4 Steps to Create a Revenue-driving Estimations Process

Meet the standards set by The No Surprises Act (NSA) and increase revenue, all with one strategic estimations approach.  

Nearly, 90% of medicalpractices reported costs have risen faster than revenues in recent years. The same report shares that labor costs are up 30%. To navigate increasing costs and external economic uncertainty, medical practices are leaning into technology to automate critical steps in the revenue cycle and propel practice growth. 

See the four-step approach practices can use streamline good faith estimations, insurance verification and point-of-service collections. 

1. Automate insurance verification.

Fast insurance verification is a critical first step to creating compliant good faith estimates and ensuring payment prior to rendering care. Find a way to take the hassle, lag time and inaccuracy out of your insurance verification process. Use automated technology to instantly determine patient copays and primary, secondary and tertiary insurance — with accuracy. Increase your active insurance rate and quickly uncover any insurance errors prior to patients arriving at your practice, so you can solve insurance issues and collect payment when patients arrive.  

A simple, instant and automated insurance eligibility verification tool will help you create true financial transparency, accelerate cash flow and free staff from the time-consuming tasks of verification.  

2. Create simple & accurate estimations with proven technology.

To meet the standards set by The No Surprises Act, healthcare practice leaders have been working to build a compliant, yet efficient estimations process. With the right approach, you can create cost estimates without burdening your staff or incurring revenue challenges due to human error. Successful leaders have implemented smart technology to simplify estimations and ensure accuracy when providing patients with the financial transparency they require.  

In this step, start by standardizing billing codes for regular office visits, surgical procedures, diagnostics and other care offerings that you can input into a proven estimations tool. As you search for a patient estimations platform, get strategic. Streamline your IT infrastructure with an estimations tool that integrates seamlessly with your insurance verification solution and your EHR/PMS — putting patient data and intuitive estimates right where you need them most. Having tools that communicate without staff intervention or additional imports/exports will help you create a seamless, push-of-a-button approach to patient care estimates. 

With automated insurance information integrated into your estimations tool, you can create a Good Faith Estimate based on the patient’s insurance payer(s) and your practice’s pre-developed billing codes for care. As a result, you can provide your patients with financial transparency around their payment responsibility, prior to seeing them in the office.  

3. Provide financial transparency.

Through your reminders or other communications tools, send your patients their estimated responsibility for their upcoming visit including deductibles, cost estimates and even past due balances. With patient healthcare costs often coming at unexpected times, educating patients can make a significant impact on your ability to accelerate revenue collections. Providing this transparency prior to the appointment helps patients understand what their responsibility will be, in a simple way, and with enough time to plan accordingly or come in ready to discuss their options with your staff. 

This step helps payment become top-of-mind for patients, instead of an afterthought that can be dealt with (or pushed off!) down the line. This transparency also makes the conversation of finances easier for patients and staff to discuss in the office, helping the entire payment process run more smoothly, and with less surprises or patient frustration. 

4. Streamline patient collections with self-service registration.

The final step in a revenue-driving estimations process is payment collection at the point of service. After seamlessly determining patient insurance eligibility and cost estimates, and communicating this information with patients, make payment collection simple with self-service patient check in. Engage your patients in the cost of care, and let your technology do the work to collect point-of-service payments. 

When your patients have advanced notice of payment and are prompted to pay privately, through your registration process, they’ll be more inclined to make a payment. Self-service registration through a pre-registration link or in-office kiosks, mobile phones and tablets, removes the burden on staff to ask. Patient-led registration platforms will also help to ensure that each patient is prompted to pay when checking in. This process removes the awkward staff responsibility of asking for payments, and past-due balances, in a crowded office.  

Launch a Revenue-driving Estimations Process 

Enable faster time to revenue for your practice by ensuring that each time a patient checks in they will know their responsibility and will be prompted to pay. Increase realized revenue for services your providers have rendered and reduce the back-end hassle of collecting past-due patient responsibility! 

Choose integrated solutions that will put revenue back into your practice. See how you can use Rivet Health’s estimations technology, seamlessly with Clearwave’s instant eligibility verification and patient-led registration to make it happen. Stay compliant and increase patient collections – get started!

What is Clearwave? 

Clearwave is the Patient Revenue Platform for High-Growth Practices. Clearwave integrates seamlessly with Rivet Health to help practices drive scalable revenue growth at every critical patient touchpoint. Specialty practices use Clearwave Core to enhance patient self-scheduling, streamline patient registration and intake, automate patient communications and create true financial transparency for both patient and practice alike through real-time, automated insurance verification. Learn more about how Clearwave  can put revenue back into your practice Request a Rivet demo.

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