Verification in hospitals and other medical facilities is an integral part of the treatment process. Doctors and other health practitioners have to verify the eligibility of every patient before an appointment.
Every hospital management emphasizes the need for doctors to ascertain the patient has a valid payment option. What are the reasons behind this analogy? We find out below.
Streamline Practice Revenue
A significant amount of hospitals’ practice revenue is deducted from co-pays and quick insurance payouts. The lack of proper healthcare identity verification can heavily impact the number of funds flowing into the hospital at any given time, making it challenging to enjoy the effortless availability of money to practice their craft.
Unverified patients pose a threat to the stability of any hospital. Different health organizations partner with varying insurance companies, making it essential to ascertain that every sick person walking through yours is a holder of your preferred health insurance coverage.
Healthcare verification allows you to ensure that after each patient walks out your doors, there’s an assurance of payment for the services rendered. Consequently, your practice revenue kitty will always have a healthy balance, allowing you to serve your clients well.
Quick Payouts for Doctors and Other Hospital Employees
Hospitals, like every other business, rely on insurance payouts to have enough money to service the institution. And while multiple reasons can delay insurance companies from releasing due funds to hospitals, doctors and medics can reduce this risk by simply verifying their patients.
Verification allows the insurance company to speed up the reimbursement process, allowing doctors and other hospital employees to enjoy monthly timely salary payments.
More Partnerships with Multiple Insurance Companies
Health insurance companies always look for hospitals that offer the most efficient collaborations for more business opportunities. Verifying your patients is one way to ascertain a hospital is worthy of partnering with.
This means that insurance companies will have minimal back and forth instances when a hospital is claiming funds. In this instance, you can increase your chances of attracting the attention of multiple insurers. You heighten the number of people visiting your hospital for medical help.
Increase Quality Assurance
The availability of quality services in the medical sector is one factor that lures patients to a particular hospital. Verification ensures the patient has enough balance in their account before any medical procedure.
After the approval of a bill, the billing and claiming procedure continues. Ensuring that each patient has the pertinent information regarding their actual balance allows them to make the right medical decisions regarding their health when they do not have enough money or find alternative ways of footing their medical bills.
Increased Patient Satisfaction
Patient satisfaction is among the most prevalent reasons that increase the rate of return customers to any medical institution. Unfortunately, your hospital can jeopardize the chances of satisfying your clients if you do not conduct a verification process before treatments.
Once you begin treating a patient, it’s only prudent and professional to complete the process without cutting it short for any reason. Without verifying their insurance eligibility, you may have to halt treating them, especially if you discover they do not have a valid insurance plan along the way.
Aside from being unprofessional, this is also unethical. And the chances of the patient leaving your medical premises unsatisfied with your services are high. Sadly, this tabulates minimal word-of-mouth referrals, which can hurt your practice.
Reduce Claim Rejections or Denials
Claim denials and rejections aren’t uncommon in the healthcare industry. The most common reasons for these instances include billing errors, unavailability of critical patient information, or untimely billing. However, the lack of proper verification processes contributes significantly to denials.
Health insurance companies cover the patient’s stay in the hospital from the moment they step into when they are released. Consequently, it is vital to key in the admission time and every other necessary detail to make this process smooth.
The easiest way to ensure you do not miss any detail is by verifying a patient during the admission process. It gives you the proper information that resonates with timings when sending a bill. Also, it comes in handy when a few policies in the insurance policy change. Verifying the patient lets you stay abreast with these trends, making your billing process smooth.
Speed Up the Reimbursement Process
When you verify the patient, the chances of receiving reimbursements quickly after sending a claim increase. Verification is contacting a health insurance company to find out the status of every account holder before treating your patients.
Confirming a patient’s eligibility reduces the time it takes for the insurer to release payments. Failure to do so keeps you waiting for long before reimbursement. In some instances, you may receive rejected or denied bills, especially if the client’s cover has expired or it does not cover the treatment of particular ailments.
To Wrap Up
Every sensible medical practitioner must verify their patients before they can begin the treatment process. Doing this allows them to enjoy an array of benefits and avoid bad debt, unfavorable reputation within the insurance realm, and most importantly, improve quality service provision and customer satisfaction.