Prior to rendering healthcare services, it is very essential that service providers confirm health insurance eligibility of the patients which will save administrative as well as financial hassles later. Affordable insurance verification services are an ideal solution for those healthcare practices that cannot afford to waste too much time as well as money on insurance eligibility verification.
insurance verification services benefit
your medical practice very much in terms of cost savings, increased revenue, increased
productivity, better time management and higher customer loyalty. Today, there
are several outsourcing companies that will take care of insurance
verifications and authorizations for
getting referrals, avoiding last minute cancellations, and providing accurate
billing for you and your insurance company.
With the support of health insurance verification specialists, outsourcing companies work with patients, check for policy changes and updates, complete the paperwork, and verify patient information with the insurance carrier. They verify details such as 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.
Comprehensive Validation Process at Affordable Rates
Affordable insurance verification services include:
- 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 the patients for additional information if required
- Updating the billing system with eligibility and benefits details such as group ID, member ID, coverage start and end dates, co-pay information and much more.
What You Can Gain from Affordable Health Insurance Verification Services
You can get maximum benefits by choosing affordable health insurance verification services. Listed here are some of the benefits:
- Faster billing cycles
- Faster, quicker service
- Increased clean claim count
- Increased cash collection
- Reduced rework of claims
- Reduced capital costs
- Speed up approval and authorization
- Simplified workflow
- Minimize delays considerably
- Reduce your risk factors
- No delays in payment
- Streamline the entire billing process
- Free up workforce to focus on more productive tasks
- Maximize office efficiency and economies of scale
- Improved staff productivity
- Reduced overhead 30 to 40% below operational
If you are looking to outsource insurance eligibility verification services, then make sure that you choose the best outsourcing company to meet your requirements. Before handing over the task of insurance verification services and insurance authorization to a reliable outsourcing firm, make sure that they
- Offer continuous evaluation of each account regarding the amount of returns possible and the timing
- Follow all HIPAA guidelines
- Provide regular QA checking
- Weekly and monthly status reports
Once you are sure that the task of insurance verification services is entrusted to reliable hands, you can concentrate on patient care and related core activities.