Health Insurance Verification Services to Maximize Collections
Health Insurance Verification Services – An Effective Way to Maximize Collections
Health insurance verification services play a vital role in the medical billing process. The process involves validating the patient’s insurance details by calling the insurance company or through online verification to ensure whether the patient is eligible for the claim. The verification process is done before the patient is admitted to hospital.
The risk of not getting paid can be avoided by making sure that the patients are eligible for services and benefits before the treatment is rendered. Today, there are several established outsourcing firms that help to maximize the collections of healthcare practices.
Benefits of Availing of Health Insurance Verification Services
Healthcare practices which seek the help of outsourcing firms do not have to worry about lost revenue due to delays or errors in insurance eligibility verification. They can be assured that the outsourcing firms will take care of the entire medical insurance verification process and get speedy reimbursement. The details verified by the specialist during the insurance eligibility verification process include:
- Payable benefits
- Patient policy status
- Effective date
- Co-pays
- Co-insurances
- Deductibles
- Plan exclusions
- Claims mailing address
- Referrals & pre-authorizations
- Health insurance plan type and coverage details
- Life time maximum, and more
Advantages of Medical Insurance Verification Services
Besides maximizing collections, insurance eligibility verification services provide you with a wide range of benefits including:
- Reduced costs
- Increased efficiency
- Increased upfront collection
- Improved patient satisfaction
- Increased staff productivity
- Increased number of clean claims
- Reduced rejections and denials
- Simplified workflow
- Faster billing cycles
- Reduce lost revenue in collections
- Reduce operational costs
- Reduce your risk factors
- Speed up approval and authorization
- Devote more time to core business objectives
- Save 30% to 40% of your insurance verification operational costs
- Maximize office efficiency and economies of scale
- Reduce the number of unpaid claims
- Reduce time spent following up on claims
All medical establishments including hospitals, clinics, long term care facilities, multi-specialty groups, free standing diagnostic facilities, acute care facilities and physicians now opt to outsource health insurance verification services so as to maximize collections. By making use of the latest in technology, the professionals at the outsourcing firm will effectively manage all aspects of your medical insurance verification requirements, from receiving patient schedule, verifying patient’s insurance coverage, and contacting patients to updating the billing system with eligibility and verification details.
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