Hospice care is a type of health care that focuses on the palliation of a terminally ill patient’s pain and symptoms and supporting the family during the patient’s final days. When patients opt for hospice care, they generally do so because they have been given a prognosis of six months or less to live.
While hospice care is primarily about providing comfort, it is also vital to ensure that the hospice provider is getting compensated for their services. Below are seven ways to make sure that happens and how hospice revenue cycle management works.
What is Hospice revenue cycle management?
Hospice revenue cycle management (RCM) is a process that hospices use to ensure they are being reimbursed for the care they provide. The process begins with ensuring that all patients are appropriately enrolled in the program and that all necessary documentation is complete. Once maintenance has been provided, hospices submit claims to Medicare and other payers. They then track payments and follow up on any unpaid claims. The final step in the process is to review the data to identify any areas where improvements can be made.
1. Educate Yourself About Hospice Billing And Reimbursement
One of the best ways to ensure that your hospice provider gets compensated for their services is to educate yourself about hospice billing and reimbursement.
This way, you will be able to spot any errors or irregularities in the billing process and correct them immediately. You can find plenty of resources on this topic online, or you can ask your hospice provider for more information.
2. Check Your Insurance Policy Coverage thoroughly
Before your loved one begins receiving hospice care, be sure to check your insurance policy coverage thoroughly. Most insurance policies will cover at least some of the cost of hospice care, but it is important to know exactly what is covered and what is not.
This way, you can ensure that all of the necessary paperwork is in order and that there are no surprises down the road.
3. Have A Contingency Plan In Place
It is always a good idea to have a contingency plan in place in case your insurance policy does not cover the total cost of hospice care. This could involve setting up a payment plan with the hospice provider, using saved-up funds, or seeking out financial assistance from charitable organizations.
By having a contingency plan in place, you can rest assured that your loved one will still be able to receive the care they need, even if your insurance does not cover the entire cost.
4. Keep Detailed Records
Keeping detailed records is also critical when it comes to ensuring that your hospice provider gets compensated for their services. Be sure to keep track of all bills, receipts, invoices, and other documentation related to the cost of care.
This will come in handy if you ever need to dispute a charge or file an appeal with your insurance company. Keeping detailed records will also help you keep tabs on how much money you are spending on hospice care so that you can budget accordingly.
5. Understand The Appeal Process
If you are ever dissatisfied with a decision made by your insurance company regarding coverage for hospice care, it is essential to understand the appeal process.
Each insurance company has their own appeals process, but most will require you to submit a written request along with supporting documentation. If you are unsure about how to navigate the appeals process, your hospice provider should be able to assist you.
6. Seek Financial Assistance From Charitable Organizations
If paying for hospice care out-of-pocket is not an option for you, many charitable organizations provide financial assistance for those in need. These organizations typically have guidelines in place regarding who they will provide assistance to and how much money they are willing to give, so be sure to do your research before applying for any type of financial assistance.
7 . Hire A Qualified And Experienced Hospice Billing Service
One of the best ways to ensure that your hospice provider gets compensated for their services is by hiring a qualified and experienced like hospice revenue cycle management.
They specialize in providing comprehensive billing and administrative support services designed explicitly for hospices provides hospices providers. By entrusting us with your billing needs, You can focus on what’s most important, Providing quality end-of-life care for patients and families.
These seven tips will help ensure that your loved one’s hospice provider gets compensated for their services rendered. While some aspects of billing and reimbursement for hospice care can be complex, following these tips should help make the process as smooth as possible so that you can focus on what’s most important, providing quality end-of-life care for patients and families.