What's more, insurance carriers can gain these benefits with very little change to their existing systems. Because the entire claims-processing transaction is handled electronically in real time at the point of care, the claim is settled when the transaction is finished. From there, the providers only need to wait for the payment to be electronically transferred to their bank accounts or for the check to arrive. This method of claims processing reduces the number of processing steps by an estimated 65 percent, and can also reduce the average payment time. RealMed also helps providers improve service to their patients.
Patients receive an explanation of benefits on the spot.
Before they leave the providers office, they know which services are covered and which costs they must pay. When large fees are billed to the patient, this immediacy gives the provider's office an opportunity to negotiate a payment plan with the patient. This can help providers get payments sooner and help cut down on their write-offs. Our system has the potential to eliminate the majority of the claims that pend on the insurer's side. Thus, the flexibility of HIS 2000 to interface with a wide range of systems enables RealMed to develop, implement, and manage its solution for these carriers cost-effectively.