Archives for : Insurance

An Overview on Affordable Care Act (Obamacare)

With Affordable Care Act 95% of Americans will be insured.

With Affordable Care Act, 95% of Americans will be insured.

Off late, I have been hearing the name of US president with his care and suddenly triggered me this Joke

“Anybody try to sign up for the Obamacare? It’s impossible, and everybody’s furious. The Republicans are upset about Obamacare because something they tried to stop now won’t get started.” –David Letterman (Source)

First of all, we need to understand something to critic it. The fact that remains unchanged from 2008 President Elections is that Affordable Care is a new healthcare reform in US, which increases the quality, availability and affordability of private and public health insurance to 44 million uninsured civilians. In civilian terms, it’s “Medicare for All” (proposed by Clinton Administration).

Key elements includes in Affordable Care Act (ACA)

  • Measures to Eliminate Pre-Existing Condition
  • Expand Medicaid to 15.9 Million civilians below 138% of poverty level.
  • State specific health insurance market places (Exchanges)
  • Low to middle income Americans can shop for free or low cost health insurance
  • Forbids insurance companies from plummeting civilian coverage, if they get sick or make an honest mistake on your application.
  • Let’s young adults stay on their parent’s plans until 26.

The Fact is Affordable Care reform is only stepping stone for the future. Some of the facts that has really amazed me are

  • The Health Care System in US is projected to cost citizens 2.8 trillion dollars in 2013 and would grow every year and it is being projected that Americans will spend 4.5 trillion dollars on health care in 2019.
  • According to a report by Health Care for America Now, America’s five biggest for-profit health insurance companies ended 2009 with a combined profit of $12.2 billion.
  • The top executives at the five largest for-profit health insurance companies in the United States combined to bring in nearly $200 million in total compensation for 2009. (Source)

Bottom line remains unchanged that ACA aids to restructure the healthcare system by giving more Americans access to Excellence, reasonable health insurance and helps to restraint the progress of healthcare spending in the U.S.

ACA states the following areas in detail. Each topic is a title, which contains segments of necessities that reform health care system.

  • Title I Quality, affordable health care for all Americans
  • Title II The role of public programs
  • Title III Improving the quality and efficiency of health care
  • Title IV Preventing chronic disease and improving public health
  • Title V Health care workforce
  • Title VI Transparency and program integrity
  • Title VII Improving access to innovative medical therapies
  • Title VIII Community living assistance services and supports
  • Title IX Revenue provisions
  • Title X Reauthorization of the Indian Health Care Improvement Act

Do we really need this care? 

YES! This Act would help 32 million civilians to afford healthcare, who could not get it before. 95% of Americans will be insured. Though the high-earners might get some new taxes especially on the employer mandate and individual mandate but the flip side, over half of the uninsured civilians can get free or low cost health insurance using their State’s Health Insurance Marketplace. Remember, the individual mandate says that you have to gain health coverage by Jan 2014 but if you are not, then pay a fee or get an indemnity, if you can afford it.

With Maine to become the first state in the country to offer residents access to their personal health records via health information exchange, ACA already creating waves across the nation. As on Jan 24, according to Obama administration, more than three million people have signed up for private health insurance on the federal and state health insurance exchanges. I am sure these numbers would increase in 2014, which would eventually fulfill the objective of this ACT.

Insurance Claims Processing Improvement Is Top Priority To Lower Costs and Improve Profitability

Achieving extraordinary outcomes through transformation of claims processing

A whopping 93 percent of respondents of a survey felt that insurance claims process improvement is a top priority to lower operational costs. This is followed by staff training, software implementation and staff reorganization.

The study conducted by Trillium Software aggregated information from approximately 30 insurance claims executives, managers and adjusters across all major lines of business including property and casualty, life, and health insurance in the United States to identify the major trends, pain points and initiatives for the industry in 2013 and beyond. (Source)

Insurance Claims Process Improvements

Claims functions hold utmost importance in US Insurance industry. To a large extent they determine the competitiveness of an insurance company. It’s the quality of insurance claims service that either delights or disappoints the customers and decides to a considerable degree the durability of its competitive equity.

By emphasizing on business focus solutions around processes like claims adjudication, claim examining, claims processing, dental claims processing, PPO reprising, provider maintenance, and many more, outsourcing firms can bring in greater operational excellence and customer delight for clients and their customers.

By deploying extensive process and transnational experience, an end to end insurance transaction solutions company like VeeInsure can deliver consistent and repeatable high performance with regulatory compliance and before deadline. Intelligent processing of data while maintaining regulatory compliance is essential to effectively manage the business of insurers and their clients. Increased reliability of best in class delivery of services is combined outcome of proper risk mitigation strategies and requisite measures.

From service to extraordinary outcomes

Through outsourcing of insurance claim processing, insurers aim to attain extraordinary outcomes. They are looking for services that not just can reduce claims expenses but can also enhance overall customer experience by delivering improved identity fraudulent activities.

Over the last few years, consistent attainment of bottom-line growths has been made possible by first rate, innovative offshore insurance and healthcare claims processing companies. Such companies are winning the competitive battleground by turning vast quantities of data into actionable insights. Unlike large organizations, small and medium, specialized and agile companies have flexible and focused program management team that can deliver tailor made solutions in quick turnaround time by formulating plans to put the data to work.

