Insurance Verification Services Help Practices Increase Revenue
Insurance eligibility verification is a necessary step in the medical billing process
. There are many reasons that make health insurance verification services a necessity. In order to avoid claim rejection, each healthcare provider has to verify the insurance eligibility and coverage benefits of the patients, before the patient is provided medical services. Or else, it might lead to problems such as delayed payments, increased errors, need for rework, non-payment of claims, patient dissatisfaction and more.The Process of Medical Eligibility Verification Services
The insurance eligibility verification process involves many steps.
Receiving patient schedules from the hospital or clinics via FTP, email or fax
Verifying patients' insurance coverage on all primary and secondary (if applicable) payers
Verifying demographic information
Updating patient accounts
Contacting patients for additional information if necessary
Updating the billing system with eligibility and benefits details such as member ID, group ID, coverage start and end dates, co-pay information and much more.
Outsourcing insurance verification services may be a great solution for healthcare providers looking to minimize delays and increase revenue. Insurance verification services play an essential role in the revenue cycle. Here are some of the other reasons why outsourcing insurance verification services may be a great solution for healthcare providers.
Cost-effectiveness
Reduced number of returned claims
Faster billing cycles
Reduced operational costs
Minimize delays and denials considerably
Improve payment and collections
Save time by letting verification specialists do the work more efficiently
Improved staff productivity
Streamlined billing procedures
Free up staff to focus on more productive tasks
Reduce your risk factors
Reduced rework of claims
Expand company focus
Speed up approval and authorization
Simplified workflow
Insurance Verification Specialists Can Help
A health insurance verification specialist, also called insurance verifier, plays a big role in the health insurance system. These professionals have extensive knowledge of insurance, healthcare terminology, and medical/surgical techniques. They work with patients, check with the insurance company regarding any policy changes, do all the paperwork, and verify patient information with the insurance carrier to maximize reimbursement and facilitate revenue cycle improvement. The insurance eligibility verification service includes verification of:
Payable benefits
Co-pays
Co-insurances
Deductibles
Patient policy status
Effective date
Type of plan and coverage details
Plan exclusions
Claims mailing address
Referrals & pre-authorizations
Life time maximum and more.
A reliable outsourcing company will have on staff trained and experienced insurance verification professionals to offer services. Find a medical process outsourcing company that has been providing services in this field, check out their service terms and plans, and if you feel comfortable working with them, request for their services.
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