Insurance Verification Services in Healthcare: All you need to know

1. Insurance Verification Services in Healthcare: All you need to know Claim denials not only affect the revenue but also result in wastage of valuable time and resources. They not only put a dent on your revenue scale but also affect your reputation in the industry. According to a study, a majority of claim denials are obtained due to false verification of insurance coverage. Therefore, insurance verification is an important step in medical billing which must be taken care of at the utmost level. Insurance verification services in healthcare are meant to verify the status of insurance coverage. They are often confused with verification of benefits services, however there are some key differences. Verification of benefits are meant for verifying whether a particular service is covered under the insurance plan or not and insurance verification is done to know whether or not the coverage is actually present. How are these services helpful? The insurance verification services in healthcare allows medical practices to estimate or forecast the total patient responsibility amount for the service rendered by looking at the payer specific fee schedules. Letting patients know about this amount prepares them for making any payment plans. “Precautions are always better than cure”. This statement holds true in cases when patients are unaware of their coverage status or incorrect about the coverage. Insurance verification services in healthcare provides advanced protection in such cases and helps in avoiding coverage related denials.

2. The verification process. Billing companies make use of the conventional methods for insurance verification where they simply call the insurance representatives and verify the insurance coverage details. This whole process is time-consuming as the insurance lines are hard to connect due to the long waiting times. However, there are some other methods which are quick and easier to access. Major insurance companies have come up with online web portals where a provider can check for the correct insurance information. Some billing software or clearing houses also allow the providers to verify the eligibility information through them. These online services have accelerated the insurance verification services to a much greater pace. Outsourcing in trend. Many medical practices outsource their verification services to other verification services providers to save time and money. Outsourced insurance verification services result in efficiency and an increased business performance which automatically increase revenue generation capabilities. Verification of a patient’s health insurance is not just a way to determine if you are going to obtain reimbursements, it is more of a way to deliver excellent customer service. It can also be referred to as a great way of educating patients on their insurance coverage. Patient insurance coverage needs to be verified each and every time they visit the provider’s office. Though it consumes time, it is the most important responsibility of a medical office staff. Bikham Healthcare takes care of your insurance verification services so that you witness increased revenue with an increased level of patient satisfaction. Visit bikham.com to discover more.