Research reveals that 75 percent of all healthcare claim denials are due to the ineligibility of patient for services billed to the insurer by the provider. A patient is ineligible for benefits when his or her policy has been terminated or modified or the information provided to the insurer is wrong or outdated. This shows that insurance verification services are very essential to provide covered treatments for your patients and thereby improve patient satisfaction.
Today, there are many outsourcing companies that provide services that ideally meet your health insurance verification requirements. These firms have qualified insurance verifiers who have immense knowledge of insurance, medical/surgical techniques and healthcare terminology. They are well-versed in the policy changes of different payers and will do the necessary paperwork and documentation for claiming the due reimbursement.
Outsource Your Insurance Verification Requirements
By outsourcing health insurance verification services, you can get maximum benefits. Besides being a cost-effective and time saving option, there are many other reasons that make outsourcing insurance eligibility verification services a great solution for healthcare providers. Listed here are some of the benefits of outsourcing insurance verification services.
- Reduce your risk factors
- Reduced effort
- Fewer claim rejections
- Minimize delays considerably
- Reduced number of returned claims
- Faster billing cycles
- Improved staff productivity
- Reduced operational costs (save 30 to 40% of your insurance verification operational costs)
- Streamline the entire billing process
- Free up workforce to focus on more productive tasks
- Improve payment and collections
- Save your valuable time by letting verification specialists do the work more efficiently
- Speed up approval and authorization
- Simplified workflow
- Increased number of clean claims
- Reduced rework of claims
- Maximize office efficiencies and economies of scale
- Reduce capital costs
- Expand company focus
- Increased upfront collections
Let Health Insurance Verification Specialists Manage Your Insurance Claims
It is imperative that each healthcare provider verifies the insurance eligibility and coverage benefits of the patients, before beginning the treatment process. To determine the eligibility and acceptance of insurance claims, the following information has to be verified: 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.
With the help of the latest technology, health insurance verification specialists manage all aspects of your verification requirements from receiving schedules from the hospital via EDI, email or fax; verifying the patient's insurance coverage; contacting patients for additional information; updating the billing system with eligibility and verification details and more. With all these processes entrusted to reliable hands, you can concentrate on patient care and related core activities.