During Medicare’s open enrollment period from October 15 to December 7, beneficiaries can switch from traditional fee-for-service Medicare to a Medicare Advantage plan and vice-versa. Many of them do, causing revenue gaps while suppliers scramble to comply with new insurance requirements for existing customers. Proactive companies can, however, take advantage of this time with two important steps.
1. Engage Customers
It is important for customers to notify their suppliers when changing insurance. New insurance plans may require prior authorization, re-testing, office visits, or even a supplier change. During open enrollment, suppliers should proactively communicate with customers while they are weighing options. For example, suppliers can insert colored flyers with patient statements to remind customers to call about changes in insurance. With a simple phone call, customers can avoid disruption in service and increased financial responsibility.
2. Evaluate Plans
As beneficiaries weigh their options, suppliers should also take stock of which plans they intend to accept. Suppliers can use the find-a-plan tool on the Medicare website to identify which Medicare Advantage plans are offered in their area by following these instructions:
Suppliers should scan the list for any new plans coming to their market and contract with those offering tolerable reimbursement rates. Furthermore, suppliers should proactively educate customers about which local plans they accept.
Engaging with customers now will prevent revenue headaches later.
SOURCE LINKS
www.medicare.gov/plan-compare
1. Engage Customers
It is important for customers to notify their suppliers when changing insurance. New insurance plans may require prior authorization, re-testing, office visits, or even a supplier change. During open enrollment, suppliers should proactively communicate with customers while they are weighing options. For example, suppliers can insert colored flyers with patient statements to remind customers to call about changes in insurance. With a simple phone call, customers can avoid disruption in service and increased financial responsibility.
2. Evaluate Plans
As beneficiaries weigh their options, suppliers should also take stock of which plans they intend to accept. Suppliers can use the find-a-plan tool on the Medicare website to identify which Medicare Advantage plans are offered in their area by following these instructions:
- Click [Continue without logging in].
- What type of coverage are you looking for? Click [Medicare Advantage Plan].
- Enter your zip code [Enter a five-digit zip code].
- Click [Continue].
- Do you get help with your costs from one of these programs? Click [I’m not sure].
- Click [Continue without logging in].
- Do you want to see drug costs? Click [No].
- Click [Next].
Suppliers should scan the list for any new plans coming to their market and contract with those offering tolerable reimbursement rates. Furthermore, suppliers should proactively educate customers about which local plans they accept.
Engaging with customers now will prevent revenue headaches later.
SOURCE LINKS
www.medicare.gov/plan-compare
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