Gain Maximum Benefits from Insurance Verification and Authorization Services
Insurance verification and authorization services play a key role in avoiding claim denials and patient ineligibility based rejections. No matter whether you are an independent healthcare provider, part of a medical group or a hospital needing insurance verification and authorization services for your patients, there are outsourcing firms that can manage all tasks related to obtaining insurance eligibility verification and authorization services.
Health insurance verification and authorization process reduces insurance based coverage errors and benefits clients in terms of minimum claim denials and improving their bad debt write-off scores. Insurance is verified using online electronic verification system or by contacting the payer directly. The process can be quite tedious and time consuming with regard to getting the application approved. The hassles and waiting time can be reduced considerably by hiring a specialist in this field. Hiring a specialist will ensure quick and hassle free insurance verification authorization for your patients.
Insurance Verification and Authorization Process
The entire process of insurance verification and authorization, right from receiving patient schedules from the hospital; verifying patients’ insurance coverage; filling out the form and contacting the insurance agencies on your behalf to obtain approval for your authorization request, is efficiently handled by the specialists. They will also communicate with insurance agencies/companies for appeals, missing information and more. In other words, they will try their best to ensure accurate billing for you and your insurance company.
Insurance verification and authorization process 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 and pre-authorizations, life time maximum and more. Once the verification process is over, the authorization is obtained from insurance companies via telephone call, facsimile or online program.
Benefits of Insurance Verification and Authorization Services
By outsourcing your insurance verification authorization needs to experts, you can gain benefits such as:
- Reduced effort and time
- Speed up approval and authorization
- Reduce your risk factors
- Simplified workflow
- Reduced number of returned claims
- Faster billing cycles
- Minimize delays considerably
- Improve payment and collections
- Reduced rework of claims
- Free up workforce to focus on more productive tasks
- Reduced operational costs (save 30 to 40% of your insurance verification operational costs)
- Fewer claim rejections
- Improved staff productivity
- Streamlines billing process
When selecting an outsourcing firm, ensure that it offers regular QA checking with readily available reports for the client; complies with all HIPAA guidelines; provides weekly and monthly status reports; and offers continuous evaluation of each account regarding the amount of returns possible and the timing.