That’s how they have been constantly exceeding rapidly changing customer needs and driving improved claims processing accuracy and efficiency. Be it cost savings, accuracy optimization, efficiency improvements or customer satisfaction, claims processing outsourcing offers many benefits to insurance companies.

Outsourcing Data Entry Services: Advantages of Insurance Claims & Medical Billing Data Entry Services

data-entry-worker-outsourced-medical-biiling-insurance

Outsource insurance claims data entry services

Universally, correct data or collections of information are single version of the much desired truth. By gaining accurate  information, clients achieve extraordinary outcomes from outsourced data entry services. A smarter decision can take off based on correct information capture and customized solutions. In this extremely competitive business world, highly accurate and most up to date data are imperatives organizations can’t live without. What they want is glitch free data, error free transformation and spotless merges during integration of multiple data sources. Nothing can destroy the goodwill and potential adoption of an information faster than wrong, vulnerable or low quality data. No wonder, achieving the highest degree of data accuracy is now absolutely indispensable in modern marketplace. And, it’s the speed of production, faster turnaround time and 99% accuracy that produce greater business value.

Businesses look at online data entry services providers as entities that can ensure high quality data driven solution which is accurate, consistent, reliable and secure. It ultimately enables better business management and organizational performance. Whether the company is giant or small-medium in size, the more they extract information from the market, customer, trend or competitor, better they can track result and measure efficiency. And sooner they have vital information in their reservoir, faster and improved becomes its impact on bottom-line. This holds good for insurance payors, third party administrators, medical billing companies and hospitals/clinics.

Insurance Data Entry Service

Insurance claim data entry is a process where the policy holder files a claim and gets benefits in times of destruction of valuables. Insurance company evaluates the authenticity of the claim. Outsourcing data entry work to an ISO standard, premier offshore data entry company can benefit a client who wishes to lighten its data entry work load. Broadly, an ISO certified company can offer insurance claims data entry services for

  • HCFA (Health Care Financing Administration)/ CMS 1500 claim forms
  • Life insurance claim form
  • UB (Uniform Billing) health insurance claim forms
  • CMS (Centres for Medicare & Medicaid Services) forms
  • ADA claims forms
  • Dental insurance claim form
  • Homeowners Insurance Claim data entry
  • Medical insurance claim form
  • Insurance Claim Adjuster data entry
  • Specific Excess Reinsurance
  • Accident Insurance Claim data entry
  • Auto insurance claim form
  • Disability insurance claim form
  • Insurance Claim Settlement data entry
  • VIP pet insurance claim form
  • Long-Term Care Insurance Claim data entry
  • Record Changes- Name, Beneficiary, Address
  • Medicare health insurance claim form
  • USPS insurance claim form
  • Validate Reserves
  • Health insurance claim form PDF
  • Collateral verification
  • Aetna insurance claim forms
  • Blue Cross insurance claim form
  • Veterinary pet insurance claim form
  • ADA insurance claim form
  • Accident insurance claim form

Medical Billing Data Entry

Outsourced Data Entry Services for Medical Billing are required to track operating expenditure and medical reimbursement. A HIPAA certified, premier medical billing data entry company will not only possess medical coding data entry expertise, thanks to the medical billing experts, but also offer cost effective, value driven services 24X7X365. Broadly, an electronic medical billing services company offers following medical billing services:

  • Medical billing and coding
  • Medical claim processing
  • Pre-certification & insurance verification
  • Medical data entry
  • Complete backup, recovery and archival processes
  • Medical billing data entry
  • Accounts Receivable (AR) analysis and management
  • Revenue cycle management (RCM) and collection management
  • Patient demographic analysis
  • Denial, claim/tracking management
  • Electronic and paper claim submission
  • Persistent follow-up on all claims
  • Creation and mailing of patient statements
  • Payment posting and reconciliation

Benefits of outsourcing data entry of insurance claims and medical billing

  • Improves customer and intermediary service levels
  • Saves time and cost
  • Reduces capital investment
  • Improves levels of accuracy
  • HIPAA, ISO certified partner
  • Streamlines business operations
  • Improves document access between multiple users and locations
  • Faster billing cycles
  • Maximizes process efficiency and economies of scale
  • Reduces billing errors
  • Enhances cash flow
  • Ensures billing compliance

Vee Technologies Countdown: 5010 Conversion Deadline In 108 Days

At Vee Technologies, we understand that the March 31st deadline for the 4010 to 5010 EDI Health Care Claim Transaction set is approaching fast and there are innumerable providers, payers, and vendors still at risk for non-payment of claims at the start of Q2 2012. ICD-10 is not just for those who submit Medicare claims but for any healthcare organization that processes, stores or transfers any type of patient health information covered by HIPAA.

Even with the recent deadline extension from December 31st to March 31st, ensuring a smooth transition will take time and providers, payers and vendors are urged not to wait! Vee Technologies President, Patrick O’Malley, states “It is all about positive cash flow. Vee is an excellent choice to stay on track because we offer peace of mind that the conversion will go well and that deadlines will be met.  Time and again our clients tell me it is our keen focus on accuracy that makes the difference. We deliver results with minimal disruptions so they can focus on maintaining successful business operations. It’s a real win-win strategy.”

Continue Reading >>