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Insurance Communication Guide Pt 2

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Kristin Davis

Welcome to part two of our insurance communication blog series, where we’re working to help close the gap in patient-to-provider engagement regarding insurance and medical billing costs. Today, we are highlighting some powerful tools that can help providers optimize the way in which they convey pricing and billing information to their patients. Continue reading to learn why clarity throughout the entire billing process can ultimately lead to increased revenue for healthcare practices. 

Optimized Providers

In a recent report by InstaMed, 92% of consumers claimed to want to understand pricing before their appointments, yet a whopping 74% percent of consumers were still confused by their medical bills. This means that despite the demand for clarification beforehand, patients are still ending up confused after receiving their bills (i.e. are not having their expectations met). 

Price transparency is not only beneficial to an organization in terms of creating positive patient relationships, it is also critical to getting incurred charges paid. Often, if you find that many patients are ending up being confused by their bills - you’ll also tend to experience a slowed or even crippled revenue cycle. 

That being said, it is important for you to prioritize your revenue cycle management by effectively engaging as well as empowering patients to understand their insurance policies and potential expenses, so that you as a provider can also take steps to streamline your billing process and prevent errors or miscommunications. 

If your practice is struggling with efficiently managing your current billing processes, it may be time to take a look at the software you're using. Is it intuitive to your clinic users and billers? Does it help you refile claims early enough in the billing process to be able to refile them correctly? Better yet, does it prevent claims with errors from ever going out?

Just know that there are other options for your practice that can enable you to give your patients more clarity and therein empower your own practices growth. Learn more about better billing practices and software in our recent provider efficiency series here. If you want to learn more about our RCM and Billing solutions, contact us today and request a free demo!

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