Fast and accurate verification of patient eligibility of insurance coverage plays a significant role in a claim´s lifecycle. This information should be verified before every appointment to avoid inaccurate data that could lead to payment delays.
The eligibility and verification procedure is paramount to avoid reworks and higher errors that could result in claim denials and patient dissatisfaction. Therefore, medical practices must ensure patient information accuracy, such as coverage status, and other important information, such as applicable copayment, coinsurance, and deductible amounts.
Outsourcing this critical process is a great option to improve claims acceptance, speed the payment process and reduce expenses. This can also help practices to worry less about chasing insurance companies for compensation. It also allows healthcare staff focus more on providing excellent quality care for patients.
Benefits of outsourcing the eligibility & benefits process
- Better profitability: An exact process can help reduce unpaid claims by the insurance company or a patient who cannot pay the bill within the time window. There are lesser claim denials, which allows the practice to maintain cash flow and maximize reimbursement.
- Reduced claim denials and rejections: Counting on an expert outsourced team can help you increase your clean claims submission, which helps in reducing claim denials and rejections.
- Efficient workflow: Outsourcing the eligibility and verification process simplifies and streamlines the overall medical billing process, improving efficiency.
- Higher patient satisfaction: Claim denials are avoided or resubmitted, which elevates the patient experience and increases patient satisfaction. It also allows your staff to focus on the patient instead of administrative processes.
- Reduces administrative costs: Outsourcing this process can help you reduce your overall administrative expenses, including employee expenses, overhead, and more.
Health Prime can help!
By verifying eligibility, practices can determine a patient´s medical insurance coverage status before the appointment. This way, the staff can accurately report demographic information on insurance claims. A claim may be a loss from the beginning if you provide services without verified insurance.
Health Prime helps your organization´s financial security and minimizes claim rejections. Our eligibility and benefits verification process reviews your practice’s procedure-specific coverage and benefits, so your patients know what is due before their visit.
This process provides on-time patient payments and prevents unnecessary back-end collections, effectively increasing patient satisfaction and maximizing revenue.
Learn more about outsourcing your eligibility and benefits process and how it can help your practice. Feel free to reach us at [email protected]. Our team will set up a meeting to discuss how Health Prime can maximize your revenue by cutting costs, saving time, and collecting more!
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