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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