What exactly is Insurance Eligibility Verification?Insurance Eligibility Verification is the procedure of needing the insurance status of the patient in order to minimize errors in medical claims processing information to prevent delays in revenue cycle management. It also provides information beforehand about the patient’s insurance plan, co-pays and deductibles in addition to services that aren’t covered for a particular specialty.Need for Insurance Eligibility Verification:Today, the patients suffer a lot because of the major drawbacks inside the eligibility and benefit verifications processes followed by many healthcare providers. The healthcare providers lose lots of time and financial capital in delays due to time taken for medical claims processing and rejections. Therefore, in order to streamline the access of patients right physician, it is rather crucial that you get the verify medical eligibility done without any delay. Additionally, the biggest benefit to the patients as well as the providers is that they tend to be prepared in what is protected what is actually never to determine the very best plan of care. The verification can be achieved in 2 ways – via a call to the Insurance Company (payer) or via websites (payer or EDI). With the aid of Insurance Eligibility Verification, revenue cycle management may be improved approximately 4 times by reducing the amount of rejected medical claims and improving the flow of income. Online verification saves much more some time and facilitates variety of estimated patient payments ahead of time during the time of hospital visit saving patients from ‘Balance due’ statements 3 to 5 months later. Last but not minimal, the productivity and efficiency of personnel at healthcare entities can also be improved by an efficient insurance eligibility verification process.How Insurance Eligibility Verification works?There are two types of Eligibility verifications. Reduce costs is really a basic verification which gets basic coverage information on the individual in addition to the co-pay and deductible details. The second reason is far more in-depth and requires the gathering of ‘code specific’ eligibility with annual max or lifetime max limits. The next form of verification is extremely ideal for some of the ‘super specialties’ like Cardiology, Nephrology, Urology, Chiropractice, Gastroenterology, General Surgery, Physical Therapy etc. The major advantage is in the revenue cycle management and collections, in which a medical claims processing rejection may be disputed with the payer based on the eligibility information that was obtained prior to the patient’s visit.Effect on Collections:As explained earlier, the biggest impact of a thorough Eligibility Verification is about the revenue cycle management. Many Providers ignore Eligibility as a waste of money and energy. But, if they adopt this technique, a lot of time can be saved through the revenue cycle management resulting in faster medical claims processing that will deliver substantially better Collections than their current levels.