Outsourced Insurance Verification and Eligibility Services: Why is it Beneficial?

Insurance Eligibility Verification is an essential procedure wherein the doctor’s office, allots the work of verifying patients coverage either through an in-house service provider or an outsourced verification agency. This helps the practitioner assess as to how much administrations one should provide under the coverage limits.

If the verification process is not embraced before-hand, then billing errors, insurance coverage apprehensions and increased A/R days happens in both private and government-run insurance agencies. As per expert industry statistics one in four cases are generally delayed, denied or declined because of insurance qualification confirmation issues.

This is a standout amongst the most essential and imperative steps in the in the entire billing cycle. It is the initial step and it is demonstrated that more than a large portion of the cases that is not acknowledged or delayed is generally because of equivocalness of incorrect insurance eligibility information.

The process of verification incorporates:

• Getting the patient schedule
• Checking the Insurance qualification aligning with HIPAA authorization
• Checking the demographic data
• If required patients are then contacted for prior authorization
• Updating the billing framework

Why is the insurance verification and eligibility beneficial?

• Insurance organizations every now and again change existing healthcare policies, redesign or make corrections to coverage plans.
• The above mentioned point is the initial phase in the RCM and applies to all members, providers and patients.
• The process is also beneficial as it validates coverage benefit details from the wide list of payer’s before real administrations are rendered. It is here that Medicare Prior Authorization comes into the act of verification.
• If the patient data is to be substantiated, then present the significant patient coverage data and get the answer immediately.
• There is a decent synchronization of patient care and advantages as both will have informed awareness.
• Co-pays can be collected at the time of administration rendered; likewise claims are endorsed and acknowledged when they are submitted when verification process is done with precision.
• The percentage of collections amplifies significantly
• Decrease in numbers of denials as un-confirmed patients can add to the disavowals.
• Builds capability and you staff output, increases money inflow and better patient fulfillment is guaranteed.

There are two kinds of insurance verification methods, basic and advanced. Let’s look at the difference between the two.

In the basic insurance verification procedure most importantly the qualification timeline is verified, both coverage effective from and to dates. For this, general patient detail, name, address, contact data, coverage data, claim filing limits, kind of arrangements, any prior conditions, whether the supplier is in-system or out-of-system is looked for and the same is gone into the important frame for confirmation. Additionally the co-pay, co-insurance, secondary insurance, and other deductibles are likewise checked. Confirming these details in the first quarter of the year is advisable. Likewise, if an insurance company is giving group health insurance benefits, the same ought to be checked, along with primary and tertiary advantages.

In the advanced insurance verification, all the previously mentioned essential confirmation process is undertaken. Along with that some advanced details such as rate of renewal frequency, whether it is yearly or a month to month reestablishment, health fund availability, maximum benefits coverage that is already used or met for the calendar year, pre- certification and authorization requirements, co-pays for lab service, tests, injections etc. any policy exclusions or limitations, specialty service-based information like for cardiology, physical therapy, general surgery etc. DMErelated information and the ‘annual maximum’ or ‘lifetime maximum’ benefits limits are verified.

If you as a medical practitioner want to leverage from Outsourced Insurance Verification Services, this is the right time. The in-house workflow will improve; you will get detailed reports on all the patients and payers they are aligned too. Plus, the most important factor is it minimizes delays and amplifies the collection process for a healthy income cycle.