Benefits of Outsourcing Insurance Verification
The best business ideas sprout when you are perfectly relaxed. You just can’t be stressed out and creative at the same time. Whatever profession you may be in, creativity is something that is vital to business growth. Finding time to indulge in constructive thinking needn’t remain a distant dream anymore with the great option of reliable outsourcing available. It goes without saying that physicians comprise a group that faces tremendous work pressure on a daily basis. Since patient care is something they just cannot neglect, it is usually the practice administration that bears the brunt. Rick Spence in his interesting article “50 more common business bloopers” in the Financial Post points out the mistakes that prove costly for businesses. He lists the opinions of many frontline entrepreneurs across Canada among which Calgary printer Dave Bell’s is very relevant. He says, “Assuming your receivables will show up whether you chase down the money or not” is one of the greatest financial flaws.
Let the Outsourcing Company Do the Chasing for You
In medical practices, insurance verification is a very important process in the medical billing cycle that often gets sidelined. Verifying insurance eligibility is very important when it comes to providing covered services for patients. Many healthcare practitioners are not aware of the intricacies of the health insurance verification process. Outsourcing health insurance verification is the practical solution that will bring cost as well as time savings along with streamlined billing. The medical billing company you choose to partner with will do the running around for you and ensure that your patients are eligible for coverage.
Insurance verification services are provided by insurance verification specialists who take care of each stage of the process. All your concerns regarding insurance eligibility verification can be put to rest with these professionals to help you. They will take care of the entire process right from making calls to the local insurance agencies and following up with them to getting the documentation done in the end. They will efficiently carry out the 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 to ensure accurate medical billing. Most importantly, they reduce your heavy work pressure so that you get more time to relax, think creatively and focus on the health and well-being of your patients.
Outsource and Save
Outsourcing insurance benefit verification will significantly reduce the number of people who work for you. Thus, you can save money spent on salaries, employee benefits such as payroll taxes, health insurance, medical office space, paid vacation time, and Workers’ Compensation insurance. Besides, you can save on management and administrative costs; office space and utilities; and technical support.
Outsourcing eligibility verification also speeds up approval and authorization. There are many other factors that make outsourcing a great solution for healthcare providers. Listed here are some of those tangible benefits.
- Reduces your risk factors
- Simplified workflow
- Reduced number of returned claims
- Faster billing cycles
- Minimizes delays considerably
- Improves payment and collections
- Reduces need to rework claims
- Frees up workforce to focus on more productive tasks
- Reduced operational costs
- Fewer claim rejections
- Streamlines the billing process
Partner with the Right Service Provider
With various service providers in the scenario now, obtaining insurance verifications and authorizations is easy for healthcare facilities including hospitals, medical groups as well as independent healthcare providers. Although the benefits of outsourcing medical insurance verification are many, it’s important to select the right service provider. Before availing of insurance verification services from a reliable outsourcing firm, make sure that they are customized to meet your budget constraints and other unique requirements. Go for a firm that offers 30 to 40% cost savings.
About The Author
Outsource Strategies International (OSI) is a leading insurance authorization company that offers a range of services to meet the needs of its clients. We provide insurance authorizations and health insurance verification services to practices of any size and specialty.
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