Deciphering Insurance Discovery Software
Brad Skelton, HFMI Regional Manager
We closed our last blog by announcing the availability of a helpful chart that compares insurance discovery software. Because quickly and accurately identifying payers for patients who no longer have commercial insurance is an essential strategy for addressing the shift in payer mix, we wanted to provide a comprehensive, honest comparison of the top insurance discovery tools.
The chart shows how insurance discovery software varies greatly in capabilities, pricing structure and processing methods for locating unknown government coverage (including Medicare, Medicaid, Tricare).
First and most important to our clients, our proprietary technology drives maxDiscovery’s search capabilities beyond those of other insurance discovery providers. The software consistently finds unknown commercial and government coverage for a higher percentage (up to 25%) of self-pay patients that others miss.
What’s more, maxDiscovery supports charity programs by finding eligible Medicaid coverage for patients that may not be eligible due to the date of service. Think about the savings in not having to send these accounts to collection or take legal action, not to mention patient retention.
Experience, knowledge & best practices
In addition to technology second to none, we’ve learned a lot about how to accelerate the revenue cycle working with health provider organizations over the past 20 years. And we’ve incorporated knowledge about timely filing limits and retro approval periods, and payer and exchange payer mapping to limit denials, enable maximum retro approvals, boost payer discovery, improve cash flow, reduce patient contact, and lower collection expenses.
Our real-time processing supports on-demand single-patient or batch submissions. Since we process so quickly that the patient could actually still be in your care. maxDiscovery clients can submit zero-balance accounts to locate primary coverage to Medicaid, which is especially helpful for take-back payments.
Lower costs greater ROI
It’s rare that the most effective solution is the most cost effective, but that’s perhaps the best news about maxDiscovery. The fixed monthly subscription rate provides unlimited transactions without payer caps and costly contingency fees. That’s a big savings of more than 70% compared to other insurance discovery software with tiered pricing based on the number of transactions. This also means hospitals don’t have to wait to submit files early, so they can bill insurance discoveries as soon as possible.
When you add our customer support’s exceptional level of service that includes flexible integrations with SFTP, API, portal and more, you’ve got a winning combination.
If you’re looking to button up your revenue cycle, let’s start a conversation. Contact us to schedule your 30-minute demo or for our no-charge, no-obligation test file. Simply provide us with the file of patients that normally would be sent to an early-out or collections vendor. We’ll process the file and locate all coverages that were missed during registration, as well as any that have been approved since service. On average, that’s at least 10-15% of patient accounts, which adds up to a revenue savings for you. Learn more at www.maxrte.com