NEW YORK, Aug. 28, 2019 /PRNewswire/ — HSA company, Clarity Benefit Solutions, gives strategic advice for lowering healthcare costs.
Healthcare costs can place a serious burden on companies. While some may be tempted to shift these expenses onto their employees, there are ways to reduce costs without taking such drastic measures. The following suggestions can help employers lower their healthcare costs.
Utilize benefits administration software. There are numerous advantages to using benefits administration software. Not only does it increase employee engagement and compliance, it automates and streamlines the entire process. Features include paperless online enrollment in addition to complete payroll and carrier connectivity. These tools automatically update information that pertains to eligibility, life events, as well as terminations. These measures allow employers to lower healthcare costs because compliance is more easily maintained—plus less time is spent on time-consuming tasks such as data entry and filing.
Digitize the benefits verification process. The administrative cost associated with the revenue cycle can also be a major drain on healthcare. Errors related to verifying benefits, denial management, and resubmitting claims can add up. Electronic benefit verification can help employers recover more revenue—saving money in the long-term. Employers should make reducing denials a top priority by implementing changes to front-end processes to eliminate errors that will result in denials. Amending and resubmitting claims can be a costly endeavor.
Simplify medical professionals’ workflow. Increase physician efficiencies and savings by streamlining their workflow. Constantly changing healthcare regulations have increased the administrative tasks medical establishments must contend with. Physicians that use Electronic Health Records (EHRs) have seen this burden increase significantly. Implementing EHR efficiency improvements is a surefire way to reduce administrative costs. A plug-in program can take the history, physical, and assessment data entered by the physician, review the patient’s previous medical record, and help the clinician articulate a decision. It then creates a note within the EHR and then takes data from the doctor’s note—converting the diagnosis immediately to billable codes.
Provide an open line of data communication. Plan providers and payers need to stop communicating via letters and fax and embrace technology. Often, there is a 60- to 90-day gap after a claim comes in, which further bogs down the system and creates more work. Communications should begin before the patient seeks care—which will reduce costs and provide more quality results.
About Clarity Benefit Solutions: Clarity Benefit Solutions HSA Administrators provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
SOURCE Clarity Benefit Solutions