A streamlined billing process is critical to the successful financial performance of any medical practice. Sound revenue cycle management requires prompt collection of patient payments, accurate use of billing codes and expedited payment from insurers.
The devil is in the details, and as the labor-intensive billing process is typically done manually, it is rife with potential errors. Even simple errors, such as a transposed digit, lead many claims to be rejected the first time they are submitted. When that happens, the likelihood that the practice will ever see payment for that service plunges.
To improve billing efficiency it is necessary to increase accuracy by reducing manual errors. That’s one of the places where the Clearwave check-in kiosk adds value. The kiosk directly addresses the two most difficult aspects of the revenue cycle: getting accurate, verified information from the patient and collecting patient responsibility before providing service.
When patients check in, the Clearwave system automatically verifies their demographic data and insurance eligibility. This eliminates the need for manual data entry and can reduce demographic data errors by as much as 90%. The self-service kiosk also makes it easy for patients to settle copays and deductibles and to address outstanding balances, increasing cash collection for the provider at the time of service.
Clearwave does more than just increase data accuracy and patient collections, however. It also securely shares demographic, insurance and patient payment information with the practice’s existing management platforms. This enables providers to generate cleaner, more accurate claims for faster reimbursement. One practice reported a 94% reduction in claim rejections after it implemented the Clearwave solution.
Medical billing and collections continue to be challenges for healthcare providers. Rules keep changing, reasons for claim denials are countless and, as patients are asked to shoulder an ever increasing share of their medical expenses, money collection becomes more difficult. Beyond smoother patient check-in, Clearwave offers healthcare providers an effective approach to improved revenue collection by ensuring accurate billing data and speedier reimbursement. As Nicholas Galantino, CEO of the LoCicero Medical Group put it, “We get the right information so we can bill correctly, and we get our money from the insurers in a timely manner.”