We are headed into the deductible season which is particularly important for DME providers. Effective management of the collection and billing process can make a perceptible difference in collection percentages and net accounts receivable (AR). CMS just announced the 2016 Medicare Part B premium and deductible rates, and according to the notice, the Medicare Part B premiums and deductibles will increase in 2016. Medicare beneficiaries will be paying an extra $16 per month to stick with traditional Medicare coverage, and more importantly, the Part B deductible will increase nearly $20 (from $147.00 in 2015 to $166.00 for all Part B beneficiaries in 2016). Before setting up new equipment or letting your recurring rentals and supplies generate, you need a plan.
Check with your software vendor to see if you have the ability to perform a batch eligibility check prior to submitting claims. Determine if your system also enables you to establish holds based on risk thresholds and alerts for beneficiaries that have unmet deductibles or changes in insurance coverage. Instruct your staff to relentlessly utilize real-time eligibility information for at least the first two months of the year to secure improved collection rates for 2016.
Check with your software vendor to see if you have the ability to perform a batch eligibility check prior to submitting claims. Determine if your system also enables you to establish holds based on risk thresholds and alerts for beneficiaries that have unmet deductibles or changes in insurance coverage. Instruct your staff to relentlessly utilize real-time eligibility information for at least the first two months of the year to secure improved collection rates for 2016.
Before releasing claims to bill, we advise you hold them until payment arrangements are made or the deductible is satisfied elsewhere. You can further fine tune the strategy by making modifications for dual eligible patients and high dollar claims. However, if claims automatically bill without payment expectations, you can be assured the balances will pass to the patient and you will be chasing high risk debt in perpetuity.
Remember, October 15th - December 7th is also the open enrollment period for Medicare. During this time beneficiaries may opt to switch from Fee-For-Service Medicare to an HMO and vice-versa. Proactively scouring for these changes enables you to secure updated face-to-face documentation and new orders when patients switch from HMOs back to traditional Medicare.
Establishing a concerted deductible management strategy in the new year is one of many opportunities to manage AR risk and deploy proactive collection strategies. MiraVista has deployed successful deductible management strategies with our clients for years now. We want to help you get better results with your strategy. We hope that you will join us for an event on December 10th to discuss strategies for 2016 and to help you see more cash than pending collections on your books. See Andrea Stark’s personal invitation to this no-cost event below.
Remember, October 15th - December 7th is also the open enrollment period for Medicare. During this time beneficiaries may opt to switch from Fee-For-Service Medicare to an HMO and vice-versa. Proactively scouring for these changes enables you to secure updated face-to-face documentation and new orders when patients switch from HMOs back to traditional Medicare.
Establishing a concerted deductible management strategy in the new year is one of many opportunities to manage AR risk and deploy proactive collection strategies. MiraVista has deployed successful deductible management strategies with our clients for years now. We want to help you get better results with your strategy. We hope that you will join us for an event on December 10th to discuss strategies for 2016 and to help you see more cash than pending collections on your books. See Andrea Stark’s personal invitation to this no-cost event below.
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