Insurance Verification plays a vital role in claim submission.
The first and most important phase in the medical billing process is to verify insurance eligibility. According to research, the majority of claims are denied or delayed owing to insufficient or incorrect coverage information provided by patients during visits, as well as current coverage information that has not been updated by office or hospital staff. This absence of or inaccurate insurance eligibility verification has a direct influence on payments.
IMBS dedicated eligibility verification team promptly addresses insurance concerns, ensuring active coverage and covered services, thereby aiding dramatic reduction of the client's account receivable cycle, appointment delay or cancellations.
Why eligibility verification is required :
The first and most important phase in the medical billing process is to verify insurance eligibility. According to research, the majority of claims are denied or delayed owing to insufficient or incorrect coverage information provided by patients during visits, as well as current coverage information that has not been updated by office or hospital staff. This absence of or inaccurate insurance eligibility verification has a direct influence on payments.
Insurance eligibility verification process at IMBS :
This process includes checking insurance benefits and coverage far ahead of a patient's appointment date. We normally run eligibility reports 3-4 days in advance, allowing us to share them at least 24 hours before the appointment once the patient is scheduled. These reports include the patient's insurance status (active/inactive), benefit information (copay, coinsurance, deductible, out-of-pocket maximum, etc.), any insurance-related questions, and an estimated patient liability for the visit. This allows your front desk staff to inform patients before the visit, leading to a significant increase in front-end patient collections and decreased post-invoice concerns, as many of our clients have experienced.
In case of issues regarding a patient's eligibility, we inform the client immediately.