Insurance Verification Process [The Key Step In Medical Billing]

what is the insurance verification process?

Insurance verification is a step-by-step process of contacting the insurance company to verify the patient’s eligibility if the patent health insurance company covers the required procedures.

The insurance verification process includes deductibles, policy status, plan exclusions, and other items that affect cost and coverage, and is done before patients are admitted to the hospital, as it is the first step in the process. medical billing process.

Reading: How to verify health insurance

Skipping the insurance verification process could leave your practice with unpaid or denied health insurance claims from insurance companies or a patient burdened with unexpected expensive medical bills.

According to a recent report, health care providers spent an average of 30% of their annual income on the insurance verification process. The good news is that there is a solution: verifying insurance claims before service can help unlock value and stop revenue leaks.

reason for claim denials in the insurance eligibility verification process

The main reason for claim denials in the insurance eligibility verification process are:

  1. patient data is missing
  2. claim billing errors
  3. expired policies
  4. effective coverage
  5. completion dates, and
  6. duplicate data.
  7. these always result in claim denials, non-payments, claim rework, delayed payments and could lead to additional costs for the provider and patient. resulting in decreased revenue, dissatisfied patients and, in these days of yelp and google reviews, can even tarnish a provider’s reputation.

    how does the claim verification process work?

    Is your practice affected by rising administrative costs?

    Is your organization inundated with insurance claim errors, claim denials, and unpaid patient treatment costs?

    Are you wasting precious time in the insurance claim process when you could be spending time providing medical care to your patients?

    verifying insurance can make the practice of healthcare more comfortable, secure, and rewarding for your organization. (If you have trouble finding an outsourcing partner, check out this guide.)

    what should healthcare providers do?

    Health care providers can eliminate the hassle by collaborating with the right outsourcing partner to help and support the claim process and ensure smooth revenue cycle management.

    the right partner:

    • create streamlined and transparent processes
    • provide expert guidance
    • ensure constant cash flow
    • minimize staff workload
    • be profitable
    • understand hipaa cms and security rules and guidelines
    • For a full picture of insurance eligibility verification benefits, see here.

      This briefly explains how to create transparency and streamlined processes by outsourcing insurance eligibility verification services.

      to learn about our eligibility verification experience. Call us at +1 (972) 456 9479 or email us at [email protected]

      how to check insurance eligibility and benefits in 4 steps

      Insurance eligibility verification involves many complicated and time-consuming steps. Here are 4 steps to verify insurance eligibility and benefits

      1. reception of hospital patient schedules
      2. verify with the health insurance company the scope of coverage
      3. communicate with patients if further information is required
      4. keep the billing system up-to-date with insurance verification and eligibility details, such as member and group ID, coverage start and end dates, copay information.
      5. See also: When Is Whole Life Insurance Worth it? – ValuePenguin

        Should your practice spend time, money and effort processing claims and following up with insurance eligibility verification companies for reimbursement when your resources can best be used to provide care to your patients?

        1. patient enrollment

        It all starts when healthcare specialists provide patient data to their external partner. There, experts analyze patient data and use it to begin the insurance eligibility verification process.

        2. insurance eligibility verification

        The most significant claim denial in medical billing is incomplete or missing information.

        An outsourcing partner should always ensure that they have the most complete and up-to-date information. this happens by contacting the patient’s insurance provider. Some of the reasons a patient’s coverage may have changed are marriage, childbirth, or divorce.

        The outsourcing insurance verification specialist will connect with the primary and secondary payers for a detailed view of the patient’s coverage. They will verify the details of insurance coverage to ensure that the maximum claim is met.

        A provider outsourcing partner will send them all updated coverage information so they can notify the patient of their insurance eligibility status and any need for additional payment. healthcare providers will also receive prior authorization from insurance providers prior to any treatment.

        3. patient monitoring

        Timely appointments and treatment are a must in the claims verification process

        By implementing automation tools, patient tracking is simple. By using automation solutions and services, patients can receive notifications, emails, text messages or phone calls about upcoming appointments and treatments. In the event of an appointment cancellation, patients will receive instant notification and rescheduling options. all of this serves to improve the patient experience and create satisfaction with your health care provider.

