Updates On Health Exchanges
The Health Insurance Exchange Marketplace (HIX) has been creating revolutionary changes to the healthcare industry ever since its inception on October 1st 2013. Introduced by the ACA (Affordable Care Act), the online health insurance marketplace’s primary goal was to provide health insurance coverage to almost 29 million non-covered US citizens. Although consumers found it highly beneficial, Providers and Healthcare Facilities struggled implementing this new change into their practices. Ultimately, it had a huge impact on the Providers’ medical billing and collection services. To tackle this challenge, many Providers outsourced to professional medical claims processing companies. As for the HIX, it witnessed a good response from the US citizens. Let us take a look at the health insurance exchange marketplace’s recent developments:
A Brief Insight: Health Insurance Exchange Marketplace allows consumers to purchase healthcare plans that best suit them by comparing the myriad plan benefits and prices. It also provides subsidies to those who do not have one. The law stated that a person would be charged a per-month fee on one’s year-end tax returns if he/she did not buy any insurance plan by Jan 1st, 2014. The HIX also provided special offers to US citizens who made a low income.
Recent Updates in Health Exchanges:
· The deadline for enrolling in the health insurance exchange marketplace was set to March 31st, 2014 initially. If people had missed this deadline, then they will be able to sign up only during the next open enrollment, which is expected to start on November 15th, 2014.
· It has been estimated that approximately 7.5 million people have enrolled in the Health Insurance Exchange marketplace during the time span of October 1st 2013 and March 31st 2014. The ACA authorities believe that this figure may grow more in the years to come.
· The PPACA offered individual states the liberty of setting up their own HIX or use the US Federal Government’s HIX. 18 states decided to run their own HIX, while the rest decided to use the Federal HIX.
Impact on Providers:
· Most Providers experienced bad debts due to interrupted medical claims processing.
· Healthcare Facilities and Providers have to use a novel architecture to accommodate the new changes brought about by HIX.
· Since there has been an increase in the number of patients, Providers will be expected to follow a systematic approach to handle large volumes. Most importantly, it should not affect the normal work flow of medical billing and collections.
· Providers will have to increase the security of the large volume of patient health records.
About MGSI:MGSI, one of the top-rated medical billing companies in the US will take care of Providers’ medical billing and collections while they incorporate new changes brought in by HIX into their practices. With more than 20 years of experience in the healthcare space, MGSI, a national billing company located in Florida, has been providing exceptional medical claims processing services to its clients. To learn more details, log on to www.mgsionline.com/.
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