Efficient Coordination of Benefits Eases Financial Burdens in Healthcare
With administrative costs in the U.S. making up 40% of all healthcare bills received, incomplete patient insurance information adds stress to an already complex care cycle. If a patient has coverage under more than one insurance plan, it becomes essential for the coordination of benefits process to be efficient so accurate billing statements can be generated and duplicate payments avoided. If an overlap in coverage is detected and a higher payout has occurred, costly administrative work must be done to correct the error.
There are hundreds of insurance companies in the U.S. and detecting Other Health Insurance (OHI) information and maintaining databases can be a huge administrative undertaking. The benefits of onboarding OHI and validation service support includes having a more efficient way to safeguard funds, improve quality, and reduce customer service issues, costly rework, and payment recovery challenges.
Signature Simplifies Coordination of Benefits Process
At Signature, we are a leader in facilitating an efficient coordination of benefits process. By continually adapting our methods, our team can keep an accurate reading on interface requirements, improve claim quality, reduce waste, and address industry market changes.
Utilizing a Reliable Methodology
When it comes to coordination of benefits, you want assurance that you are working with the latest information. At Signature, we built a real-time discovery engine that includes defined and reliable connectivity to the nation’s top payer databases. Our optimized solution has produced greater than two times the policies of other marketplace vendors. Being able to identify the highest volume of billable OHI policies ensures accurate and complete third-party insurance information.
Embedded Validation Process
Accuracy is key! Through our methodology, only validated data resulting in a billable policy is identified. Our system allows for increased transparency, false positive prevention, match verification, and validates insurance policy information for claims to be billed and/or paid correctly the first time. With multiple layers of validation embedded in our processes, we ensure the policy discovered is for the correct patient. Our discovery process optimizes the number of validated insurance policies, ultimately allowing our clients to coordinate benefits effectively and stay within compliance requirements.
Developing a Tailored Solution
At Signature, we provide the proven systems and custom configurations to break down barriers and produce near perfect results every time. We improve not only our clients’ business, but the entire healthcare industry by finding better ways to leverage technology, talented people, and industry-leading processes to identify additional insurance, and at the end of the day, lower the cost of healthcare administration. We built our eOHI approach on best practices and security standards that have proven to uncover legitimate instances of eOHI for effectively coordinating benefits.
To learn more about how Signature Performance can optimize your financial performance, contact our team today!