By implementing the American Rescue Plan, the Biden administration is delivering its promise to bring down healthcare costs.
Believing that the people deserve the peace of mind that comes from knowing they can take care of their health without going into debt is the inspiration behind the strengthening of the Affordable Care Act. The plan lowers costs for those buying plans on the exchanges. But what will these sweeping reforms to the healthcare system mean for you and your facility?
As with any changes in the healthcare system, you will need to develop strategies for successfully adapting through shifting reimbursements. This includes focusing on your medical billing process to ensure the highest possible returns on your services. With extensive experience in various niches including hospitals of all sizes, we can help you find opportunities that can allow you to achieve optimum reimbursement. We will show you how to employ the best practices to ensure you reduce debt and unpaid bills while maximizing your profits.
Key Components of the Biden Plan
The Biden administration is aiming to patch gaps in coverage for Americans. In many ways, the Biden plan echoes the Obama administration’s more aggressive approach to healthcare. Their bold ideas for new healthcare policies will most likely have a tremendous impact on both patient and provider.
Addition of a Public Option
Biden’s plan proposes giving Americans a new choice for health insurance: a public insurance option similar to Medicare for customers on the individual market. This means working-age adults—not just the elderly—are allowed to buy into a public insurance plan as opposed to a private plan. Since Medicare rates are lower than private insurance, the public options would be cheaper than most insurance alternatives. While this would expand the number of covered individuals, it would also mean lower reimbursements for providers.
Extending Subsidies For More Americans
All healthcare organizations should be prepared for the possibility that millions of Americans will now obtain insurance. The Biden administration is pushing to increase subsidies by lowering the income share that subsidized households pay to be covered. The possible change in eligibility for the subsidies may also ensure more Americans qualify for income-based tax credits that lower premium costs.
Expansion of Medicare to Americans Age 60 and Over
Biden also wants to lower Medicare eligibility age from 65 to 60. This would greatly expand the beneficiary population, to roughly 20 million more Americans for both Medicare and Medicaid. This could result in a dramatically low reimbursement rate for facilities, as Medicare rates for admitted patients are on average half of what commercial insurance plans pay. The loss of commercial payments for adults 60-64 would eliminate an important revenue stream for providers and add new financial pressure to already struggling facilities.
Changes on the Horizon
Though the Biden administration has yet to release the many specifics of their healthcare reforms, you should prepare for significant changes. Your facility may benefit from an overall organization analysis to determine how lower reimbursements would impact your revenue stream while keeping abreast of relevant changes in the industry. Rest assured that we are monitoring the progress of the bill closely and will be able to alert you to changes as soon as they occur.
As with any changes in the healthcare system, you will need to develop strategies for successfully adapting through shifting reimbursements. This includes focusing on your medical billing process to ensure the highest possible returns on your services. With extensive experience providing medical billing services in various niches including hospitals of all sizes, we can help you find opportunities that can allow you to achieve optimum reimbursement. We will show you how to employ the best practices to ensure you reduce debt and unpaid bills while maximizing your profits.
Lower Reimbursements Require Higher Efficiency
Coronis Health can help you stay on top of issues that matter most. While remaining constantly vigilant and compliant amid the ever-changing landscape of the healthcare industry, we can help ensure your facility remains current in medical billing and coding regulations. By bringing together the best healthcare revenue cycle management and medical billing professionals, we have the workforce and technology to provide the most current and innovative solutions to optimize the billing process, minimize errors, lower your costs, and comply with the latest regulations.
We understand that we are all at a crucial time where every penny counts. If more insured Americans means lower reimbursements, there should be no room for any errors that would further cripple your financial success. We know that your facility’s stability and growth heavily depend on an efficient revenue cycle. Therefore, now is the time to make your medical billing process more efficient than ever.
How Coronis Can Help You Increase the Efficiency of Your Billing for Higher Revenue Overall
With over 100 years of combined experience providing billing and coding services to facilities, practices, and hospitals, our team of experienced and certified billers and coders understand the importance of getting the process right. To successfully balance quality patient care with the cost of providing it, we have developed a proven, end-to-end, revenue cycle solution based on the measured value we deliver to healthcare providers. This model includes a distinctive operating partnership and an aligned financial relationship, coupled with leading-edge resource and technology positioning.
We have succeeded in working with our valuable partners to not only maintain their collections but also increase the collection amount and efficiency in which our clients receive payment. Our transparency, actionable intelligence, ability to conduct financial analysis and reporting, and wide-ranging experience in inpatient and outpatient networks, give us the ability to provide excellent medical billing services tailored to your specific needs, allowing you to maintain financial independence and focus on what you do best.
Ensure Future Success with Medical Billing Service from Coronis Health
Coronis Health is ready to assist you in evaluating your facility’s processes and workflows. If you have concerns about your practice’s revenue cycle or future, contact Coronis to learn more about our consulting services or to request your free financial checkup.