Insurance verification services_help_minimize_accounts_receivable_cycle


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Insurance verification services_help_minimize_accounts_receivable_cycle

  1. 1. Insurance Verification ServicesHelp Minimize Accounts Receivable CycleInsurance verification services includethe process of validating the patient’sinsurance details by calling the insurancepayer or through online verification.Payable benefits, patient details, pre-authorization number, co-pays, co-insurance details, deductibles, patientpolicy status, effective date, type of planand coverage details, plan exclusions,claims mailing address, referrals and pre-authorizations, and life time maximumare among the various details that areverified.Researches reveals that 75 percent of all healthcare claim denials are for thereason that a patient is ineligible for services billed to the insurer by theprovider. Ineligibility for the benefit is due to the modification ortermination of policy. Non-verification of insurance eligibility may lead toseveral problems such as delayed payments, rework, increased errors andpatient dissatisfaction. 1
  2. 2. Insurance companies continuously make changes in their health insuranceplans and policies. So, it is very important for the medical billing companyto verify whether the patient is covered under the new health insurance plan.With effective insurance verifications, you can considerably reduce accountsreceivable days and increase revenue, by reducing the impact of ineligibility,and increasing the number of error-free claims that are sent to insurers.Insurance verification services - the first step in the medical billing process -involves: • 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 with the help of websites like WebMD, Payer Web Sites, Automated Voice Responses and phone calls to payers. • Verifying demographic information • Updating patient accounts • Contacting patients for additional information if required • Updating the billing system with eligibility and benefits information such as member ID, group ID, coverage start and end dates, co-pay information and much more.Other optional services which are provided as a part of insurance eligibilityverification include: obtaining pre-authorization number; reminding patientof POS collection requirements; obtaining referral from PCP; informing the 2
  3. 3. client if there is an issue with coverage or authorization; Medicaidenrollment and more.Apart from minimizing accounts receivable cycle, health insuranceverification services provide you with a wide range of benefits including: • Improves cash flow • Increases office efficiency • Reduces operating costs • Increases upfront collections • Reduces claim denials • Reduces lost revenue in collections • Increases staff productivity • Increases patient satisfaction • Increases number of clean claims • Enables you to provide improved patient careFind a Reliable Service ProviderEven though insurance verification services can provide you with a widerange of benefits, it’s important to select the right service provider. Once youare sure about the reliability of the service provider, simply utilize insuranceverification services from the firm, and you can be assured of accurate andtimely insurance benefit verification. 3
  4. 4. For More Information:OutSource Strategies InternationalUnited States Main Office8596 E. 101st Street, Suite HTulsa, OK 74133Phone 800-670-2809 4