The initial and the essential part of revenue cycle management process is insurance eligibility verification. However, many practices and medical billing companies ignore it before claim submission. Benefits and eligibility verification is the process of checking the status of patients insurance and the benefits covered by the insurance company under the patients plan.
A healthcare practice may lose money OR face delay in payments due to missing eligibility verification before claims submission. Delay in healthcare insurance payments has a direct impact on the company’s cash flow. Physicians should have to focus on eligibility verification before claims submission to ensure that they’ll get payment for services rendered and avoid denials such as PR 27 – insurance terminated.
Advantages of Insurance Benefits and Eligibility Verification
There are a lot of benefits of checking patients eligibility prior to claims submission. Some of those benefits are mentioned below:
- Smooth workflow
- Improves Cash Flow
- Boost Revenue
- Reduce delay in payments
Why Outsource Eligibility Verification Services
Many medical billing softwares now offer real-time eligibility check option but still you can’t get detailed information there. So, it’s necessary to check benefits and eligibility through webportal, IVR or live call to make sure performed services will get paid.
However, it is very difficult for providers to check every patient eligibility due to lack of time. In such situation, there is no other option can be better than outsourcing benefits and eligibility verification services to the professional medical billing company.
Eligibility Verification Services We Offer
Xceed Billing Solutions make sure to check patient eligibility before claim submission to avoid several denials which can cause delay in payments.