Medical Insurance Verification - Factors That Contribute Towards Improving Productivity and Profit

Medical insurance verification is a necessary part of the medical billing process. It involves checking the eligibility of patients to receive payment for their insurance claims. Such verification is one of the most critical steps in claims management. Unless medical insurance is verified prior to providing services, payment for claims cannot be ensured. Busy healthcare practices now find that they can improve productivity and profit to a great extent by outsourcing medical insurance verification to a professional company.
Medical practitioners that partner with medical billing firms to handle eligibility verification save the money and time that would be necessary to perform the job in the practice. Health insurance verification is a key element in the extensive array of services that a medical billing and coding company usually offers. A separate team is assigned the task of verification of patient insurance eligibility - right from receiving patient details, checking them and contacting the insurance companies. Services offered would include
• Receiving patient schedules from the hospital
• Verifying insurance coverage on all primary and secondary payers
• Contacting patients for further details if needed
• Providing the medical practice with all the necessary information: eligibility and benefits information, member IDs, co-pay information and more
Insurance Verification Services to Enhance Profit and Improve Productivity
Insurance verification services play a vital role in the revenue cycle. By outsourcing these tasks, the medical practice does not have to hire staff to do the job. This helps save on salaries, employee benefits such as payroll taxes, paid vacation time, medical office space, health insurance, workers' compensation insurance and much more. In addition, much is saved on management and administrative costs, office space and utilities, technical support and other related aspects. All these savings help enhance the healthcare provider's profits.
Insurance verification outsourcing also helps healthcare professionals save valuable time, focus on their core business activities and provide quality healthcare. This helps maximize their productivity, which ultimately results in increased revenue. As the verification services are performed by experts, the process is hassle-free. This reduces the chance of claim denials and helps the revenue and profit of the practice.
Factors That Help Enhance Profit and Productivity
Medical insurance benefit verification services help increase profit and productivity by
• Sharing business risk: Outsourcing these tasks to a reliable service medical billing company reduces business risks due to changes in technology, government policies, and market trends. This helps medical professionals to concentrate on their core activities which results in better productivity and profit.
• Ensuring accuracy: The risk of errors in verification is reduced when a professional team handles the job.
• Reducing operating cost: The services help to considerably reduce the operational costs and capital investment of the practice.
• Quickening reimbursements: Timely and error-free health insurance verification ensures efficiency and speed in the submission of medical claims. This can speed up the medical reimbursement process.
In summary, medical insurance verification increases the revenue of healthcare practices by speeding up the insurance verification and authorization process. This would ensure maximization claim reimbursement.