The first step that helps streamline the claims-submission process is adopting a high-quality insurance eligibility verification system. However, most healthcare facilities and Providers do not have the time or labor to focus on such administrative functions. End of the day, it is their revenue cycle that gets affected badly. A survey says that most of the billing errors could be avoided if healthcare eligibility verification is done meticulously. Medical billing companies are established to do just that. Right from eligibility verification to reimbursement, they take care of all your billing needs. Nonetheless, there is a catch! Choosing the right medical billing company is important. Here are some of the best qualities that a good medical billing company possesses:
Adept Insurance Eligibility Verification: An experienced medical billing company will follow a systematic procedure to verify patient demographics. The steps include,
- Acquiring the patient schedule
- Patient information verification with the insurance policy carrier. The various criterions verified during this process include payable benefits, co-insurance, co-pay, deductible, patient policy status, type of plan, effective date, coverage details, plan exclusions, and claims mailing address
- Insurance qualification check in accordance with HIPAA authorization
- Verify primary and secondary Payers and their coverage details
- Contact patients in case they require prior authorization
- Obtain approval by contacting insurance companies through Phone or online portals
Benefits of Outsourcing Healthcare Eligibility Verification:
- By outsourcing, Providers and healthcare practices can save administrative, labor and overhead costs
- Streamline the overall medical billing process and ensure error-free claims
- Improve revenue cycle management by drastically reducing the claim denial rate
- Maximize and expedite cash flow
- Allow Providers to focus more on patient care
Why Choose MGSI?
There are so many medical billing companies in the US to choose from, however, partnering with the right one is the key to success. MGSI will be a prudent choice. The Affordable Care Act (ACA) has complicated the entire billing process and insurance eligibility verification is not an exception. Let’s discuss a scenario! When an ACA patient comes to a Practice, he/she may choose to have insurance for that particular month and deny paying premiums for the next couple of months. Once his/her health plan qualifies, the insurance company will pay for the services rendered in the first month. However, for the next couple of months, insurance companies may not pay and the patient will be held responsible. If the patient can’t afford to pay, then Providers will end up with bad debts. To avoid such cases, proper healthcare eligibility verification is required. MGSI does it exceptionally well!
About MGSI:
Based in Florida, MGSI is one of the experienced and reputed medical billing companies in the US. This medical billing company has been rendering its clients with top-notch insurance eligibility verification services in addition to other value-added billing services for more than 20 years. MGSI is an A+ rated company with Better Business Bureau. It is HIPAA compliant, ensuring high levels of security to patient information. To learn more details, log on to www.mgsionline.com.