When your front office staff is trying to efficiently coordinate patient scheduling and inquiries, they may simply take patients at their word or go by what’s already on file when it comes to their insurance coverage. However, taking that extra step to verify health insurance coverage will pay off significantly by preventing major issues. Learn more about the importance of double checking your patients’ health benefits.
Unnecessary Stress for Patients
If your core mission is providing the utmost in patient care, forgoing the verification of their healthcare coverage can negate that by causing unnecessary stress for patients who are already vulnerable due to health issues. The last thing they need to deal with is a false sense of security that they are in the clear in terms of their benefits, only to end up with a denial of a much needed procedure or higher costs than anticipated.
Increase in Denials and Lost Revenue
By giving the go-ahead for procedures without double checking patients’ benefits, there is a very high risk of insurance companies denying coverage after the fact. Since the patients may then be on the hook for this unexpected and likely very costly expense, your healthcare organization may incur considerable losses in revenue from patients who are unable to pay, as well as collection costs, that could have been avoided with just a few extra minute of upfront effort.
Extended Time for Reimbursement
While denials of coverage from insurance companies due to not checking benefits can be appealed, it greatly extends the time it takes for your healthcare organization to get reimbursed. It requires extra time for additional documentation to be compiled, in addition to the amount of time the patient will have to spend trying to get in touch with their insurance company to get the appeal process started.
Neglecting to spend the short amount of time required to verify health benefits can lead to a significant amount of time needed to rectify the situation. The more hours that are spent dealing with inquiries and follow up with insurance companies and patient inquiries reduces productivity for time could be better utilized for patient care.
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