25% of wasted healthcare spending goes toward the administration of healthcare payments, totaling $190 billion every year. Collecting, processing, posting, and reconciling payments is complicated by disconnected technology, denied insurance claims, and patients who are increasingly unsure of what costs they are responsible for covering.
High deductible health plans are increasing in popularity, growing 450% from 2007 to 2017. Patients using these insurance plans are often unsure of their payment responsibilities. When clinics aren’t able to give accurate estimates upfront, patients are less likely to make a payment at the time of service. And 67% of Americans worry about whether they could cover a surprise medical bill.
Clinics can provide accurate, upfront cost estimates and reduce the cost of processing payments. 90% of all denied insurance claims are avoidable. Automating the insurance verification process can eliminate the bulk of denied claims and prevent patients from receiving surprise medical bills. Check out the infographic below to learn more.
Infographic by: practicesquire