Insurance verification services are an essential component of the medical billing cycle, wherein it is verified whether the patient is covered under the particular health insurance plan.
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Insurance verification services an overview
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Insurance Verification Services - An Overview
Insurance verification services are a key component in the medical billing
cycle. In health insurance verification, a patient's active coverage is checked
with the insurance company to make sure that he/she is eligible for the
procedure scheduled in the hospital. The verification should be done before
the patient is admitted to hospital. By ensuring that patients are eligible for
services and benefits before the treatment is rendered will help avoid the risk
of not getting paid.
Medical insurance verification is
a time consuming process that
requires minute attention to
detail. It prevents serious
financial losses due to patient
ineligibility. Besides, it helps you
save the time spent on manual
eligibility checks (up to 15
minutes per patient) and reduces human error. Payment collections can be
significantly improved with accurate co-pays/deductibles info.
Because of their busy working schedules, most healthcare providers do not
get enough time to carry out the verification process properly. Non-
verification of insurance eligibility may lead to problems such as delayed
payments, rework, increased errors and patient dissatisfaction. To avoid
claim rejection, it is very important to carry out the insurance benefit
verification process. In such circumstances most of the healthcare
Insurance Verification Services
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professionals prefer to outsource eligibility verification services to a reliable
outsourcing company. Outsourcing frees up healthcare staff to focus on more
productive tasks.
Insurance Verification Services – What Is Involved
Every medical professional must understand the importance of insurance
verification in making the billing process successful. Here’s a quick
overview of the entire insurance eligibility verification process.
Insurance benefit verification includes verification of: payable benefits, co-
pays, co-insurances, deductibles, patient policy status, effective date, type of
plan and coverage details, plan exclusions, claims mailing address, referrals
& pre-authorizations, life time maximum, and more. Insurance eligibility
verification process involves the steps that are mentioned below:
• 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 patients for additional information if necessary
• Updating the billing system with eligibility and benefits details such
as member ID, group ID, coverage start and end dates, co-pay
information
Insurance Verification Services
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Seek Professional Help from a Reliable Service Provider
To get comprehensive insurance verification services, it is necessary to seek
the help of an experienced and reliable medical billing company. A reliable
company will help in all ways to meet your insurance verification
requirements. By hiring a professional firm to meet your insurance
verification requirements, you can gain many benefits including: reduced
effort and time, speed up approval and authorization; simplified workflow;
faster billing cycles; improved staff productivity and reduced operational
costs.
MOS Outsource strategies International
8596 E. 101st Street, Suite H
Contact Details
Tulsa, OK 74133
Phone: (800) 670 2809
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Insurance Verification Services
