Insurance verification is a key step in the revenue cycle management process, which helps verify and understand the patient’s insurance coverage plan.
One of the major reasons for medical claim denials is inaccurate or incomplete insurance coverage details provided by the patient to the medical practice.
To avoid this, medical practices choose a third-party insurance verification provider with expertise in this field. Making a right pick out of the many insurance verification companies can prove to be challenging.
These are the following points to keep in mind while choosing a compatible insurance verification partner for your medical practice:
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Standard Certifications
The insurance verification company you choose must be ISO 9001:2000 certified. This certification guarantees HIPAA compliant security, ensuring the confidentiality of your medical data. Checking for other standard certifications such as CPT, ICD, HL7, HCPCS, etc., will help your medical practice prevent claim denials.
Compatible Software
While choosing an insurance verification partner, looking into the software used by the company is essential. If the software used by the third-party provider proves to be incompatible with your medical practice’s existing software, it is necessary to have a smooth software transition process in place. This would hence ensure a friction-free insurance verification process.
Pre-authorization
This step of pre-authorization enables the patient’s insurance provider to decide and authorize medical services for the patient. The third-party insurance verification companies that have the tool of pre-authorization functionality can provide your medical practice with an option to track patient authorizations.
Advanced Infrastructure
The insurance verification provider you choose must be well-equipped with state-of-the-art infrastructure to support the entire insurance verification process. Some examples of the features of advanced infrastructure are, having power back up option, built-in IT support, etc.
Quality Assurance Inspections
While making the best pick out of the many insurance verification companies, choosing the one with multiple levels of quality assurance inspections will be beneficial to ensure optimal accuracy and error-free insurance details.
Flexibility to Scale
A compatible insurance verification partner provides the option to scale up or scale down according to your medical practice’s requirements. The insurance regulatory standards keep changing and so do the business demands for the medical practice.
The third-party provider chosen must have the expertise and capacity to manage challenging situations. They must be well-equipped with a large number of staff members to enable scaling at any point in time.
Extensive Experience
One of the important aspects to be kept in mind while choosing the right insurance verification company for your medical practice is the number of years of experience that the third-party provider has.
A higher number of years of experience is usually a proof for the company’s exposure in the industry, consistent quality services, and authenticity. Their extensive experience also proves the expertise of their recruited insurance support professionals responsible for the completion of the insurance verification process.
24×7 Personalized Services
According to your medical practice’s requirements, you can choose one of the insurance verification companies which is put up in multiple locations, hence combatting time-zone discrepancies.
Multiple delivery centers ensure 24/7 flexible insurance verification services, which further personalize the experience for your medical practice. It also enhances the turnaround-time as a result of quicker insurance verification services.
Flexible Pricing Packages
Having the flexibility to choose the pricing options as per convenience can be an advantage for your medical practice.
Medical insurance companies provide various pricing models based on a number of hours, work is done per unit and such will ensure customizable insurance eligibility verification services that are need-based. In this way, you would only pay for the specific services provided by them, hence helping to cut costs.
Partnering with a real time insurance verification provider boosts cash flow, enhances patient experience, and ensures complete reimbursements. Therefore, it is necessary to choose a compatible partner company from the range of insurance verification companies available in the market.
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