Insurance Verification Services - Minimize Delays, Improve Collections

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Insurance verification services are vital for a healthcare organization looking to improve its collections and minimize claim denials. It is best to avail of these services from a reliable outsourcing company that will get your job done cost-effectively.

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Insurance Verification Services - Minimize Delays, Improve Collections

  1. 1. Insurance Verification Services - Minimize Delays, Improve CollectionsInsurance companies continuously makechanges in their health insurance policy.So, health insurance verification serviceshave become a necessity in the medicalbilling process to verify whether the patientis covered under the new plan to helpachieve maximum benefits of insurance.Lack of proper eligibility may lead toproblems such as: • Delayed payments • Increased errors • Need for rework • Non-payment of claims • Patient dissatisfactionSo in order to minimize delays and improve collections, many healthcareorganizations have started outsourcing their insurance eligibilityverification tasks. Insurance verification services ensure substantiation of
  2. 2. payable benefits, patient details, pre-authorization number, co-pays, co-insurance details, deductibles, patient policy status, effective date, type ofplan and coverage details, plan exclusions, claims mailing address,referrals and pre-authorizations, life time maximum and more.Besides reducing delayed payments and improving collections, medicalinsurance verification provides you with a wide range of benefitsincluding: • Improved cash flow • Reduced costs (30 to 40% below operational) • Increased efficiency • Reduced denial of claims • Reduce lost revenue in collections • Increased staff productivity • Increased patient satisfaction • Increased number of clean claims • Improve patient care • Reduce time spent following up on claims • Increase office efficiency • Reduced effort • Speed up approval and authorization
  3. 3. • Simplified workflow • Increased number of clean claims • Faster billing cycles • Improved staff productivity • Reduce your risk factors • Reduced rework of claims • Maximize office efficiency and economies of scale • Expand company focus • Devote more time to core business objectives • Reduce time spent following up on claimsThe process of health insurance verification involves a number ofimportant steps: • Receive schedules from the hospital (Via FTP, Fax or E-mail) • Verify coverage on all primary and secondary payers • Contact patient for additional information if required • Provide the client with the results which include eligibility and benefits information such as member ID, group ID, coverage end and start dates, co-pay information and much more. • Enter and update patient demographics
  4. 4. If necessary, insurance verification specialists will help in: • Obtaining pre- authorization number • Reminding patient of POS collection requirements • Obtaining referral from PCP • Informing client if there is an issue with coverage or authorization • Medicaid enrollmentIn short, insurance eligibility verification minimizes the chances ofdenial of your claims by scrutinizing the eligibility and benefits of thepatient before the service is being delivered to him/her. Less number ofdenials means more number of clean claims, which means improvedcollections, and higher inflow of payment.For More Information:OutSource Strategies InternationalUnited States Main Office8596 E. 101st Street, Suite HTulsa, OK 74133Phone 800-670-2809http://www.outsourcestrategies.com

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