3. Look for value-added services
Read the details for each plan that's offered, and search for hidden
fees. If you need a quick turnaround on the money you're owed, find
out how long it takes to get to your bank account after the patient
signs up. You don't want a financing company to charge a reprocess-
ing fee, then force you to wait to get the rest of the money that you're
owed. If the vendor has a parent company, make sure it's a reputable
financial institution.
Also consider the user-friendliness of the service. It was important for
us to give our patients the ability to apply online for a credit card in our
facility on the day of the procedure. Does a company's application
process have hundreds of steps and is it so cumbersome that it slows
your check-in process? If so, look for other companies that have more
streamlined access. Make sure the system's online portal is easy for your
staff to negotiate. Ask if the company has security oversight. Our vendor
calls us periodically when they see a transaction to make sure it's legit.
4. Plan in advance
We employ an insurance verification specialist who is a key part of
our staff. The specialist knows all the details of the patient's insurance
situation in advance, including what percentage of their deductible
they've met and the amount of their co-insurance or co-pay. We also
participate with a billing company that assists in the verification
process by accessing all insurance plans. The system then communi-
cates to the patient via text about how much they'll owe the facility,
with a link to a website that explains their benefits and offers them
payment options.
Having this information is key to our decision making when
patients are in front of us on the day of surgery. Our policy is to be
paid at the time of surgery whenever possible. Make sure your
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