Save Time And Money With Insurance Eligibility Verification Services

Online, December 10, 2013 (Newswire.com) - Insurance Eligibility Verification is extremely crucial to the financial bottom line of every Healthcare organization. Many medical practices have major gaps in their verification processes for insurance eligibility and benefits. This is because most of the healthcare professionals do not have considerable time to oversee the medical insurance verification process. This leads to problems like delayed payment for services rendered, non-payment of claims and finally patient dissatisfaction. Therefore it is vital for all healthcare providers to understand the significance of insurance eligibility verification services which is most important in a hospital's claims denial management program.

Claim Denials

According to industry sources, almost 75% of all healthcare claims are denied due to ineligibility of the patient for services that are billed to the insurer by the provider. This may be due to the policy being terminated or modified. Therefore, to avoid such rejections, denials or rework of claims, the verification process should be carried out prior to the patient's admission procedure.

Efficiently Manage Your Insurance Claims

Flawless insurance eligibility verification will ensure that the services you provide are covered. Therefore availing of insurance verification services offered by a reliable firm is a practical option. These firms provide professional services efficiently enough to do your necessary paperwork on time and ensure timely reimbursement. They coordinate with the patients and the healthcare staff by managing the entire process starting from making calls to the local insurance agencies and doing regular follow-ups in order to get the documentation done. With a number of service providers in the field, obtaining insurance eligibility verifications is easy for healthcare organizations which include hospitals, medical groups, clinics and individual medical practitioners.

Functions Of Insurance Verification Services

The role of an Insurance Verification Service includes:
• Receiving patient schedules from the hospital through fax, email or EDI

• Verifying the insurance coverage of a patient on all primary & secondary payers

• Contacting patients in case additional information is required

• Checking payable benefits and Updating the billing system with eligibility and benefits information such as member ID, group ID, coverage start and end dates, co-pay information etc.

Benefits

A reputable Insurance Verification Service positions trained staff, management and expertise with the objective of delivering high quality cost-effective patient insurance eligibility services. Some of the additional benefits include

• Reduces your risk factors.

• Speedy Billing cycles

• Minimise rework of claims

• Improved staff productivity

• Increase in the number of clean, error-free claims

• Lessen accounts receivables

• Improves workflow efficiency of your organization

• Decrease in claim denials

• Increase cash collections

Reliable Insurance Eligibility Verification Services are focused on helping medical practices and hospitals to save time and resources. They relieve you from stress and strain of doing this time-consuming process of insurance verification in-house and enable you to focus more on productive tasks, make your practice more efficient and have a better control of your business. An unswerving Eligibility Verification Service with good reputation will make available the services of a team of qualified professionals who have extensive knowledge of insurance, medical techniques and healthcare terminology.