Imagine a world where patients no longer have to wait for hours or days to know if their health insurance coverage is valid or not. A world where they can register at hospitals and doctor’s offices with ease and confidence, knowing that their insurance status will be verified in real-time. This is the world of real time eligibility, and it’s here to revolutionize the way health insurance verification is done.
It refers to the ability to check a patient’s insurance coverage in real-time, at the point of service, using electronic means. This eliminates the need for manual verification, which is time-consuming and prone to errors. Instead, it enables healthcare providers to verify a patient’s insurance coverage instantly, reducing administrative burdens and improving the overall patient experience.
In this article, we’ll take a closer look at the benefits of real-time eligibility, the technology behind it, and how it’s being implemented in healthcare organizations across the country.
The Benefits Of Real-Time Eligibility
There are many benefits to this, both for healthcare providers and patients. Some of the key advantages include the following:
Reduced administrative burdens: With it, healthcare providers no longer have to spend hours verifying insurance coverage manually. Instead, the process is done electronically, which saves time and reduces the risk of errors.
Improved patient experience: It makes it easier for patients to register at hospitals and doctor’s offices. They no longer have to wait for their insurance status to be verified, which can be a frustrating and time-consuming process.
Increased revenue: It can help healthcare providers increase revenue by reducing the number of denied claims and reducing the time it takes to process claims.
Improved data accuracy: It enables healthcare providers to access accurate and up-to-date information about a patient’s insurance coverage. This can help reduce the number of denied claims and improve the overall financial performance of the healthcare organization.
The Technology Behind Real-Time Eligibility
The technology behind It is based on electronic data interchange (EDI) and real-time transaction processing. EDI is a standard format for exchanging business data electronically, while real-time transaction processing enables the immediate processing of transactions as they occur.
To implement this, healthcare providers must have the necessary hardware and software in place. This includes a computer system with internet access and specialized software that can process EDI transactions in real time. Additionally, healthcare providers must have an EDI clearinghouse, which acts as a middleman between the healthcare provider and the insurance company. The clearinghouse receives the EDI transaction from the healthcare provider and forwards it to the insurance company for processing.
Implementing Real-Time Eligibility
It can be a complex process, but it’s well worth the effort. To get started, healthcare providers should assess their current systems and determine if they have the necessary hardware and software in place. If not, they will need to invest in new technology and train staff on how to use it.
Next, healthcare providers will need to establish relationships with insurance companies and EDI clearinghouses. This can be done by contacting the insurance companies directly or by working with a vendor that specializes in real-time eligibility.
Once the necessary technology and relationships are in place, healthcare providers can begin testing the system to ensure it’s working correctly. This may involve piloting the system with a small group of patients and insurance companies before rolling it out across the organization.
Real-World Examples Of Real-Time Eligibility
It is being implemented in healthcare organizations across the country, with many reporting significant benefits. For example, one hospital system in Texas reported that their real-time eligibility system reduced the number of denied claims by 30%, which translated to savings of $1 million per year. Another hospital in New York reported that their real-time eligibility system reduced the registration process from 30 minutes to just 5 minutes, which greatly improved the patient experience.
The Future of Real-Time Eligibility
It is poised to become the new standard for health insurance verification in the United States. With the increasing adoption of electronic health records and the growing need for more efficient and accurate insurance verification, real-time eligibility is the logical next step. As more healthcare providers and insurance companies adopt this technology, patients will enjoy a more streamlined and efficient registration process, while healthcare providers will benefit from reduced administrative burdens and increased revenue.