As healthcare providers and the public traverse the COVID-19 landscape, the number of patients requiring advanced care is growing exponentially as confirmed cases soar past 86,000 in the United States. After a two-week delay, Congress is on the verge of passing a massive $2 trillion recovery package, and economists are touting a recession with a sharp recovery bolstered by the strong economy pre-pandemic.
While healthcare providers are entrenched in the care cycle, there is support coming from government entities and insurance payers that include waiving co-pays and co-insurances for patients, with hopes of reducing the prior authorization burden, and promising to pay for all COVID-19-related care. There is plenty of uncertainty left, but people are starting to get a glimpse of our post coronavirus world.
There’s Nothing Wrong with Being Proactive
There will be an enormous financial wave of activity within the healthcare industry as healthcare providers and hospitals try to bill and collect for the care delivered during the pandemic. Hopefully, clinicians have been good about documenting their care, treatment plans, and appropriate charges, so that their billing teams can work to get reimbursed for their efforts.
What many radiology groups may not be considering (or may have just tabled for the immediate future) is that upon return, accounts receivables (AR) will not have been worked, denied claims will have stacked up, and collections issues will have become even more problematic.
3 Ways Where Infinx Can Accelerate Revenue
By partnering with Infinx, radiology groups can proactively position their AR and billing processes to maximize reimbursement during this time. Partnering with a radiology billing team (currently sitting idle), with Infinx’s AI-driven technology solutions and experienced prior coding and billing specialists; would bring a beneficial impact in the following ways:
With advanced machine learning capabilities, Infinx’s technology turns your AR data into actionable insights that optimize recovery and significantly reduce write-offs. Infinx’s AR Optimization Solution (AROS) provides real-time analytics, predictive recovery insights, and performs intelligent prioritization of the outstanding charges that significantly improve recovery over manual management of the AR with limited analytics. The scalable infrastructure of Infinx AROS acts as an extension of your AR team, reducing costs and improving collections.
With Infinx AROS, radiology groups can quickly and easily generate additional revenue from their aging AR without adding staff or increasing administrative costs. Denials can be processed, unapplied payments entered, and the entire cash cycle maximized preserving revenue and adding directly to the bottom line.
Currently, Infinx is offering special contingency pricing with no upfront fees to support radiology and imaging centers impacted by the COVID-19 pandemic.
Relatively new, thanks to advances in AI and machine learning, the insurance discovery process focuses on those outstanding balances that may be deemed uncollectible and are headed for collections or bad-debt write-off. Through deep data mining and probabilistic analytics, undiscovered insurance coverage can be identified along with patient demographics, insurance profiles, and benefits available, so that claims can be resubmitted and revenue ultimately collected.
Especially impactful for Medicaid, Medicare, and commercial insurers, Infinx believes that this tool will become even more important over the coming months when missing coverage and confusing payment agreements from insurers and governmental agencies will add deepening complexity to the AR dilemma providers are facing.
Scalable Coding and Billing Support
As radiology groups absorb the growing number of patients, coding, and billing support from a third-party partner may become essential to stay even with demand not to lose valuable revenue. Infinx offers a scalable, cost-effective solution that ensures timely and accurate bills are submitted for payment using up-to-the-minute codes that can significantly impact your bottom line.
Whether your organization needs a temporary boost to efficiency and collections, or you are looking for long-term financial strategies, Infinx stands ready and is available during this crisis. We are diligently monitoring daily (even hourly) pandemic events and remaining flexible with our contingency efforts as the current, fluid environment demands.
Look to Infinx for third-party support during this difficult time and position your group for success long term.