Why Is It Necessary to Utilize Outsourced Insurance Verification Services

Needless to say, healthcare practitioners comprise a group for which sitting at a desk and doing routine paperwork is a virtual impossibility. They are constantly on call. For many outside the medical profession it is unconceivable how these professionals manage to be on their feet throughout their working hours. Physicians rarely find time to attend to processes such as medical billing and insurance verification services that are important to maintain their practice. Caught between the responsibility of patient care and the more mundane administrative workload, medical professionals are often distraught. Outsourcing is a real lifesaver for them.

Medical Insurance Verification – an Important Component of Medical Billing

Medical insurance verification is of prime importance in medical billing as it is the only way to confirm whether a patient is covered under a particular health insurance plan. The entire verification process has to be done with precision, as any sort of data mismatch can lead to denial of claims and non-payment of reimbursement benefits. Moreover, eligibility verification has to be completed before the patient’s appointment date. This is what makes outsourced insurance verification services from third-party service providers a necessity in most medical practices.

Outsourcing Ensures Maximum Cash Inflow

Most often claim rejection issues arise when the information provided by the patient to the insurance carrier is wrong or when his / her policy has expired, been terminated or modified. Moreover, insurance agencies sometimes make crucial revisions and updates in their health plans and policies.  To get the due reimbursement for your services, it is necessary to confirm that the patient is covered under the new and updated insurance plan before starting the treatment procedures.  When the eligibility verification process is not completed carefully, it may be impossible to identify such important factors as well as correct crucial flaws in data, which can lead to issues such as:

•    Increased errors
•    Patient dissatisfaction
•    Need for rework
•    Delayed payments
•    Non-payment of claims

Utilizing insurance verification services provided by an established medical billing company will help you manage routine insurance verification tasks efficiently. You will also be ensured speedy and accurate reimbursement. Additional benefits you stand to gain include:

•    Reduce claim denials and rejections
•    Improve patient satisfaction
•    Increased number of clean claims
•    Enhanced staff productivity
•    Reduced costs
•    30% to 40% cost savings
•    Increased upfront collections
•    Improved cash inflow and profits
•    Eliminate eligibility verification backlogs
•    Enhance practice efficiency

Insurance benefit verification services cover procedures such as:

•    Receiving patient schedule from the hospital via EDI, email or fax
•    Contacting patients, if necessary
•    Checking patients’ insurance coverage with primary and secondary payers
•    Updating the billing system with eligibility and verification details, and much more

Reliable Services from Knowledgeable Professionals

Companies that offer health insurance verification services are equipped with excellent infrastructure, advanced technology and innovative software packages. Insurance verification experts in these firms are experienced and knowledgeable about the latest insurance norms and federal government policies. These professionals ensure that all medical claims are processed and submitted in a timely manner. The following are the important details verified:

•    Claims mailing address
•    Patient policy status
•    Patient details
•    Co-insurance details
•    Co-pays
•    Payable benefits
•    Pre-authorization number
•    Deductibles
•    Type of plan and coverage details
•    Effective date
•    Plan exclusions, and so on

Look for Affordable and Quality Services

Outsourcing insurance verification tasks to professional companies enables you to manage your healthcare facility with enhanced efficiency. Organized insurance verification services ensure the smooth functioning of your medical practice with enhanced cash inflow and a steady revenue cycle. However, to benefit from quality services, outsource your insurance benefit verification tasks only to an experienced company. Such a firm can meet your specific eligibility verification requirements effortlessly, at affordable service charges, within minimum turnaround time.

Article Source: http://www.americanchronicle.com/articles/view/290296