The Importance of Explaining Insurance Benefits to your Patients for Better Reimbursements

Event Information
Product Format
Prerecorded Event
Presenter(s)
Juliana Stanley, MBA, CMPE
Length
60 minutes
Product Description

How Educating Your Patients About Insurance Benefits Helps You Increase Revenue

 

We hear every day how healthcare costs and insurance premiums are rising and how America is by far the most overpriced country when it comes to paying the price of being healthy. Many are quick to blame the first person they think of – usually the well-paid doctors. The truth is that healthcare professionals are either ill-equipped or generally unable to explain insurance benefits to patients. This includes preparing patients for the cost of procedures and how much they will pay for out-of-pocket. Not doing so, leads to a decrease in revenue which has an impact on the bottom-line of the healthcare practice.

There are many courses and articles available for medical professionals regarding management of the revenue cycle; unfortunately, most of them do not elaborate on why we should explain benefits to patients to increase revenue. And although this is a crucial activity, insurance carriers will not do that work for you. Educating patients about their insurance benefits thereby becomes the healthcare professional’s financial responsibility.

In this session by expert speaker Juliana Stanley, MBA, CMPE, you will receive a thorough explanation of health insurance terminology, understand benefits interpretation, and identify financial responsibility. You will also get a better understanding of prior authorization and predetermination of benefits. Plus, you’ll receive a chart that will help you navigate the maze and explain financial responsibility to the patient, as well as guidance in accepting deposits and setting up payment plans.

Interpretation of insurance policies is another important area that will be covered with applications to healthcare personnel (front office and administrative staff). This session aims to help boost revenue for healthcare practices by providing patients and staff with a full understanding of insurance benefits.

Session Highlights:

  • In-network vs. Out-of-network benefits
  • Co-payment vs. Coinsurance
  • When does a deductible apply?
  • How do we estimate costs for the patient?
  • How do we convince the patient to pay for services in advance?

Who Should Attend

  • Practice managers
  • Insurance billing clerks
  • Patient account representatives
  • Front office representatives
  • Payment posting clerks

Order Below or Call 1-866-458-2965 Today

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Phone

1-866-458-2965

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1-919-287-2643

About Our Speaker

Juliana Stanley

Juliana Stanley is a Mid-level healthcare executive with 25 plus years’ experience in various aspects of healthcare administration. Her education includes a BBA and an MBA from Strayer University. She received the Certified Medical Practice Executive (CMPE) designation from the ACMPE and currently holds membership in the local, state and national MGMA groups. Her experience includes work in multiple states, disciplines, and specialties including radiology, podiatry, family practice,...   More Info
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