Are you searching for the right insurance verification company for your healthcare practice? The right partner can significantly impact your practice’s efficiency and financial success. By asking some crucial questions, you can identify the right insurance verification company that aligns perfectly with your practice’s requirements. Making the right choice will not only streamline your insurance verification processes but also contribute to enhanced patient care and financial efficiency. In his latest video cast, Rajeev Rajagopal, President, Outsource Strategies International (OSI), discusses the essential questions practices need to ask when choosing an insurance eligibility verification company.
Outsourcing insurance verification processes saves valuable time for healthcare staff, allowing them to focus on patient care and other critical tasks. A company with expertise and long-term experience in the medical billing field can navigate insurance- and billing-related intricacies effectively, ensuring compliance with industry regulations such as HIPAA for data security and privacy. Tailored solutions from the right partner seamlessly integrate with your practice’s existing workflow, while scalability accommodates the practice’s growth. Ultimately, a well-chosen insurance verification company contributes to enhanced patient experience, reduced claim denials, and access to advanced technology and specialized expertise, culminating in improved operational efficiency and overall success for the medical practice.
According to Rajeev Rajagopal, “When looking for a new company, it is essential to ask the right questions to ensure that they meet the practice’s needs because every practice is different.” To ensure you make an informed decision, here are the important questions you need to ask.
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Ask These Five Questions to Identify the Right Insurance Verification Company
Rajeev highlights five important questions that you need to ask to ensure you are partnering with the most appropriate service provider.
- What is your experience in the healthcare industry and patient eligibility verifications? Look for a company with a proven track record in providing the services specific to your practice and your specialty.
- How do you ensure the security of sensitive healthcare data and compliance with HIPAA? You need to make sure that the company is insured, licensed, and bonded.
- What technology and software do you use for eligibility verifications? Check whether they actually make the phone calls to the insurance company. Will they be able to work in your software or will they work only in their software?
- What types of insurance plans can you verify? Well, not everyone has experience in every insurance plan, so you need to make sure that these people have the experience that they claim they do.
- What are the average turnaround times? Make sure that the eligibility verification is done immediately so you can make sure you see the patient.
Ask Other Questions Specific to Your Practice
Every practice is unique. So, providers have to ask questions distinctive to their medical practice.
- Can you handle the patient volume fluctuation?
- What do you do if there’s a problem with your verifications?
- Do you provide reports?
- Can you provide references, case studies?
- Do you provide continuous training to your staff?
- How many staff do you have that can cover these specialties?
- What do you do when there are potential inaccuracies or disputes that come from the insurance companies?
- What types of services and benefits do you offer beyond eligibility verification?
- How do you onboard new clients?
- What are the terms and conditions of your agreement?
While checking the terms and conditions of the agreement, make sure to check all details such as – whether they are tying you up into a long-term contract or a short-term contract; whether it is month to month; what if you have only very small volume, or have a large volume?
Such questions will help you assess the outsourcing company’s capabilities, reliability, and compatibility and thus make a well-informed decision.
Rajeev winded up the podcast saying that in the next episode he’ll cover how onboarding new clients should happen, how it happens in OSI, how the practice will be assimilated into the company’s processes, and how it will help everyone. Stay tuned!
Holding a CPC certification from the American Academy of Professional Coders (AAPC), Natalie is a seasoned professional actively managing medical billing, medical coding, verification, and authorization services at OSI.