What You Should Know About Insurance Verification
- Millions of health insurance claims are unpaid or denied every year. This leaves patients and medical practices with expensive bills.
- Medical practices need to verify patients’ insurance eligibility before visits. This is to ensure insurance companies will reimburse the costs.
- Without insurance verification, your medical practice will lose money and patients. An insurance verification specialist can help you.
Continue reading this article to learn about the insurance verification process. You will see why you need to have one. If you are looking for health insurance in Florida then you can check out myaccessflorida, they will assist you well.
What is Insurance Verification?
- Healthcare providers use the insurance verification process to verify a patient’s coverage. Actually, it’s the first step in the billing process.
- The process includes deductibles, policy status, and plan exclusions. Anything related to cost and coverage.
- Patients need to go through the process before receiving care. This makes sure the health insurance plan will cover everything.
- The process saves time and money. So, it is beneficial for patients, health providers, and insurance companies.
- There are several reasons claims are denied in the insurance eligibility verification process. They include missing data, billing errors, and expired policies.
- Other reasons include coverage, termination dates, and duplicate data. Having a verification process lessens the burden of denied claims.
Setting Up Insurance Verification
- You can do the insurance verification in-house or outsource it to another company. If you choose to do it yourself, put out a job listing for an insurance verification specialist.
- Well-qualified people are looking for insurance verification jobs now.
- A specialist will collect information from the patients and insurance companies. Then, they will ensure the data stays up to date.
- You can have patients submit an electronic insurance verification form before coming in. An electronic form is the most efficient for medical practices. It also eliminates human error.
- Of course, you can also offer a printable insurance verification form on your website. Patients can fill it out by hand before their appointment.
- Always have a filled-out form with a copy of the health insurance card on file for each patient. Then, every visit, the specialist can update the information as needed.
- This way, the information remains organized. In addition, the specialist can confirm the information with the insurance companies.
- If you don’t want to hire a specialist, you can outsource the task.
Who Uses Insurance Verification
Any practice that accepts health insurance should be using an insurance verification process. This includes private and group practices, large HMOs, and hospitals.
Additionally, many insurance companies cover addiction treatments and services. Those accepting insurance for recovery center should use a verification process, too.
Get Started Today
Now you have a solid understanding of the insurance verification process. The process is necessary for your health practice.
It will give you more time to spend with patients. It also streamlines the process for submitting claims. So don’t wait any longer to set up an insurance verification processing your office.
If you found this article helpful, make sure to check out more in the Health section.