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Maximizing Efficiency: Understanding The Impact of Real-time Insurance Eligibility Verification

 

Gunning for real-time insurance eligibility verification helps healthcare facilities ramp up the accuracy, cost-efficiency, and pace of the process. Going ‘real-time’ significantly expedites payment processes for both healthcare providers and insurance companies. Moreover, real-time eligibility verification offers the capacity to cross-reference, validate, and instantly update patient information online, thereby enhancing the revenue cycle management within healthcare institutions.

Traditional Eligibility Verification vs. Real-time Verification

 

Traditional eligibility verification processes involve a multitude of manual interventions. From filing and maintaining paper forms to time-consuming phone calls to confirm patient insurance, the traditional method of insurance eligibility verification is cumbersome. Here’s how real-time eligibility verification emerges as a significant improvement over its traditional counterpart:

 

Streamlined Patient Registration:

Patients are typically required to fill out lengthy paper forms, providing detailed information about their insurance coverage, personal details, and medical history. Traditionally, these forms are then manually entered into the care facility’s HIT systems, which increases the likelihood of errors in data entry and verification, potentially leading to inaccuracies in patient records. These errors can further result in billing issues, delayed treatments, and an overall inefficient healthcare system.

Additionally, the healthcare landscape is dynamic, with frequent changes in insurance policies, coverage plans, and patient information. Traditional methods may struggle to keep up with these constant updates, making it challenging to maintain accurate and up-to-date patient records.

Real-time eligibility verification offers a transformative approach to patient registration by facilitating real-time verification and confirmation that the insurance information is accurate and up-to-date. The resulting accuracy significantly expedites the registration process, as patient information can be entered directly into the system, reducing the chances of errors associated with manual data entry. As a result, the registration process becomes more efficient, leading to shorter wait times for patients and a smoother, more streamlined healthcare experience.

Reduced Claim Denials and Rework:

Historically, eligibility verification methods were riddled with inaccuracies and delays, resembling a ticking bomb that inevitably resulted in revenue loss and increased administrative burdens. Real-time verification significantly mitigates these challenges by providing immediate access to accurate insurance information. As a result, claims submitted with real-time-verified data are more likely to be error-free and in compliance with insurance policies, leading to a considerable reduction in claim denials. The increased accuracy minimizes the need for the time-consuming and costly process of appealing denied claims, allowing healthcare providers to receive payment more quickly and seamlessly.

Impact on Monthly Revenue:

Manual verification processes are prone to inaccuracies, leading to delayed or denied claims, resulting in revenue loss for healthcare providers. Furthermore, the extended time required for manual eligibility checks contributes to delayed billing cycles. This not only affects cash flow but also hinders the financial stability of healthcare organizations, particularly smaller practices.

Real-time verification offers a positive shift in the revenue cycle. By swiftly confirming insurance eligibility and coverage details, providers can confidently bill, knowing that the submitted claims are more likely to be accurate and by insurance policies. The improved accuracy, reduced likelihood of claim denials, and the ability to provide patients with clear information about their coverage and financial responsibilities contribute to a smoother and more predictable revenue cycle.

Pace of Operations:

Eligibility verification is cumbersome due to administrative staff manually handling paper forms, making phone calls, or sending faxes to verify patient insurance information. The traditional process affects the patient experience, leading to longer wait times and potential bottlenecks in healthcare facilities. The advent of HIT systems capable of real-time insurance eligibility verification greatly expedites the pace of operations. The instantly available insurance status enables healthcare facilities to serve more patients, fostering improved efficiency and resource utilization.

No More Portal Roulette

Traditionally, healthcare providers bore the burden of logging into different insurance portals to verify patient eligibility. Eligibility verification involving multiple insurance portals is time-consuming, frustrating, and prone to errors, as staff need to switch between various systems.

In contrast to this traditional approach, real-time eligibility verification streamlines the verification process by facilitating access to insurance portals within a single application.

By consolidating access to thousands of insurance providers under one roof, healthcare teams can significantly reduce the time spent switching between different interfaces, thereby increasing efficiency and accuracy in the verification process.
 

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