Understanding the Impact of COVID-19 on Insurance Coverage - A Detailed Insight
With the COVID-19 pandemic showing no signs of abatement, the disastrous impacts on the present and near-future of the insurance sector are slowly becoming visible. The health insurance industry has been challenged on various fronts which have resulted in profound implications on the healthcare delivery system.
Insurance is a highly important component for optometry businesses, involving extremely complex and critical processes. Hence, it is no surprise that the COVID-19 pandemic has posed a series of challenges for insurers and has severely disrupted the range of services they offer. However, with the threat of the pandemic not over yet, insurers need to be on their toes and reduce cost barriers to healthcare while also providing financial assistance to healthcare providers.
Exploring and Understanding the Intricacies of Insurance Coverage
Navigating health insurance coverage is an extremely daunting task. Although each benefit plan is different, routine eye checks, refraction services, etc are generally not covered by most insurers.
There are also certain special cases wherein the insurance companies can make exceptions and cover additional services as well. For instance, the recent outbreak of COVID-19 has led to many insurance companies reassessing and making additions to the range of services they cover in order to simplify access to healthcare.
CPT code 99072, recently released by the American Medical Association, allows billing for personal protective equipment to ensure the provision of safe healthcare services amid current public health emergency. Outsourcing your medical billing can keep you up to date with such advancements in coding and insurance guidelines to ensure maximum reimbursements for your practice.
Lesser transparency into the insurance process also makes it quite challenging to understand the benefits and limitations of insurance policies. Thus, knowing what your policy does and does not cover is extremely important and can help you be a more educated healthcare consumer.
Staying Aligned with Updated Coverage Regulations Extremely Challenging
While major businesses are grappling with many issues associated with the COVID-19 pandemic, the insurance industry also has the added responsibility of standing by their customers and delivering the trust placed in them. The rapidly spreading virus has compelled insurance providers to reassess their policies and ensure reduced barriers in the provision of optimal healthcare.
The grace period extensions are also introducing discrepancies in the reimbursement process as insurers succumb to major liquidity challenges. Similarly, complying with the new or changing coverage regulations can be quite difficult for healthcare providers and can also lead to disruptions in insurance offerings. Outsourcing your medical billing can ensure that you stay up-to-date with the latest credentialing and billing regulations while focusing entirely on providing great patient care.
Expanded Telehealth Coverage Adding Additional Burden on Claims Processing
The healthcare industry has been at the forefront of fighting the deadly coronavirus since its outbreak earlier this year. Various insurers have had to expand their telehealth coverage to ensure immediate and better access to healthcare during these testing times. This has helped patients access safe, affordable, and convenient healthcare.
Although the expanded telehealth coverage has been beneficial to patients, it has added additional administrative burdens on the insurance and healthcare providers. Improved insurance coverage has meant that insurers and healthcare providers have much more claims to deal with, making it a rather arduous and time-consuming process. Healthcare providers can leverage the expertise of medical billing service providers and relieve themselves of administrative pressures at such times.
Is your practice burdened by the rising administrative pressures? Contact CS EYE Now! We can help you to accelerate your claims submission process and ensure improved reimbursements for you!