Undisclosed Coverage- Here’s What You’re Missing
Insurance Discovery Solutions- A Prerequisite for Hospitals
Have you thought about the total billable insurance coverage that your hospital can get covered for but other vendors miss? Does your hospital have a safety net solution to maximize your reimbursements? With margins in a downward spiral, and rising rates in uncompensated care, hospitals need a quick, seamless, and holistic solution now, more than ever!
CoverMe’s Retrocheck Solution is the most reliable, advanced safety-net solution that can help hospitals navigate the challenges of uncompensated care. This unique technology-enabled solution helps identify billable Medicaid, Medicare, and other missed commercial insurance that was previously unknown or forgotten. The program assesses retroactively to determine if a self-pay patient had valid insurance coverage at the point of care.
Undisclosed Coverage- The Challenges You Might Face
Identifying previously unknown coverage can be a challenging task. Patients may not always be aware of their coverage or eligibility for Medicaid. In fact, it is estimated that around 20% of patients classified as self-pay or true self-pay may have additional coverage or insurance that was unidentified during the intake process. Why would this be the case?
- Remain unaware that they are covered by one or more insurances. Some patients also tend to have secondary and tertiary insurances.
- Have changed jobs and might be confused about their coverage.
- Be unaware that they are eligible for Retroactive Medicaid.
- Withhold information about their insurance due to high deductibles.
- Change payers and not inform you.
- Transition to Medicaid after availing treatment from you
All the above instances may go unnoticed or uninformed. This leaves hundreds or even thousands of dollars on the table.
Uncover Previously Unidentified Coverage with Retrocheck
Uncompensated care has made it imperative for all healthcare organizations to be cost-conscious and continuously strive to optimize costs. Loss of coverage also directly impacts the bottom line of the healthcare organization. This is why uncovering unknown commercial or government coverage is crucial for both providers and patients.
Given this situation, it is becoming increasingly important for healthcare organizations to take advantage of solutions that help in increasing revenue. A smart insurance discovery solution like Retrocheck can fit anywhere in the revenue cycle.
Patients get covered, hospitals get paid.
Performs real-time data assessment to validate self-pay status and ensure accurate patient demographic and insurance information.
Screens patients for Medicaid coverage options and other commercial payer sources
Enables providers to identify missing coverage, get paid for self-pay claims, and help patients discover unknown coverage options.
CoverMe Retrocheck helps in maximizing revenue through smarter insurance discovery. The solution thus also enables the providers to automate their self-pay scrubbing process.
To overcome the chances of self-pay dollars landing in bad debt, effective tools like CoverMe Retrocheck are essential to determine undisclosed payment sources proactively. This helps convert the uninsured and identify all additional coverage streams for the under-insured. Partner with CoverMe today to optimize your efficiency levels and improve the scope of coverage discovery.
Let us help you understand how this safety-net solution will help your healthcare facility find hidden insurance coverage. Click here to schedule a demo with CoverMe.