What Does MedFi Do?
MedFi delivers a comprehensive suite of services available to manage your international patient accounts at any stage of the revenue cycle, including: Zero balance account reviews, Insurance Verification & Billing, Third Party and Self Pay Early-Out Follow up, and Bad Debt collection.
MedFi is a pioneer in the international health insurance field. Working with U.S. healthcare providers, international insurers and third party administrators, we were instrumental in the development of national provider networks. We streamlined international patient access, negotiated contractual terms and improved claim adjudication processes for the mutual benefit of all parties. We have a deep, first-hand knowledge of the payment practices and reputations of international insurers. As a result, we enjoy a significant advantage to anticipate and eliminate tactics used by some payers to take unwarranted discounts or avoid payment altogether. We are international healthcare insurance experts.
1. Second Chance Advance - We understand adding MedFi to the revenue cycle team requires your trust and commitment. That is why MedFis Collection Guarantee can be the perfect place to start. Place a sufficient volume of closed international claims with MedFi and receive payment in advance of collections. Thats our commitment. Well review unpaid or partially paid closed claims for follow-up efficacy and alternative sources of reimbursement, and then get busy collecting any money due. Its a great way to evaluate the effectiveness of your current set up, get to know MedFi and realize unrecovered revenue in the process. Of course, once you see what we can do we hope youll consider engaging MedFi with one or more of the services outlined below.
2. Insurance Verification/Billing -
Getting your international claims into the right hands can be extremely challenging. The processes of billing, claim administration, and follow-up on international accounts receivable are highly labor-intensive areas of patient accounting. Cash receipts can be slowed and revenue lost through filing errors, inadequate documentation, untimely follow-up and misunderstanding of reimbursement rules. MedFis billing solutions will:
(a) Streamline all international billing into a single US location
(b) Ensure verification that all claim information is accurate and the patient is eligible for services under the applicable plan
(c) Accelerate the revenue cycle by producing accurate bills more quickly
(d) Improve accounts receivable aging through the deployment of culturally diverse, multi-lingual follow-up staff
(e) Enhance reimbursement accuracy via a thorough understanding of all reimbursement sources and careful review of each claim
(f) Deliver a high level of customer service satisfaction to international patients as MedFi provides patient advocacy services and clear, understandable communication
3. Third-Party and Self-Pay Early-Out Collections
Our knowledge of international claims processing, along with our strong patient service capabilities, relieve hospital business office staff of the time consuming coordination efforts between foreign carriers, domestic carriers and the insured in various time zones around the globe. MedFis Early-Out Collections service offering focuses on claim follow up, leaving insurance verification and billing to the provider. MedFis Early-Out Collection services will:
(a) Accelerate cash receipts through timely and thorough follow-up of insurance and self-pay receivables
(b) Improve overall collection rates by locating third-party reimbursement sources not previously identified
(c) Improve realization of self-pay, copay and deductible collections through better communication and specialized international resources
(d) Enhance reimbursement accuracy via a thorough review of all claims
4. Bad Debt Collections
Past-due accounts often require a more assertive collection process. MedFis extensive network of strong relationships with foreign payers, combined with our international network and multilingual staff are critical for this type of collection effort. MedFi is backed by an international legal team for cases in which voluntary agreements cannot be reached. MedFis bad-debt collection solutions will:
(a) Improve bad debt recovery through international skip tracing, on-the-ground collection efforts, effective negotiated settlements within client prescribed guidelines and uncovering third-party reimbursement sources
Which Best Describes You?
(1) You process international medical claims along with your domestic claims OR
(2) You have an international department or vendor(s) which specifically services international claims.
If you're a "1" - MedFi adds value by applying significant focus and international claim expertise which we guarantee will enhance recovery percentages and speed of collection.
If you're a "2" - We would love to be the challenger to your champion! Try us out by placing claims with MedFi along with your required specific collection recovery percentages and timing. If MedFi doesn't meet or exceed those targets, our services will be delivered at no cost.
Contact us at 800-498-5426 to learn more.