Importance of Eligibility Verification for your Office / Practice
Did you know, most medical claims are denied or delayed due to gaps in patient information?
There are several reasons why this happens. For instance, it can be caused due to incorrect filing of forms during the patient visit, due to failure in updating medical dossier of the patient at the front-desk, lack of pre-certifications or a mismatch between the diagnosis and service provided at the practice. Considering this backdrop, it is imperative for practices to verify insurance eligibility of patients in a diligent manner.
You cannot expect to get paid for rendered services, if the verification process isn’t done properly. With proper insurance verification and pre-authorization, faster and more efficient payments can be enabled. It will also help your practice reduce debts and enhance the level of patient satisfaction.
Here are some of the benefits that your practice can enjoy with proper eligibility verification:
- It will help improve cash flow for your practice because your billing team will be submitting clean claims which will result in a faster billing cycle.
- There will be less or no chances of claim rejections, bad debt or denials. This is because your practice will be verifying insurance coverage in advance. It will also be required that you are vigilant in verifying the patient’s eligibility each time before the services are provided to them.
- Improving patient satisfaction is very important if you want your practice to grow. Eligibility verification will help you achieve the same. If there is no verification, it will leave the patient financially exposed and frustrated. As a result, the patient will have to pay 100% for the services that will prove to be bad not just for the patient but also the practice.
Many practices choose to outsource their billing needs to a reliable company that offers HIPAA compliant billing services. They handle accurate verification which helps speed up approval and authorization. It also allows the practice to focus on provision of value-based care and improve the bottom line.
It is very important for practices or medical offices to choose a reliable billing partner that will handle all aspects of the medical billing process, including insurance verification. So if your practice is facing high denials, then make sure eligibility verification is being handed properly. If it is being handled well, then there will be little chance of any confusion around insurance claims.