Medical billing & coding professionals are the backbone of any successful revenue cycle management process. They are responsible for many key tasks that together go into making every claim submission successful. It cannot be denied that the meticulous completion of administrative functions is an imperative step to make the process more streamlined.
In the medical billing cycle, patient eligibility and authorization verification is an essential and important step in the claim submission process. A lot hinges on the successful completion of this task.
The quick and accurate verification of a patient’s eligibility and authorization of insurance coverage plays a major role in a claim’s lifecycle. If proper care is not taken, rejections and errors may arise which will lead to discontent among the patients and, in most cases, to no compensation.
Outsourcing this critical process is a good strategy to cut losses, improve acceptance and result in greater compensation. It also allows healthcare service providers to worry less about chasing insurance companies for compensations and focus more on providing quality healthcare to their clients.
There are many benefits of outsourcing eligibility and authorization verification. For one, it accelerates the entire medical billing process to an amazing degree. Trained and experienced personnel can make a big difference in the speed and accuracy with which a patient’s insurance coverage is verified and preauthorized. This, in turn, helps to move the claim quickly to the next steps and accelerates the entire process.
Here are some other benefits of outsourcing patient eligibility and authorization verification:
♦ Outsourcing reduces administrative costs, including employee expenses, overhead and more
♦ It reduces claim rejections dramatically and curtails denials
♦ Outsourcing insurance eligibility and authorization verification simplifies and streamlines the overall medical billing process, leading to better efficiency
♦ It reduces a lot of burden on medical practitioners
♦ It helps to maximize reimbursement
So if you are serious about getting more claims approved and keeping your profitability high, consider outsourcing all your eligibility and authorization verification worries to a competent outsourcing partner. This could prove to be the smartest business move you’ve made in recent times.