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

The Importance of Health Insurance Verification and Authorization Services

Most of the medical professionals may not have enough time to supervise the medical insurance verification process and their staff may not be skilled enough to carry out the eligibility verification process efficiently. This often leads to a situation where you don't receive due payment for services provided. So, it is very crucial that healthcare providers understand the importance of insurance verification and authorization services in the healthcare industry.

Insurance verification services and insurance authorization plays a vital role in accelerating the medical billing process. It involves validating the patient's insurance details and obtaining assurance by calling the insurance payer or through online verification. The process ensures verification of: payable benefits, patient details, pre-authorization number, co-pays, co-insurance details, deductibles, patient policy status, effective date, type of plan and coverage details, plan exclusions, claims mailing address, referrals & pre-authorizations, life time maximum and more.

Comprehensive Health Insurance Verification and Authorization

The insurance verification and authorization process includes:

•    Ensuring benefits for all patients prior to submitting to the insurance company for approval
•    Getting patient schedules from the hospital or clinic via FTP, fax or e-mail
•    Verifying patient information with the insurance carrier (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)
•    Verifying patients’ insurance coverage on all primary and secondary payers
•    Updating patient accounts
•    Communicating with patients and completing paperwork
•    Updating insurance system with new and updated benefits
•    Obtaining pre-certification number from physician’s office if necessary
•    Completing appropriate criteria sheets and authorization forms
•    Contacting the insurance agencies via telephone call, facsimile or online program to obtain approval for your authorization request
•    Contacting insurance agencies for appeals, missing information and more to ensure accurate billing

It is advisable to avail of insurance verification services to enjoy maximum benefits. Outsourcing of health insurance verification and insurance authorization allows healthcare professionals to focus on their core business activities and provide quality healthcare.

Professional Medical Billing Company for Maximum Efficiency

Try to partner with a professional medical billing company that can work as an extension of your office. Normally, medical billing firms have a team of professionals who work with patients as well as providers to verify medical insurance coverage and generate claims for services rendered. They will also provide complete support to obtain pre-certification and or prior authorizations. They have:

•    Experience with insurance guidelines of various providers, knowledge of healthcare terminology, and medical/surgical techniques
•    Good communication skills
•    Good typing skills
•    Excellent computer skills
•    Call center/customer service experience

No matter whether you are an individual practitioner or running a faculty practice, health insurance verification services and insurance authorization are definitely beneficial.

Article Source: http://www.americanchronicle.com/articles/view/288423

Insurance Verification Services - An Overview

Insurance verification services are a key component in the medical billing cycle. In health insurance verification, a patient's active coverage is checked with the insurance company to make sure that he/she is eligible for the procedure scheduled in the hospital. The verification should be done before the patient is admitted to hospital. By ensuring that patients are eligible for services and benefits before the treatment is rendered will help avoid the risk of not getting paid.

Medical insurance verification is a time consuming process that requires minute attention to detail. It prevents serious financial losses due to patient ineligibility. Besides, it helps you save the time spent on manual eligibility checks (up to 15 minutes per patient) and reduces human error. Payment collections can be significantly improved with accurate co-pays/deductibles info.

Because of their busy working schedules, most healthcare providers do not get enough time to carry out the verification process properly. Non-verification of insurance eligibility may lead to problems such as delayed payments, rework, increased errors and patient dissatisfaction. To avoid claim rejection, it is very important to carry out the insurance benefit verification process. In such circumstances most of the healthcare professionals prefer to outsource eligibility verification services to a reliable outsourcing company. Outsourcing frees up healthcare staff to focus on more productive tasks.

Insurance Verification Services – What Is Involved

Every medical professional must understand the importance of insurance verification in making the billing process successful. Here’s a quick overview of the entire insurance eligibility verification process.

Insurance benefit verification 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 & pre-authorizations, life time maximum, and more. Insurance eligibility verification process involves the steps that are mentioned below:

•    Receiving patient schedules from the hospital or clinics via FTP, email or fax
•    Verifying patients' insurance coverage on all primary and secondary (if applicable) payers
•    Verifying demographic information
•    Updating patient accounts
•    Contacting patients for additional information if necessary
•    Updating the billing system with eligibility and benefits details such as member ID, group ID, coverage start and end dates, co-pay information

Seek Professional Help from a Reliable Service Provider

To get comprehensive insurance verification services, it is necessary to seek the help of an experienced and reliable medical billing company. A reliable company will help in all ways to meet your insurance verification requirements. By hiring a professional firm to meet your insurance verification requirements, you can gain many benefits including: reduced effort and time, speed up approval and authorization; simplified workflow; faster billing cycles; improved staff productivity and reduced operational costs.

Article Source:  http://www.ideamarketers.com/?Insurance_Verification_Services&articleid=3571646