Ensure Speedy Reimbursement With Efficient Insurance Verification Services

Online, November 7, 2013 (Newswire.com) - OVERVIEW
Insurance Verification services play a vital role in the Revenue Cycle, particularly in the Healthcare industry. Thought it is a time-consuming task that requires various procedures, it is crucial that the medical care providers understand its importance. Successful billing depends on successful verification of a patient's active coverage with the insurance company. A recent study has found that 75% of all medical claim denials are due to the ineligibility of the patient for services billed to the insurer.

WHY IS INSURANCE VERIFICATION NECESSARY?

During verification of health insurance, a patient's active coverage is checked with the insurance company to ensure whether the patient is eligible for the procedure. Often, a patient would be ineligible for benefits when his or her policy has been terminated or modified or if the information provided by the patient is wrong or out-dated. Non-verification of insurance eligibility may lead to problems such as delayed payments, increased errors, re-work and patient dissatisfaction. To avoid claim rejection, it is necessary to carry out the insurance benefit verification process before the patient is admitted into a hospital.

INSURANCE VERIFIATION PROCESS

Insurance verification includes verification of co-insurances, payable benefits, deductibles, co-pays, Type of Plan & coverage details, patient policy status, claims mailing address, life time maximum, referrals & pre-authorization, Plan exclusions and so on. It involves the following steps:

• Receiving patient schedules through email, FTP or fax from the Hospital.

• Verifying the insurance coverage of the patient.

• Verifying the demographic information of the patient.

• Updating of the patient's accounts

• Contacting the patient if additional information is required

• Updating the billing system with relevant information

OUTSOURCING - A GOOD OPTION

Medical insurance verification is a time consuming task that requires meticulous attention. Because of their hectic work, most of the healthcare providers do not have to time to carry out the verification process. Under these circumstances they prefer to outsource eligibility verification services to a reliable outsourcing company. Outsourcing insurance verification services is a good option as it frees up healthcare staff to focus on more productive tasks.
In order to get comprehensive insurance verification service, it is advisable to seek the help of a reliable medical billing company which helps you to meet your insurance verification requirements.

BENEFITS OF OUTSOURCING

By hiring a professional firm to meet your insurance verification requirements, you can gain many benefits like
• Speed up approval & authorisation

• Reduced effort & time

• Simplified workflow

• Improved staff productivity

• Faster billing cycles

• Reduced operational costs

Therefore, every healthcare professional must necessarily give importance to insurance verification services because this can greatly influence its bottom line. Denials and improper payment result in rework and resubmission of the insurance claim. Hence, it is imperative that you select the right outsourcing company to deliver quality and cost-effective eligibility verification services. Optimize your patient information and insurance eligibility verification process and get the required info on the front end to assess eligibility in seconds.