Lost revenue due to uncompensated care is a persistent challenge for healthcare providers. Often, patients are uninsured or underinsured, and in some cases, coverage that should have been billed is overlooked. It’s estimated that up to 10% of self-pay accounts written off as bad debt could actually be covered by insurance or government healthcare programs. This represents significant lost revenue that healthcare providers can recover with the right tools and expertise.
At Mark Med Center, we specialize in identifying hidden coverage and maximizing reimbursements for healthcare providers through our advanced Coverage Discovery Services.
How Coverage Discovery Services Increase Revenue
Uncompensated care has led to hundreds of billions of dollars in lost revenue across the healthcare industry. Mark Med Center’s Coverage Discovery team uses cutting-edge tools and techniques to uncover insurance coverage patients may not know they have, ensuring that providers recover all possible reimbursements.
What Causes Lost Revenue?
Many patients are unaware of their full insurance coverage:
Young Adults: May not realize they are still covered under a parent’s plan.
Spousal Plans: Some patients don’t know they’re included in their spouse’s health plan.
Medicaid/Medicare Confusion: Navigating the various parts of Medicaid and Medicare can be overwhelming for patients, particularly the elderly or disabled.
Unfortunately, healthcare providers often lack the time or resources to manually research all possible payers, resulting in unbilled services.
How Mark Med Center’s Coverage Discovery Services Work
Using state-of-the-art software, we automate the process of identifying potential coverage when a patient is marked as self-pay. Our tools include:
Advanced Search Features: Automatically check for coverage.
Claim Scrubbing: Ensure claims are accurate before submission.
Extensive Databases: Cross-reference patient data with vast payer records.
Smart Algorithms: Eliminate false-positive results and incorrect conclusions.
This automated approach benefits both patients and providers by uncovering all potential sources of reimbursement.
Benefits of Coverage Discovery
Maximizes Reimbursement: Identifies all levels of coverage.
Decreases Days in Accounts Receivable (AR): Speeds up payments.
Reduces Write-Offs: Fewer accounts sent to collections.
Improves Patient Satisfaction: Ensures accurate billing and better financial communication.
Lowers Collection Costs: Minimizes bad debt and unpaid bills.
Enhancing Front-End Eligibility and Benefit Verification
The process begins with eligibility verification during patient registration. Up to 30% of claim rejections occur due to errors at this stage. Coverage Discovery enhances the front-end process by:
Streamlining staff interaction with patients.
Increasing up-front collections.
Ensuring correct code matching.
Providing guidance to front-office staff.
Minimizing Bad Debt and Write-Offs
By verifying benefits and billing all responsible payers, providers can significantly reduce bad debt. Patients who understand their bills and financial responsibilities are more likely to pay, especially when offered clear options like payment plans.
Benefits for Front-End and Billing Staff
Our services ease the workload for both registration and billing teams:
Efficient Registration Process: Ensures accurate data collection for better patient communication and billing outcomes.
Qualified Billing Staff Support: Accurate insurer information and pre-identified codes make claim submissions faster and more reliable.
Why Choose Mark Med Center?
With over a decade of experience in customized revenue cycle management, Mark Med Center is committed to meeting the unique needs of healthcare providers. Our Coverage Discovery Services not only recover lost revenue but also improve operational efficiency and patient satisfaction.
Ready to Transform Your Billing Process?
If you’re ready to recover lost revenue and streamline your billing process, contact Mark Med Center today. Schedule a free demo to see how our Coverage Discovery Services can make a difference for your healthcare facility.
