Breakdown

1 verification (if a call has to be made) = 40 minutes average
1691 verifications will take = 40 x 1691 = 1127 hours
Employee cost at $12.00 per hour for 1691 verifications = $13524 + $4057 (overheads) = $17581
Infrahealth^® IVES^™ cost : 1691x $3.00 = $5073
Cost saving : $17581 – $5073 = $12508 per month
Saving with Infrahealth^® IVES^™ is 71.14%.

Scope

For this example, let’s look at a typical radiology practice:
A 5 radiologist practice will perform about 75,000 studies per year, or about 300 per day.
The average radiology claim is about $200.
About 25 claims (8%) will be denied each day because of insurance eligibility problems.
This translates into about $5000 in denied claims per day.
These denials are costly to rework and resubmit.

It clearly makes sense to verify patient eligibility!