Medical insurance verification is the process of confirming that a patient is covered under a medical insurance plan. If insurance details and demographic data is improperly checked, it can disrupt the money flow of your practice by delaying or affecting reimbursement. Therefore, it is recommended to assign this task to a professional company. Here’s how insurance verification services help medical practices.
Gains from Competent Insurance Eligibility Verification Services. All healthcare practices try to find proof of insurance when patients sign up for appointments. This process must be completed before patient appointments. Along with capturing and verifying demographic and insurance information, the staff in a healthcare practice needs to perform an array of tasks like Datalink MS Medical Billing Solutions & Insurance Eligibility Verification, accounting, sending out of patient statements and prepare patient files Acquiring, checking and providing all patient insurance information requires great focus on detail, and is extremely tough in a busy practice. Therefore a lot more healthcare establishments are outsourcing health insurance verification to competent firms that offer comprehensive support services including:
Receipt of patient schedules through the hospital or clinic via FTP, fax or e-mail. • Verification of all information you need such as the patient name, name of insured person, relationship towards the patient, relevant phone numbers, birth date, Social Security number, chief complaint, name of treating physician, date of service,, type of plan (HMO or POS), policy number and effective date, policy coverage, claim mailing address, and so on.
Healthcare practices have to handle medical eligibility verification of a patient to ensure that the help provided are covered. The majority of the medical practices do not have lots of time to perform the difficult procedure of insurance eligibility verification. Providers of insurance verification and authorization services will help medical practices to devote enough time to their core business activities. So, seeking the aid of an insurance verification specialist or insurance verifier can be quite helpful in this regard.
A dependable and highly proficient verification and authorization specialist will work with patients and providers to verify health care insurance coverage. They will likely also provide complete support to obtain pre-certification and prior authorizations.
Insurance companies continuously make modifications in their health insurance policy. So, health insurance verification services have grown to be a necessity within the medical billing process to confirm whether the patient is included under the new plan to help achieve maximum benefits of insurance. Insufficient proper eligibility can result in problems like delayed payments, increased errors, requirement for rework, non-payment of claims, and patient dissatisfaction.
So in order to minimize delays and improve collections, many healthcare organizations have started outsourcing their insurance eligibility verification tasks. Insurance verification services ensure substantiation of payable benefits, patient details, pre-authorization number, co-pays, co-insurance details, deductibles, patient policy status, effective date, type of xcorrq and coverage details, plan exclusions, claims mailing address, referrals and pre-authorizations, lifetime maximum and a lot more.
Some of the services that insurance verification specialists can offer include help to obtain pre- authorization number, provision of reminders to patient about POS collection requirements, obtaining referral from PCP, informing client if there is a concern with coverage or authorization, and Medicaid enrollment
To put it briefly, insurance eligibility verification minimizes the likelihood of denial of your claims by scrutinizing the eligibility and benefits associated with the sufferer prior to the services are delivered. A lower number of denials means a larger variety of clean claims, which means improved collections, and better cash inflow.
Insurance Verification Services – Outsource Strategies International (OSI), a leading medical billing company in the US, provides efficient medical insurance verification services.