When it comes to medical billing and coding, insurance verification is arguably one of the most critical steps in the entire process. Now that healthcare requirements are getting more and more complicated, it is even more crucial to maintain a keen eye when it comes to validating insurances. Depending on the situation, the insurance verification may include checking deductibles, coverage, benefits, and other factors.
What Is the Insurance Verification Process?
In its simplest sense, insurance verification is the process of calling the insurance company. The healthcare provider does this to verify whether or not the patient’s insurance covers the services requested by the patient. If the patient’s active coverage is not checked, either an unpaid claim from the insurance company will be rendered, or the patient may face costly medical bills.
Insurance verification should be the first step after a healthcare provider receives a copy of the patient’s basic information. You should verify the specifics of their insurance benefits before they come in for their procedure or service appointment. Some basic things to note are whether they have an active plan and if you will be expecting payment for the medical service. Other information, such as deductibles or co-insurances/co-pays, are also crucial when it comes to seeing the patient.
Why Is it Important?
Verifying insurance can be a stressful but ultimately essential task of every healthcare provider. It requires efforts from both the back and front end of the office. Additionally, not only is insurance verification necessary for coding purposes, it is also an excellent client service practice. Patients will appreciate it more if their providers inform them about their insurance, its coverage, and other billing processes they might need to know about in the future.
Improved Cash Flow
Clean insurance claims increase when the verification is efficient. It also results in quicker approvals, thus speeding up the entire billing process. On the other hand, repercussions will follow when the verification process is inefficient. Healthcare providers may experience denials or rejections in claims, which translate into revenue loss.
Decreased Rejections or Denials in Claims
Advanced insurance verification, either for medical equipment or medical procedures, will lessen any claim denials or rejections in the long run. It’s important to note that insurance information, as well as requirements, are ever-changing, and quickly too, for that matter. Therefore, not being able to stay ahead of these changes will result in rejections, delays in reimbursement, or billing errors.
Easy to Do
Insurance verification is a fairly easy process. Most insurance companies make this process very easy for medical offices. Once you train your staff and set clear and easy to follow procedures for your staff, insurance verification will be an easy task to complete.
Good Patient Service and Increased Satisfaction
Patient satisfaction is sure to increase when a sound insurance verification system is in place. Patients prefer to know the details of their payment duties as soon as possible. Insurance verification gives peace of mind that their insurance plan covers their services. Failure to do so will make the patient highly vulnerable to unexpected medical bills, which can cause frustration.
Insurance Verification with Prospa Billing
This entire process is understandably critical but can be complex. Healthcare offices can benefit from getting external help. Reliable service providers can extend a hand in getting all your claims accurately billed and processed. Doing so will save you time and effort, ensuring quicker approval plus authorization, faster billing cycles, and much more.
You can trust Prospa Billing with your insurance verification needs. If you are interested in learning more, please do not hesitate to give us a call at (844) 663-3686. We look forward to hearing from you!