        4. billing system update

        Your third-party partner’s billing team will ensure that the insurance verification process has been entered correctly into the provider’s billing system. A partner well-versed in the entire admission and treatment cycle can ensure that all patient data is correctly recorded from initial appointment to final discharge.

        Benefits of Outsourcing Health Insurance Eligibility Verification

        1. allows ease of business

        The insurance eligibility verification process maximizes value by minimizing claim denials and rejections.

        Because insurance regulation is subject to change, if you don’t stay on top of those changes, your business could face denied claims, billing errors, or even delayed reimbursement. Remember, health care providers must verify a patient’s eligibility each time before providing medical services.

        2. increases patient satisfaction

        Patients need to know to what extent they can rely on their health insurance coverage and whether they may need to reach out of their own pockets for medical treatment. Unless efficient insurance verification is carried out, the patient may be exposed to financial risk, which is detrimental to both the patient and the medical practice. The complexity of verifying insurance claims often leads to costly mistakes that can be avoided by taking advantage of experienced service providers.

        3. addresses security issues

        Hospitals store a vast database of patient-related information. data that is worth a lot of money to hackers who can unscrupulously sell it on the dark web.

        Organizations are increasingly susceptible to online attacks. Why do you think cyberattacks often target the healthcare industry?

        Today, medical records make up to ten times more money on the dark web than credit cards.

        This requires organizations to pay special attention to cybersecurity. A successful cybersecurity plan requires an organization to establish and closely manage trusted digital identities throughout the digital healthcare enterprise.

        See also: How do i sell my term life insurance policy

        sufficient insurance verification ensures built-in safeguards to ensure privacy and security.

        4. increase revenue generation and improve cash flow

        Health care providers can opt for accurate Medicare verification (as well as processing claims to other federal and private insurance providers) to avoid insurance claim pitfalls, increase collections and avoid bad debt.

        All healthcare practices should pay attention to insurance verification services as a means of positively impacting their bottom line while entrusting complicated, time-consuming and error-prone claim procedures to an insurance verification specialist .

        When your practice outsources insurance verification services to specialists, your reason for being is. medical care may be your main focus.

        technology to the rescue – digital identity

        Insurance verification can be strengthened by incorporating digital identity verification for patients to ensure they are who they say they are using the technology.

        A digital ID is not something that exists; it must be created with trust and then managed, protected, secured, and shared under appropriate conditions.

        what is digital identity verification?

        When a person walks into a bank to open an account or walks into a hotel to book a room, or even approaches an agency to rent a car, they must prove their identity by showing their government-issued ID and proof of identity. home. the service provider needs physical evidence that they are who they say they are, and the company doing business with them needs to be convinced to complete the transaction.

        Now let’s move on to the digital world. even when a person is not physically present, insurance verification companies must verify who they are and make sure their digital identity is good.

        For digital identity insurance verification to be useful as a tool, it must include proof of a person’s digital identity through a digital solution.

        With over four billion people currently having access to the internet and global internet penetration estimated to reach 60% by the end of 2020, there is a growing opportunity for value creation through identification. digital.

        the mckinsey global institute report on digital identification estimates that digital identification could generate economic value of up to 4% of gdp in the us. uu. in 2030 and up to 13% in some emerging economies. institutions are set to benefit from improved client registration, with onboarding cost reductions of up to 90 percent.

        You, as a health care provider, are unfortunately part of the $496 billion problem. but technology now allows you to be part of the solution.

        A journey of a thousand miles must begin with a single step. when you take that first step, you ensure you’re moving toward target time and cost savings.

        final thoughts:

        With a streamlined insurance eligibility verification process, a healthcare provider not only ensures consistent cash flow, but also sees a higher degree of patient and employee satisfaction. It is often advantageous for providers to seek help from third-party partners who specialize in the insurance verification process.

        Looking to outsource insurance eligibility verification services? With our premium patient insurance verification solution, itech can help you gain more efficiency in your revenue management cycle.

        With a proven track record and qualified experts, itech’s insurance verification team is among the best. itech offers specific services to the needs of each client. iTech maintains a strong HIPAA practice, is SOCII certified, and complies with all CMS guidelines and regulations. call us or email us for more information.

        Contact our team today!

        See also: Best Illinois Health Insurance for 2022 – Benzinga