Claim denials have become a fact of life for HMEs/ DMEs yet studies show that up to 90% of claim denials are preventable. If proper care is not taken, medical billing errors may arise, leading to delay in payments, delinquency in claims, and eventually patient disappointment. Quick and accurate verification of a patient’s eligibility and authorization of insurance coverage can help reduce claim denials and even protect patients from unexpected medical bills.
Outsourcing medical billing is a good strategy to streamline the insurance verification process, increase acceptance, and lower claim denials. Here are some major benefits of outsourcing medical billing in order to improve the insurance verification process:
- Minimize Billing Errors
As a growing DME/ HME, you can’t afford to waste time with errors and inaccuracies in the insurance verification process, causing delays, unnecessary rejections, increased workload, and high costs. By hiring a team of certified specialists for your DME billing, you get the best practices and the latest technology for automation. This allows better management of the error-prone manual processes as well as compliance monitoring before submitting to the insurance carriers. The higher numbers and faster turnaround of clean claims speeds up reimbursements, resulting in fewer denials and fewer pending or rejected claims.
- Minimize Delays and Improve Cash Flow
Outsourcing to a medical billing company ensures that you have a solid insurance verification process managed by specialists dedicated to processing clean claims, which significantly expedites the entire medical billing process. Trained and experienced medical billers bring speed and accuracy, thus minimizing billing errors, moving the claim quickly, and accelerating the entire process. This approach helps to facilitate accelerated payments and lowers AR follow up, while maintaining a constant cash flow.
- Streamline Business Operations
When done in-house, the insurance verification process can be time-consuming and tedious for your administrative team. Outsourcing medical billing allows you to set processes in place that enable capturing real-time, accurate patient verification to simplify and streamline billing and collection. This also helps reduce costs associated with billing delays, medical billing errors, and duplicate medical records. Outsourcing the insurance verification process allows your in-house staff to concentrate where it matters the most – providing value-based patient care.
- Help Identify and Address Coverage Issues Up Front
Insurance organizations periodically change or update existing healthcare policies, revising or renegotiating coverage plans. An outsourcing partner uses automation to verify coverage at every point in the billing process from scheduling and registration to submission and discharge, keeping you updated on any coverage changes. This eliminates the need for your team to manually track eligibility changes.
- Increase Patient Satisfaction
The time-consuming task of medical billing, while providing value-based care to patients, can be particularly challenging for in-house staff. Outsourcing the insurance verification process and medical billing ensures accuracy of records, transparency, and efficient customer support, leading to increase in patient satisfaction.
Are you looking to streamline your medical billing process? Have you faced any medical billing errors or challenges? If yes, then we are here to help! Analytix Solutions regularly works with DME and HME practices to identify and implement medical billing services and assist healthcare providers in streamlining and optimizing the medical billing process. Analytix is HIPAA compliant, possesses an ISO certification for secure data, and offer flexible engagement models and payment structures.