The Patient Protection and Affordable Care Act, often shortened to the Affordable Care Act (ACA) or nicknamed Obamacare, is a United States federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010. The term “Obamacare” was first used by opponents, then reappropriated by supporters, and eventually used by President Obama himself. Together with the Health Care and Education Reconciliation Act of 2010 amendment, it represents the U.S. healthcare system’s most significant regulatory overhaul and expansion of coverage since the passage of Medicare and Medicaid in 1965.
FIVE WAYS INTELLI-MED IS HELPING OUR CUSTOMERS SUCCEEDUNDER THE AFFORDABLE CARE ACT
Increase Well Visit Reimbursements By 128%
Industry Challenge: Many believe that a shift in focus to prevention will reduce healthcare costs and improve patient health. To encourage preventive care, the Affordable Care Act requires most health insurance plans to provide co-payment and deductible-free coverage for preventive health services, such as annual well visits. Additionally, Medicare has increased well visit reimbursement by more than 13%. Intelli-Med’s Solution: Intelli-Med customers that use our patent-pending Care Connector™ solution, which is included with our standard PracticePro™ offering, realized an average 128% increase in completed well visits in the first year. This increase amounts to an average increase in practice revenues from well visits by 78%. Our solution combines cutting-edge data mining and business intelligence to identify otherwise missed opportunities to call patients in for their well visit. Intelli-Med then proactively contacts the patient through automated calls, text messages and emails and affectively bringing patients in to our provider’s office to schedule well visit encounters. Chart Scribe will help physicians better manage their time and finally focus on their core function; providing quality care to their patients.
LEVERAGE REAL-TIME DATA TO INCREASE COLLECTIONS OF PATIENT PAYMENTS
2. Leverage Real-Time Data to Increase Collections of Patient Payments Industry Challenge: Last year, patient responsibility, health insurance co-payment and co-insurance amounts, continued to increase. On a parallel track, average deductibles are expected to significantly increase under the Affordable Care Act, where the entry level “Bronze Plan” includes an average individual deductible of $5,081. Intelli-Med’s Solution: Our customers’ leverage our fully-integrated, real-time insurance plan eligibility, deductible balance, co-payment and co-insurance information to obtain accurate patient balance details so they can collect efficiently. Front desk personnel can instantly view a patient’s eligibility add them to their schedule and can drill down further to determine a cost-sharing details. In addition, our customers can also view any outstanding patient balances instantly on our scheduler. As a result, Intelli-Medpractices are empowered with the information they need to support the collection of appropriate patient cost-sharing amounts on the day of the appointment.
REDUCE NO-SHOW RATES BY UPTO 16% AND USE YOUR OPEN SLOTS TO SEE NEWLY INSURED PATIENTS
Industry Challenge: An estimated 9 million Americans have already joined the ranks of the “newly insured” as of March 31, 2014. The CBO and Joint Congressional Committee on Taxation in February 2014 projected that 13 million previously uninsured people would gain coverage in 2014. This is good news for primary care providers and specialists. However, it increases the scheduling pressure on a typical office and the need for a predictable schedule, free of surprise no-shows. INTELLI-MED’s Solution: Our comprehensive Automated Reminder Calls services in conjunction with the real-time eligibility determination allow you to reduce no-shows on your calendar. For every appointment that is scheduled, we send an automated reminder call to the patient and register the outcome in your online scheduler, indicating whether the appointment has been cancelled or confirmed. Based on our study for the year 2013, our clients that took advantage of our automated reminder calls service reduced no show rates by up to 16%.
INCREASE YOUR FIRST TIME CLAIM PASS RATE TO 98% AND REDUCE PATIENT DAYS IN ACCOUNTS RECEIVABLE BY 16%
Industry Challenge: The Affordable Care Act and new payer requirements have, in a myriad of ways, further complicated the insurance reimbursement process. This complexity inevitably results in higher denial rates and higher days in Accounts Receivable, which in turn negatively affect a practice’s cash flow. Intelli-Med’s Solution: All claims are run through our Rules Based Billing Engine, which scrubs claims before submitting them to insurances. Therefore Intelli-Med has an industry leading First Time Pass Rate of 98% which means that 98% of your claims are submitted successfully the very first time.
LEVERAGE BUSINESS INTELLIGENCE TO MONITOR PERFORMANCE AND SUCCEED UNDER THE AFFORDABLE CARE ACT
Industry Challenge: While large practices are starting to take advantage of costly business intelligence modules, smaller practices find it difficult to incorporate business intelligence modules due to sky-rocketing implementation costs. Intelli-Med’s Solution: Most small and medium size practices do not have access to the type of real-time data, business intelligence and analytical tools that are required to thrive under the Affordable Care Act. Our state of the art Business Intelligence (BI) module helps practices gain a better insight into their financial position and provides valuable data to determine their highest paying insurances, provider level revenue details, patients encounter volumes and trends to help forecast upcoming cash flows. Our BI module comprehensively reduces man hours spent on manual preparation of reports for financial data and practice performance.