- The process of insurance eligibility verification must be completed before a patient is admitted to the hospital or healthcare clinic.
- A lot of emphasis is put on this issue in order to eliminate the possibility of rejection of insurance claims. Timely reimbursement is vital to ensure steady revenue flow to a medical practice.
- The factors that are to be taken into account while preparing the claim includes the category of the plan and the coverage amount, the status of the policy, the date from which the policy became effective or whether it is still valid, the exclusions of the plan, the personal details and the home address of the patients and various other issues.
- The absence of medical insurance verification leads to major delay in payments and eventually to situations where payment is denied.
Medical billing companies employ professional insurance verification specialists for carrying out the process of verification so that the job is completed in a timely and efficient manner. These specialists interview the patients and take care of all paperwork necessary for the verification process.
Patient eligibility verification services provided include:
- Receiving patient schedules
- Verifying the insurance coverage of each patient
- Contacting patients, if required
- Updating the billing system with eligibility and verification details
Benefits of Timely Patient Insurance verification
Timely patient eligibility verification brings the following major benefits:
- Reduction of workload and convenience in preparation of claims.
- Approval of claims can be expedited.
- The risk of delayed and denied payments by insurance companies can be eliminated through this process.
- Spend the time saved to focus on improving patient care
- Reduce lost revenue in collections
- Increase efficiency
- Reduce overhead and benefit from valuable cost savings