The consumers look into the healthcare market just like they do before buying stuff for every other need of theirs. The composite and complicated insurance terms and post-care bills get the patients confused that all they want to know are the pre-care estimated value. Healthcare providers who offer estimated value of patient care are attracting more of those consumers, who are interested in knowing the pre-care estimated value, which consequently leads them to generate increased revenue due to customer satisfaction and their repeat visits. The healthcare organizations are also financing a larger portion of their costs by accumulating the upfront payments fixed to the estimates.
Evaluating a patient’s share has become significantly important as the end-users have presumed a larger part of the obligation for their medical care as the self-payments and high-deductible plans have gotten more popular and widespread. The uncollectable bills have also increased since the patients have taken responsibility for their care.
Getting the refunds don’t make an adequate amount of the health bills. Mechanisms such as the Epic Patient Estimates are very useful for the healthcare providers to discern how much a patient will have to pay by estimating how much the insurer will pay back for the care corresponding to the specific plan. On the contrary, healthcare organizations can increase their settlements and accomplish cost transparency and pre-care financial analysis by evaluating a patient’s liability in advance rather than anticipating for 30 to 45 days to know how it is to be paid and by whom. As a result, the healthcare providers will have satisfied patients, who will not be getting an inexplicable bill months later.
Collecting payments upfront can be very useful to overcome the losses for U.S. healthcare organizations, which have contributed more than $502 billion in unremunerated care expenditures since 2000. At some hospitals, the rate of uncollectible bills for insured patients has been increasing above than 30 percent with every passing year.
From collecting more bills to decreasing the bad debts to satisfying the patients, Epic Patient Estimates can come handy to your organization for optimizing your revenue cycle management in order to deliver improved care.
How does Epic Patient Estimates Work?
Epic Patient Estimates verifies a patient’s liability on the basis of past claims records, agreements, and the patient’s reimbursement data. If you have been using Epic for a longer period, your estimates will be more precise and reliable.
The procedure starts with the authentication of applicability, which can be accomplished with the assistance of Epic Real-Time Eligibility (RTE). Epic Patient Estimates also covers patient-specific compensations and relies upon proficient RTE procedures. Preliminary to or as a component of an Epic Patient Estimates execution, the healthcare organizations are ought to enhance the utilization of RTE to induce a meticulous plan section and document benefits to the patients’ records.
How to Utilize Epic Patient Estimates
The foremost requirement besides the software in contributing to patients’ estimates is an important organizational transformation that expands past the patients listing to take account of financial counseling and payment collection.
Your institute might already be providing conventional financial counseling, such as guiding and assisting the patients to claim for charity care. But that in the past has been for a minor fraction of your hospital patients who were having difficulties in paying their medical bills.
At present, a larger proportion of the patients’ population is afflicted. It happens a lot that most of the time patients are unable to figure out what they are being billed, but they completely realize that they are not capable of paying it in full. Therefore, the healthcare organizations need to collaborate with them positively, conveying their liabilities explicitly, and helping them in organizing the reimbursements.
What Epic Patient Estimates can do for you?
Epic Patient Estimates can be helpful for you in cutting down the unremunerated medical care with the help of point-of-service collections. Estimates also offer explicit cost precision, which can be very useful for healthcare organizations to act in accordance with the administrative rules and principles. Experts also affirm that cost estimators can offer the organizations marketing improvements along with providing the patients with the cost transparency they desire.