and definately will help you in selecting the best Medical insurance plan.
Online buying in the health plan is economical as companies offer discounts on premium for buying a policy online. The explanation for an insurance coverage to be economical if bought on the web is because the intermediary cost of the premium component is taken away. Should there be no intermediary in the middle, Co.’s save on the commission and policy issuance cost, which the Co. transfers it towards the customers.