Insurance Verification Services - an Important Step in Medical Billing

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The process of health insurance verification services involves checking the active coverage of the patients with the insurance company and related details...

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Insurance Verification Services - an Important Step in Medical Billing

  1. 1. Insurance Verification Services - An Important Step in Medical Billing -An article by OUTSOURCE STRATEGIES INTERNATIONAL Main: (800) 670 2809 Fax: (877) 835-5442 URL: http://www.outsourcestrategies.com Follow us:
  2. 2. Summary: The process of health insurance verification services involves checking the active coverage of the patients with the insurance company and related details... Insurance Verification Services - an Important Step in Medical Billing Understanding the importance of insurance verification services has become imperative for medical service providers because it has a major role to play as far as the claims denial management program is concerned. The process of patient eligibility verification involves checking the active coverage of the patients with the insurance company and related details. Healthcare providers must remember that payers make changes in their policies as well as updates in their health plans. It is to be checked whether the patient is covered under the new plan to ensure maximum benefits. When the insurance coverage is confirmed, the claim is accepted on the first submission itself. It is important to conduct the verification process, at the patient point of access itself, in order to avoid the claim getting rejected. Not doing so may lead to rework and denials. Providing outdated and wrong information may result in the patient becoming ineligible for the benefit claims, at the time of their policies being modified or terminated. Ensure that the information is correct and proper, as a simple error can lead to the claims being rejected or denied. -The patient’s insurance details can be had either through online verification or by directly calling up the insurance payer. -Verified details fall in the category of payable benefits (both primary and secondary being covered under this), co-insurance details, coverage details, type of plans, patient details, deductibles, co-pays, patient policy status and many more. -Double check the information before submitting the same.
  3. 3. Professional Help Should Be Sought from a Reliable Service Provider The main cause for claims being denied and the patient becoming ineligible for the benefits is due to his plan having been modified or terminated. Another reason for denial of claim or delay in payment is due to the wrong insurance carrier being billed or due to incorrect patient co-pay and deductible details. Wrong or outdated information provided by the patient can also result in his claim being denied. Providers of insurance verification services ensure that the patient information provided is correct and see to it that collections from payers and the patients are made in a timely manner. Thus companies providing accurate insurance verification and authorization services are a great support to healthcare providers. Outsourcing Patient Eligibility Verification – Points in Favor Outsourced insurance verification services from a reliable medical billing company can lower the stress of handling eligibility verification. Several benefits, which can be gained by outsourcing the job include: -Business operations are streamlined -Focus on core business activities -Risk factors are reduced -Reduced effort -Workflow is simplified -Reduced rejection of claims -Reduction of paperwork -Accessibility to specialized services -Billing cycles are faster -Functioning of your organization is enhanced -Delays in payment are minimized to a great extent -Improvement in the productivity of your staff -Marked increase in the sale economies and office efficiency -Reworking of claims is reduced About Outsource Strategies International Outsource Strategies International (OSI) is a leading healthcare business process outsourcing company that provides health insurance verification and authorization as an integral part of its medical billing services. Call 1-800-670-2809

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