by Sponsored Content: Medusind Solutions
Denied insurance claims cost thousands of dollars. Only about 50% of offices verify patient insurance.
By Medusind Solutions
If insurance verification is so critical to a practice’s financial well-being, why are so many offices failing to do it?
The Insurance Verification Board Game: Start here
One of the simplest methods might seem to be going directly to payer portals and sites. But payer web portals often have outdated or inaccurate information. That means a time- consuming phone call to the payer, which usually leads to getting put on hold. Sometimes for 20 minutes or more.
After that, entering the data into the patient record is just as critical. And just as time consuming. There’s no such thing as a “yes” or “no” eligibility confirmation. Staff has to know the deductible, co-pay, coinsurance, frequency limitations, covered services, plan minimums, and waiting periods of the patient’s plan.
Multiply all that by the number of plans an insurance company has, and it becomes clear why insurance verification is the single most expensive activity associated with claim generation.
A complicated process that also has to be accurate
Even when insurance verification is performed, if the information is not correct or current, the results can be costly, for the practice and for the patient experience. If, for example, the percentage of coverage is not correct, it can result in over-charging, which leads to dissatisfied patients.
When patients receive unexpected bills from denied claims because their dentist turns out to be an out-of-network provider, they stop making referrals to the practice. Or they leave. And since competition in the field is only increasing, an insurance verification that is not made becomes very, very expensive.
The professional solution: remove eligibility from the workflow
Insurance verification has reached a level of complexity that requires a professional to do the job right. Dental outsourcing that includes insurance verification removes the burden of checking eligibility and benefits from the workflow altogether.
A trusted eligibility and benefits verification partner can help:
- Increase staff focus on patient satisfaction rather than paperwork
- Have the security of knowing the practice is using the most accurate billing information
- Experience improved efficiency and lower labor costs
- Receive faster payments with claims paid upon first submission
Insurance Eligibility Verification is an important but tedious task. If it’s mishandled, it can be one of the most costly mistakes a practice can make. But when it’s done right by expert professionals, it can bring big rewards.
As a leading provider of dental insurance verification services, Medusind works with virtually every dental software platform. Our large team of experienced agents, ensures that dental practices get complete and accurate insurance information and that the information is entered in your practice management system.
Our clients use us to perform 55,000 verifications every day. Many have been with us for 10 years or more. Find out how outsourcing with Medusind can put your Insurance Eligibility Verification on track and your bottom line on a fast track to greater profitability.
