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Insurance Verification Services Help Practices Increase Revenue

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  • 1. Insurance Verification Services Help Practices Increase RevenueInsurance eligibility verificationis a necessary step in the medicalbilling process. There are manyreasons that make healthinsurance verification servicesa necessity. In order to avoidclaim rejection, each healthcareprovider has to verify theinsurance eligibility andcoverage benefits of the patients,before the patient is providedmedical services. Or else, it might lead to problems such as delayedpayments, increased errors, need for rework, non-payment of claims, patientdissatisfaction and more.The Process of Medical EligibilityVerification ServicesThe insurance eligibility verification process involves many steps. 1
  • 2. • 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 and much more.Outsourcing insurance verification services may be a great solution forhealthcare providers looking to minimize delays and increase revenue.Insurance verification services play an essential role in the revenue cycle.Here are some of the other reasons why outsourcing insurance verificationservices may be a great solution for healthcare providers. • Cost-effectiveness • Reduced number of returned claims • Faster billing cycles • Reduced operational costs • Minimize delays and denials considerably • Improve payment and collections • Save time by letting verification specialists do the work more efficiently 2
  • 3. • Improved staff productivity • Streamlined billing procedures • Free up staff to focus on more productive tasks • Reduce your risk factors • Reduced rework of claims • Expand company focus • Speed up approval and authorization • Simplified workflowInsurance Verification Specialists Can HelpA health insurance verification specialist, also called insurance verifier,plays a big role in the health insurance system. These professionals haveextensive knowledge of insurance, healthcare terminology, andmedical/surgical techniques. They work with patients, check with theinsurance company regarding any policy changes, do all the paperwork, andverify patient information with the insurance carrier to maximizereimbursement and facilitate revenue cycle improvement. The insuranceeligibility verification service includes verification of:• Payable benefits• Co-pays• Co-insurances• Deductibles• Patient policy status 3
  • 4. • Effective date• Type of plan and coverage details• Plan exclusions• Claims mailing address• Referrals & pre-authorizations• Life time maximum and more.A reliable outsourcing company will have on staff trained and experiencedinsurance verification professionals to offer services. Find a medical processoutsourcing company that has been providing services in this field, check outtheir service terms and plans, and if you feel comfortable working withthem, request for their services.For More Information:OutSource Strategies InternationalUnited States Main Office8596 E. 101st Street, Suite HTulsa, OK 74133Phone 800-670-2809http://www.outsourcestrategies.com 4