“Prevention is better than cure” the famous phrase that asks us to be prepared than to lament about it afterwards.”
A medical survey has shown that 6% insured individuals forget to renew their health insurance coverage annually and as a result they have to pay for the services from their pocket that account for almost 30% of their annual insurance premium.
This can be disadvantageous for the provider as well, in case the patient becomes reluctant about their coverage and don’t pay the bills. To bring down these figures, Medphine performs insurance verification of every patient that comes in for an appointment a day or two before. In case the patient doesn’t have an active coverage he is informed about the same.
Advantages of Insurance Verification:
- Increase point of service collections (Co-pays, Out Of Pocket, etc.)
- Improves efficiency of revenue cycle
- Decrease claim denials due to no coverage
- Reduce risk factors
- Enhanced patients experience
- Simplifies workflow
- Reduced rework of claims
- Decreased account receivables days
- Alerts about self-pay patients
How Medphine will do it?
- Medphine executives will access the patient’s insurance information from the appointment schedule of next day or the practice can choose to email it in secure file format.
- Depending on the insurance payer, we will verify benefits and eligibility through websites, Automated Voice Response System and calling the Customer support center.
- We also verify specific benefits or details listed below as and when requested by the provider.
- The detailed information will be punched in the individual patient’s account in form of notes.
- In case the coverage is terminated or the service is not covered, the patient is called and informed about the same, and asked for any alternative insurance coverage.
- A detailed daily report is also sent to the practice manager with notes of all the patient’s verified.
We can verify more or less from these information while verifying insurance depending on the specialty of the provider:
- Payable benefits
- Patient co-pays
- Plan deductibles
- Patient policy status
- Effective policy date
- Type of plan and coverage details
- Plan exclusions or exceptions
- Referrals & pre-authorizations
- Mailing address for filing medical insurance claims
- Lifetime medical insurance maximum, and more
Medphine’s Insurance Verification service can help in safe guarding and literally reducing the claim denial rate by 40%.It initiates a healthy revenue cycle and puts a check from the very beginning.
If your aging report shows piles of denied claims, it’s high time to act? Call us today and know more about what Medphine can do for you?