Why Verification of Benefits is Essential for Medical Practices?
Insurance eligibility verification is the first and foremost step in medical billing and coding. With changing complexities in healthcare, requires practices to pay more attention to validating coverage, benefits, deductibles, and co-payments. Therefore, it becomes highly crucial for medical service providers to understand the verification of the benefits for Medical Practices process and how the important role it plays in the healthcare industry.
Today, in our blog, we will learn about the insurance verification process and its significance in the medical billing process.
Insurance Verification Process
The insurance verification process includes contacting the insurance company to determine whether the healthcare benefits of patients over the required procedures needed by the healthcare provider. This verification process should be ideally conducted before a patient receives medical services. If not done, it could leave your practice with unpaid claims from the insurance company and even the patient could be saddled with sudden unexpected bills, which impact the reputation of your practice.
Significance of Benefit Verification in Medical Billing
Unbalanced benefit verification is considered the most common cause of medical billing failure and ensuring proper insurance verification and pre-authorization, provides faster and increased efficient payments, reduced debts, and improved patient satisfaction.
#Increases Cash Flow
Maintaining accuracy in insurance eligibility verification leads to a higher number of clean claims, resulting in speed approval of claims and a faster billing cycle. If you do not give it a closer look, it may put your practice at risk with claim rejections, bad debts, and denials.
#Cuts Down Claim Rejections & Denials
Claim rejections or denials are common in any healthcare practice, but being advanced in insurance verification coverage can result in only fewer claims being rejected. Frequent changes in insurance information may happen quite common; therefore, staying updated to the ever-changing regulatory and being one step ahead could help you go easy on medical billing with a lessened rejection of claims, billing errors, and reimbursement delays.
# Improves Patient Satisfaction
Almost 90% of your patients will want to know their payment responsibility upfront when they approach. So it becomes the primary task of your practice’s staff to contact the insurance provider before beginning the procedure or services delivered. You should be able to clear the doubts of your patients about insurance coverage eligibility then and there, and how much they would likely have to pay for non-coverage services so that they can prep themselves in terms of affordability and other arrangements.
By doing so leaves an impression among your patients that you are very transparent before rendering services and they have not levied any hidden charges as well. It further results in improved patient satisfaction along with increased revenue as well.
Conclusion Though verification of benefits for Medical Practices is something you must not ignore, at the same time, while caring for your patients, practice can’t do it instantly and respond to them. Therefore, many healthcare practices prefer outsourcing this insurance eligibility verification process to a trusted medical billing company that can handle it effortlessly. If you are a busily running healthcare practice and facing issues with benefits verification, contact 24/7 Medical Billing Services at +1-888-502-0537 for quick help because they are experts and experienced in dealing with eligibility verification and RCM experts too.
Read More: Importance of Eligibility Verification for your Office / Practice