Insurance verification services play an essential role in the revenue cycle.
Checking a patient's active coverage with the insurance company is something that demands meticulous attention.
Many healthcare professionals may not have the time to learn about the process and their staff may not have the time to perform the job efficiently.
Outsourcing has been acknowledged as a time and cost saver for various healthcare practices.
Here is a look at some potential advantages of outsourcing insurance verification services.
Importance of Determining Patient Benefits and Coverage Billing the wrong insurance carrier or not having appropriate details can lead to claim rejection, delayed payments, and other issues.
Due to this, it is essential to carry out medical insurance verification before the patient arrives for his appointment.
Through the prior check, you can gain many advantages: • Fewer claim rejections • Reduce the number of unpaid claims • Increased number of clean claims • Reduced rework of claims • Enhanced revenue • Speed up approval and authorization • Simplified workflow • Faster billing cycles • Improved staff productivity Verifying insurance eligibility is important with regard to providing covered services for your patients and thereby enhancing patient satisfaction.
Outsource to a Reliable Service Provider There are many advantages of hiring health insurance verification services from a reliable outsourcing company.
An established company may have many specialists at its disposal, enabling it to offer the best of services, promptly and in an efficient way.
By outsourcing these requirements to a reliable firm, you need not worry anymore about the claim denials.
They will check for policy changes and updates, and take care of the entire paperwork and verifies patient information with the insurance provider to maximize your collections.
To determine the eligibility and acceptance of the claim, they will verify the following benefit information including: • Patient responsibilities such as co-pays, co-insurances and deductibles • Patient policy status • Effective date • Type of plan and coverage details • Plan exclusions • Claims mailing address The Eligibility Verification Process The medical eligibility verification process involves many steps: • Receiving schedules from the hospital via EDI, email or fax • Verifying the patient's insurance coverage • Contacting patients for additional information • Updating the billing system with eligibility and verification details When you have decided to outsource insurance verification services, make sure to choose a reliable firm that will provide services based on your budget constraints and unique requirements.
Search online to find many reputable service providers.
By outsourcing their insurance verification jobs most healthcare practices hope to gain more advantages such as: • Reduce operating cost • Expand company focus • Improve overall efficiency