Why is Insurance Eligibility Verification Vital?
Insurance eligibility verification is among the most important aspects of medical billing and coding. Insurance coverage and reimbursement information can’t be availed in a meaningful way without an effective system of insurance eligibility verification. Weakness or deficiency in the system results in financial loss for healthcare business.
Healthcare organizations frequently face payment delays, denials, and failure in collections. So, they suffer serious losses when they can’t validate eligibility and achieve prior authorization. When reimbursement is not possible on time, it means disruption of an organization’s cash flow system.
Why Streamline the Eligibility Verification Process?
The medical billing process starts with a patient’s verification for insurance. Retrieving all information relevant to eligibility and meticulously recording it is important. A physician will get paid for his or her services only if the patient is eligible for health insurance and the related benefits. For this reason, patients’ eligibility for health insurance must be verified accurately.
Claims can only be processed successfully if the latest data regarding health insurance eligibility is available and accurately used. Using the relevant data, and getting the claims processed on time are the keys to a smooth cash flow for an organization. A proper eligibility verification system decreases claim delays, denials, and other such problems. The system leads to improvements in the cash flow system.
The success of the eligibility verification process brings a positive impact on all related areas and processes. It provides convenience to the provider and the patients, which means a better service for the patients and a timely reward for the provider.
Why Outsource Eligibility Verification to BillMyMed?
Delays in receiving an insurance claim or facing a claim denial are common problems. Refer the issues to experts who know well what policies and conditions of a health insurance eligibility are and who have thorough knowledge about the policies and laws that change from time to time. BillMyMed is here to help you resolve all those issues as it’s been providing billing and coding services over the past six years.
We offer premium billing services at affordable rates. When you hand over the verification work to us, you can put your mind at ease and focus on other important tasks.
Salient Features of Our Eligibility Verification Service
We thoroughly verify all facts related to primary and secondary coverage, including the ID of a group member, duration of the coverage, details of co-pay, deductible information, details of the benefits and co-insurance, and others.
Our staff timely communicates with the payer via various channels to make sure that the verification process is completed on time and with no errors.
We use cutting-edge software and technology to efficiently complete the verification process. The advanced tools help us detect missing or incomplete data and resolve such issues quickly.
Our staff is well-trained to ensure compliance with all the relevant laws and regulations.
We not only focus on the accuracy of our methods and procedures but also of the security issues regarding the data involved.
Due to our team’s relentless hard work and distinguished features, we ensure a drastic decrease in delays and denials of claims while ensuring that the process is completed in the earliest possible time.