Medical practices confront enormous regulatory obstacles in revenue collection, according to the Medical Group Management Association's (MGMA) Annual Regulatory Burden Survey 2022. Healthcare businesses are working more and harder to get paid what they are entitled, and administrative costs have skyrocketed. Verifying insurance eligibility before each appointment is one method to lessen the administrative load of revenue collection.
Before seeing patients at your medical office, check your patients' insurance coverage for the following seven excellent reasons:
Check Insurance Eligibility to Confirm Coverage Status: This can be done to ensure that the patient's insurance is current and effective at the time of the appointment. This ensures that the patient's insurance will pay the services they get, preventing any unpleasant surprises for both the patient and the medical practice.
Reduce Financial Risks: If insurance eligibility checks aren't done, there's a chance that services may be given to clients who don't have active insurance. This can result in rejected insurance claims or unpaid payments, which would put financial strain on the medical practice. You can reduce the risk of delivering services that might not be reimbursed by first confirming insurance eligibility.
Improve the patient experience by verifying insurance eligibility prior to the appointment and resolving any discrepancies or problems there may be. Patients will value the efficient administrative procedure because it will shorten wait times and ease their frustrations when they are in your office.
Improve the patient experience by verifying insurance eligibility prior to the appointment and resolving any discrepancies or problems there may be. Patients will value the efficient administrative procedure because it will reduce wait times and ease their frustrations when they are in your office.
Avoid Rescheduled Appointments: Patients who are aware of their debts are more likely to make sure they have the resources to cover the costs before making an appointment. This guarantees that there are no unneeded delays or rescheduled appointments because of administrative problems during the patient's visit.
Comply with Legal and Contractual Obligations: A lot of insurance contracts demand that providers first confirm applicants' eligibility. These conditions not being met could result in contract violations and possible legal problems.
Verifying insurance eligibility helps prevent billing problems including submitting claims to the incorrect insurance provider or using out-of-date information. This results in speedier claim processing and quicker payment for services rendered.
Finally, doing insurance eligibility checks before to meeting patients is an essential step for medical practices to maintain smooth operations, enhance patient experience, improve revenue cycle management, and prevent legal and financial problems. By encouraging effectiveness, accuracy, and financial openness, it ultimately serves the practice's and the patients' interests.
The practice's electronic health record (EHR) system can incorporate insurance eligibility checks to make it simpler to access patient data and confirm coverage. By streamlining the administrative process, personnel is better able to concentrate on providing patient care. If you require further help with this procedure, think about outsourcing insurance eligibility verification to a seasoned medical billing agency.