SAN JOSE, Calif., June 2, 2021 (Newswire.com) - Infinx Healthcare announces the launch of a complete patient financial verification product that combines artificial intelligence (AI), robotic process automation (RPA), and patient access expertise to provide complete visibility of the patient's pre-visit financial journey and ensures quick claim approvals post-visit.
Before a patient is seen, provider practices need to verify the patient's insurance coverage, identify out-of-pocket costs, determine if prior authorization is required, and initiate authorization requests. Any follow-up on prior authorization approvals also needs to be performed. Failure to do so results in denials and uncollectable services from payers, negatively impacting the financial bottom-line.
The average cost for manual verification for insurance eligibility is $8.64 and for prior authorization is $9.64, per the latest 2021 CAQH Index. Patient access teams spend hours each day on the phone and payer portals trying to verify benefits and get authorizations. Often, it isn't until the claim is denied (up to 60 days post-visit) that a problem is discovered that must be reworked and resubmitted.
Infinx's Prior Authorization Plus (IPA+) includes the newest software enhancements, allowing for a single, comprehensive financial clearance center that verifies eligibility, benefit coverage, and out-of-pocket patient pay estimates to be collected at the point of service. It also evaluates preauthorization requirements and electronically initiates the cases to the payer for required services and performs constant follow-up to get approval. IPA+ leverages AI, payer, and clearinghouse automation, combined with our patient access specialists, to provide a complete workflow solution. Coverage for 800+ payers, including regional and local payers with limited electronic interfaces, is included. IPA+ can be directly integrated into the existing workflow in the EMR via HL7 or FHIR APIs.
Providers can now eliminate the hassles of spending hours on hold with payers and use their staffing efforts to improve the patient experience while reducing overall administrative costs. "We are excited to give our customers a single solution for all their patient financial verifications, alleviating tedious work across multiple payer portals, phone, and faxes. IPA+ allows patient access teams to focus on what matters most, their patients," said Infinx's Chief Product Officer, Navaneeth Nair.
IPA+ is now available for radiology and orthopedic specialties. New customers can subscribe to IPA+ immediately, and existing IPA customers can transition to IPA+ seamlessly.
About Infinx Healthcare
Infinx Healthcare provides innovative and scalable payment lifecycle solutions for hospitals, imaging centers, orthopedic and cardiology practices, and laboratories. Combining an intelligent, cloud-based platform driven by AI and automation, leveraged by our prior authorization, coding, and billing specialists, Infinx helps clients realize more revenue, enabling them to shift focus from administrative details to billable patient care. For more information, visit www.infinx.com.
Phone: (408) 217-6905
Source: Infinx Healthcare