Insurance verification is the first and most critical part of the medical billing cycle. In the present, the constantly changing healthcare environment needs close attention regarding validating coverage, benefits, payments, and deductibles.
In this way, in the medical billing process steps, it becomes vital to verify healthcare insurances.
- Insurance Verification Process
- When to verify the medical insurance in a medical billing cycle?
- Insurance Verification Checklist
- Check-list for verifying health insurance
- Get a Copy of the Patient’s Insurance Card
- Contact the Insurance Provider
- Record Accurate Information
- Follow up with patients.
- Why is it important to verify Insurance in the Medical Billing cycle?
- Improves Cash Flow
- Limits Claim Rejections and Denials
- Builds Patient Satisfaction
Insurance Verification Process
Basically, in the medical billing cycle, insurance verification is the way toward reaching the health insurance companies to decide if the patient’s health insurance plan covers the necessary procedures.
Additionally, it is important in medical insurance billing to complete health insurance verification before a patient gets medical services. Inability to do so could leave your practice with an unpaid claim.
When to verify the medical insurance in a medical billing cycle?
In the medical billing cycle, insurance should be checked before clinical services are given. It should never be an assignment the medical billing staff handles toward the back.
In the medical billing cycle, follow these five stages to decrease the eligibility-based denials.
Insurance Verification Checklist
Pose the right inquiries during health insurance verification. Front office staff should enter data gathered from the insurance card, calls with the insurance companies, or electronic eligibility systems.
Check-list for verifying health insurance
Insurance eligibility verification data in every patient’s electronic medical record for your practice would include:
- Insurance name, telephone number, and claims address
- Insurance ID and group number
- Name of insured
- Relationship of the insured to the patient
- The effective date of the policy
- End date for the policy
- Is coverage active at the moment
- If the health insurance plan covers the procedure, diagnosis, or services
- Does your practice take part with a health insurance plan
- Limitations of the policy
- Requirements for the payments
- The measure of the patient’s copay and deductible
Get a Copy of the Patient’s Insurance Card
The medical billing cycle of health insurance verification should start by collecting eligibility information. Start by requesting a duplicate of new insurance data from the patient. It’s wise to request a copy of the card regardless of whether the patient expresses that insurance hasn’t changed.
An up-to-date picture of the two sides of the insurance card in your electronic health record gives data backup on the off chance that somebody mistyped insurance data into the record. Medical billers should double-check ID numbers against cards prior to sending claims.
Contact the Insurance Provider
Try not to trust data on cards fully. Indeed, even half a month after a card is given, medical insurance coverage may have changed or been ended. Contact the health insurance companies straightforwardly to guarantee qualification.
Place a call utilizing the provider’s hotline given by the payer or utilize your coordinated EMR and Billing System to ping high payers like Medicaid, Medicare, or Blue Cross for eligibility information.
Setting up electronic eligibility systems for payers is the most proficient choice. You might have the option to import information straightforwardly into electronic medical record systems, making the interaction much quicker and error-free.
Record Accurate Information
It is important to train office staff to take additional consideration in the medical billing process while transcribing data into the patient record. The data constructs the establishment of the medical claim, and a solitary transcribed number can mean the distinction between a clean claim and a denial.
Hurrying through health insurance verification practices and making data blunders may cause days or long stretches of delays on payments, or the claim could go totally unpaid, which is awful for any medical practice.
Follow up with patients.
On the off chance that there are any inquiries or concerns, follow up with the patient about the health insurance plan. Utilizing a patient portal to advise patients regarding qualification through email or online means is effective.
However, practice staff can likewise telephone the patient to tell them about copay or different issues. Informing the patient as ahead of schedule as conceivable about out of insurance expenses can increase the odds of collecting those funds.
Why is it important to verify Insurance in the Medical Billing cycle?
Neglecting verification of insurance is the most widely recognized reason for medical billing failure. It is vital to guarantee appropriate insurance verification and pre-authorization.
Because it empowers quicker and efficient payments, reduces debts, and upgrades patient fulfillment.
Improves Cash Flow
In the medical billing cycle, accurate health insurance verification guarantees a higher number of clean claims. This speeds up endorsement and results in a quicker billing cycle.
An insufficient verification of medical insurance qualification and plan-specific advantages puts medical care associations in danger for claim dismissals, rejections, and bad debt.
Limits Claim Rejections and Denials
Confirming the insurance inclusion ahead of time for equipment and procedures brings about fewer claim denials. Since insurance data change now and then, the inability to remain in front of steadily changing administrative requisites could prompt rejected claims, billing errors, and repayment delays.
Healthcare providers should be watchful and confirm the patient’s eligibility each time before the services are given.
Builds Patient Satisfaction
Nine of every ten patients need to know their payments obligations forthright. It is ideal to contact the patient’s health insurance company before the procedure or services are delivered and guarantee that it is incorporated in the patient’s medical insurance coverage.
Errors in completing effective insurance verification or presenting a case for a system that the patient’s insurance company doesn’t cover, or is conveyed by providers who are outside the patient’s healthcare coverage plan, will leave the patient monetarily uncovered and disappointed.
This isn’t only awful for patients, however unfavorable to the medical practice too.
An outsourced medical billing like UControl Billing that offers HIPAA compliant medical billing takes the liability from practice staff and improves insurance verification process.
The precise verification by a UControl Billing assists with increasing endorsement and approval. It also permits you to focus on offering value-based care that also positively impacts your practice’s image. Tell them the issues you are facing, and they will help you with that.
I am Kate, a dedicated health advocate. My purpose is to educate you regarding the most current wellness trends, offer science-backed insights to enhance your understanding, and present actionable tips to support you on your journey towards a healthier and happier life. Let us commence this wellness path together!