Account Receivables Follow Up and Insurance Verification
Online, October 3, 2013 (Newswire.com) - In the overall process of medical billing and coding, medical insurance verification is of very high importance. This involves varied procedures and sequences. Eligibility checks and verification is the first step to the complex process. The patient's eligibility to get the claim paid is very crucial basic step. Insurance verification are done before providing the services to the patient. According to most healthcare personnel, this is a tiring task. Outsourcing is the only smart way to handle such a lengthy and time consuming process. Hence, they seek for help from medical insurance verification service providers - either within their country or offshore.
By outsourcing this process, the medical practitioners can sit back and focus on performing the medical procedures to their patients. Medical practitioners who outsource this process can also save more and increase their bottom line. Usually the vendor company will appoint a special team to work on the insurance verification process.
This team will take care of tasks including:
• Verification of patient details
• Cross checking with the insurance companies
• Communicating with the patients to gather furthermore information
• Eligibility verification
• Dispatch of necessary documents to the insurance company
• Authorization and Referral approval
All the above services are absolutely necessary for boosting the revenue cycle of the healthcare industry. Vendor companies eliminate the need to hire in-house staff members for verification. Huge amount of salary can be saved along with other employee benefits like payroll tax, office space, cabins, health insurance, worker's compensation; employer tax etc. Above all, it can help in managing the other tasks efficiently. Investment in technological equipment, software and support cost can be eliminated. These elements help in improving the overall profit for the healthcare provider.
By avoiding such expenses and works, the healthcare providers can concentrate on their core business and multiply their revenues. When these processes are carried out by the medical staff members of the healthcare industry, there are chances of making mistakes at various stages of the process due to their lesser experience. This can be prevented by outsourcing the entire job, because the vendor company will make use of expert staffs to work on the assignment. The entire process will be hassle free and simplified. This in turn will decrease the total number of claim denials.
It is absolutely important for a healthcare provider to choose a reliable medical billing company. They will reduce the risk in business by comprehending to the varied government policies and latest trends in market. They also make the results more accurate. Error percentage gets hugely reduced and there is no need for a professional team to verify the obtained results. With all these aspects, they can make speedy deliveries.