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6 Patient Eligibility Verification Best Practices
Verifying patient eligibility is becoming an indispensable process when it comes to billing patients, getting paid by insurance providers, and the overall management of practices’ revenue cycles. With the rise in high-deductible and cost-sharing insurance plans, more and more patients are required to make payments at the time of service, though many patients are unaware of that fact.
Eligibility verification—particularly when done in advance—solves this problem, allowing you to give important information to your patients before their appointments.
The Importance of Patient Eligibility Verification to the Revenue Cycle
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When Should I Verify Patient Eligibility?
Even just a few years ago, verifying patient eligibility once a year was good enough, as most patients stuck with their insurance providers for the long haul. However, the market is changing, and more and more patients are switching over to higher deductible plans and plans based on cost sharing.
Today, a patient’s insurance information can change over night—which is why it’s increasingly important to regularly verify your patients’ eligibility. But when, exactly, should you verify patient eligibility?
Save Time and Money by Verifying Patient Eligibility
Recently, insurance policies have been changing, putting more and more of the financial burden on the patient, in the form of copays and high-deductible plans. Because of this change and this increase in financial obligations that patients are faced with, it’s becoming more important for medical practices to verify each patient’s insurance eligibility–before the office visit, if possible.
Verifying patient eligibility before a patient sees a physician has a number of benefits, and overall will save your practice both time and money.
Problems with Electronic Patient Eligibility Solutions and How to Overcome Them
Most practices have some sort of protocol for checking patient eligibility prior to appointments. While some still rely on manually checking patient eligibility via calling the insurance providers, few private practices can spare the man hours it take to verify coverage in this manner. For those who do maintain patient payment information in-house, there are a number of options. Most different modes of checking patient eligibility have their own benefits, as well as problems to overcome.