The Importance of Patient Eligibility Verification to the Revenue CycleThere are a number of...
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?
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.
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.
If you thought that medical coding and billing used to be a complicated process, it’s likely only become more complicated since the recent transition to ICD-10. In addition to this change, the recent growth in the number of high-deductible and cost-sharing insurance plans, as well as the Affordable Care Act, have likely also had some sort of effect on your revenue cycle.
The solution to managing all of these recent changes? Patient eligibility verification.
3 Solutions To Verify Patient EligibilityVerifying with insurance carriers on patient eligibility...
For most medical practices looking to improve their efficiency and the care they provide to their patients, there is always room for improvement. But many times, deciding where to start can be the most overwhelming part.
Oftentimes, medical practices turn first to their front desk or office, as this is where the patient begins their experience.