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Improve the Cash Inflow of Your Medical Practice with Insurance Benefit Verification

by | Dec 2, 2013 | Articles, Insurance Verification, Resources | 0 comments

Health insurance verification is an important part of the medical billing and claim processing cycle, as it helps you receive the due reimbursement. Accurate insurance benefit verification is necessary if your insurance claims are to be error-free and ensure you maximum reimbursement.

Reduce Claim Denials and Enhance Cash Flow

Medical insurance verification is a process that has to be done with great attention, as mistakes in this can lead to claim denials, delays and rejections. Outsourcing the insurance benefit verification tasks to a reliable medical billing outsourcing company is the feasible thing to do, taking into account your hectic work schedule and immediate billing requirements. Caught between patient care and medical billing tasks, healthcare entities can avoid getting frustrated if a medical billing company is there to offer full support.  Insurance verification services provided by professional outsourcing firms bring attractive benefits such as:

  • Reduced rework of claims
  • Increased number of clean claims
  • Enhanced revenue cycle
  • Fewer claim rejections
  • Reduced overhead (30 to 40% below operational costs)
  • Allows you to concentrate on core competencies
  • Increased efficiency
  • Improved patient satisfaction
  • Enhanced staff productivity

Comprehensive Insurance Verification and Validation Procedures

To complete the crucial insurance benefit verification processes with accuracy, many leading outsourcing companies are equipped with skilled workforce and advanced technology. These firms provide all the assistance required to complete your appointment scheduling and verification tasks. Some of the major processes covered are:

  • Verifying patient’s insurance coverage
  • Receiving patient schedules
  • Updating the billing system with eligibility and verification details
  • Contacting patients, if required

Benefits verification specialists in most leading outsourcing companies provide outstanding billing and reimbursement support and work with patients and the medical facility personnel to obtain all the required information. They would complete the entire insurance eligibility verification process for all scheduled appointments right before the patient appointment date. This would help you allocate more time to your major healthcare activities. The important information collected and verified during the medical insurance eligibility verification process covers:

  • Patient policy status, whether active or inactive
  • Effective date
  • Type of Plan like PPO, HMO, POS, and more
  • Deductible amount
  • Timely filing limit
  • Claims mailing address
  • Co-pays
  • Co-insurance details
  • Plan exclusions, and lots more

Partner with an Experienced Company

To sum up, outsourcing insurance benefit verification tasks to professional companies would certainly enable you to improve the efficiency and cash inflow of your medical practice all the time. However, while planning to outsource the eligibility verification jobs of your healthcare facility, ensure to partner with an experienced medical billing company. Such a firm can provide quality solutions that will exactly suit your requirements and bring you cost savings of at least 30 to 40%.  A reputable company usually offers additional benefits such as free trial option, round- the-clock customer services and much more.