Start Benefiting from Insurance Verification
MedCurrent Verify (our online insurance verification tool) is especially beneficial to practices that have costly procedures or a high volume of procedures. As well, it also helps those that are short staffed or are unable to allocate resources to call the insurance carrier to check eligibility before the patient arrives. Additionally, it is helpful to those practices that are not able to retrieve this information from medical systems at their facilities. All practices can benefit from avoiding revenue loss.
Insurance Verification Capabilities
MedCurrent Verify aggregates multiple insurance carriers’ database information through proprietary software to provide real-time status on the eligibility of patient insurance plans. Within moments you will know for certain if your patient is covered by the insurance plan as well as what the co-payment is. You will also know if there are any errors in the patient data, because the system will alert you to corrections that need to be made in order to submit the claim. This saves the time consuming process of calling insurance carriers or logging in and checking each of their Web sites, or worse yet, not checking at all and risking denied claims. MedCurrent Verify taps into the most current information in the carriers’ database and provides information in a consistent and easy to read format that is often times more accurate than what you might find on the carrier Web sites. Insurance carriers typically update their databases on the 15th and 30th of each month, so it makes sense to run a check as close to the date of services as possible.
This information is invaluable to ensure your practice gets reimbursed in a timely fashion and that you avoid revenue loss. You will be able to make arrangements with patients who are not covered before they get the procedure. This will increase your overall profits. It is common in the industry to pay approximately 8% of total revenues for collection agencies to retrieve compensation for unpaid claims from patients. This translates into tens to hundreds of thousands of dollars for a busy practice with high billings.