How Providers can enhance patient care by accelerating eligibility & insurance verification
2020 has been an unprecedented year for healthcare professionals and service providers. The global pandemic has put a substantial burden on the industry, which is already falling short of patient expectations, crippled with staff shortages and a growing financial crisis.
Amidst the existing resource constraints, administrative responsibilities further consume valuable time that can be devoted to patient care by Providers. According to the Center for American Progress, every year, Healthcare Payers and Providers in the US spend about $496 billion on billing and insurance-related costs alone.1 Given the impact of COVID-19, the costs are only going to escalate.
Impact Of COVID-19 on eligibility & insurance verification Process
Do you know how excess administrative costs are burdening the US healthcare system?
Administrative processes encompassing heavy paperwork and documentation dealing with tons of data on insurance coverage, billing, procurement, and others form the backbone of healthcare systems. As per a recent study, in the US alone, the administrative costs of care account for 8% healthcare spending.2 And about half of Healthcare Providers’ administrative costs are billing and insurance-related expenses.1
When it comes to processing insurance cla