How does an Economic Downturn affect you?

Will the National Bureau of Economic Research (NBER) declare we are in a Recession? Whether they do or do not is debatable and a matter of timing however nobody is debating Inflation. In the 12 months through June, consumer inflation rose 9.1%, the largest increase in more than 40 years.

Inflation is likely affecting you because of the way your insurance payers dictate your payment structure and out of control inflation will absolutely eat into your margins. An obvious way to offset margin erosion is to improve your Accounts Receivable (A/R) and collections %. Sounds simple and you have people and technology today working hard today to meet or exceed the industry standard of 96% collections rate. Preventing rejections and denials up-front increases your first-pass claim ratios. So, are your medical billers getting all they need from your charge and/or claim scrubbing partner to achieve 96% or better? 

Only with Intelligent Verification 3.0 will you be able to achieve better results than you are today. 3.0 utilizes multiple, fresh data sources each time to identify the patient and via insurance discovery indicates which issues prevent you from submitting a claim then finds the corrections. 

By Ron Miller

VP Business Development, tevixMD