Boost Practice Revenue and Save Time with Patient Insurance Verification

by Outsource Strategies International Medical Billing Company There are many ways physicians’ practices can boost their revenue. One of the most important ways is obtaining a patient eligibility verification. In fact, the success or failure of each patient claim starts at the front desk. Checking health insurance coverage and benefits before the point of service is a crucial step that your practice can take to  avoid denials and delayed payments. Today, highly reliable insurance verification and authorization services are available which makes the entire process much easier for physicians.
 
Comprehensive Insurance Verification Services

Established outsourcing companies that provide services to verify patients’ insurance benefits use payer websites and call insurance companies directly.  The process begins with receiving schedules from the practice and checking with the patient’s insurance carrier to ensure that the information on the patient’s insurance card is up to date and valid for that date of service. This service is provided at the time of patient registration and appointment scheduling so that there is no ambiguity about coverage. Comprehensive benefits verification will include checking the following details:

•    Type of plan and coverage details
•    Medicare coverage
•    Payable benefits
•    Co-pays
•    Co-insurance
•    Deductibles
•    Patient policy status
•    Effective date
•    Plan exclusions
•    Health insurance caps
•    Out of network benefits
•    DME reimbursement
•    Claims mailing address

An insurance verification company will check procedure-specific coverage and benefits and all out-of- pocket costs so that the patient knows what is due before they see the doctor. This also helps patient collections and prevents them from aging and ultimately becoming uncollectable.

Additionally, specialists need to verify if their services will need a referral or pre-authorization. One important detail that will be checked is as to whether the patient’s insurance plan will consider the specialist an in-network or out-of-network provider. In the case of an in-network provider, the patient’s insurance is generally responsible for a larger portion of the bill. On the other hand, patients will have to pay some portion of their bill at the time of the visit if the physician is an out-of-network provider.

Outsourcing insurance eligibility verification increases collections by eliminating non-payments from patients who have invalid or inadequate coverage.

Benefits of Partnering with an Experienced Insurance Verification Company

Physicians’ practices that opt for professional patient eligibility services gain in many ways:

•    Get accurate information about patients’ coverage and changes in benefits
•    Avoid billing denials due to incorrect claim submission
•    Understand patient co-pays and out-of-pocket costs before the appointment, which would help avoid costly errors
•    Increase collections and save time
•    Focus on patient care and reduce in-office administrative work

Having a team of experts to check each procedure and identify all out-of-pocket costs can improve a practice’s bottom line. With rising deductibles and patients' higher out-of-pocket costs, upfront estimates are also very useful to help patients understand their coverage.

Sponsor Ads

• Ad Space Available - Rent it Now!

Created on Dec 31st 1969 18:00. Viewed 0 times.

Comments