Overview of AVID Services:
EqualizeRCM is pleased to introduce AVID, our Automated Verification for Insurance Determination technology. AVID is designed to extract accounts with patient balances from the client’s system and leverage robotic process automation technology to identify active insurance coverage. Our technology returns results for both commercial and non-commercial options; including primary, secondary, and even tertiary coverage. AVID helps convert self pay balances and potential bad debt into a collectible insurance payment.
What AVID Can Do For You
- Accelerate collections by reducing service to payment lag time as AVID identifies available and active coverage sooner.
- Improve collections by reducing denials associated with timely filling by discovering available and active coverage sooner.
- Increase operating margin by lowering costs associated with patient statements, early out vendor fees, and bad debt collection agency fees.
- Strengthen net revenue by reducing bad debt write-offs associated with patient balances that have undiscovered active insurance coverage.
- Raise patient satisfaction by reducing inappropriate collection calls and letters associated with inaccurate patient balances.
How does AVID Work
- AVID extracts qualifying accounts from the Client’s patient accounting system.
- AVID leverages EqualizeRCM’s proprietary technology to search Medicaid, Medicare, and Commercial portals; execute EDI transactions; and activate other methods for a thorough insurance search.
- AVID technology runs at regular intervals, creating a comprehensive assessment of coverage options and ensuring coverage changes are identified timely.
- AVID returns account information back to the Client for patient account updates and claims billing.
Conclusion
Through EqualizeRCM’s technology, AVID, we aim to improve financial outcomes for our clients by streamlining the identification of insurance coverage for self-pay patients, thereby enhancing collection rates and overall operational efficiency.