Outsourcing Insurance Verification to Increase Revenue

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Customers or patients very rarely browse through terms and conditions that need to be acknowledged while making a purchase. This applies to dental insurance too. Many of them are unaware of the benefits and limitations or even the limitations of their plans.  

Insurance verification can offer patients a smoother and more satisfactory experience that ultimately leads to revenue enhancement for the practice.  

When insurance claims are denied due to inaccurate data or unchecked patient balances due to incomplete verifications, a practice can lose revenue as well as the goodwill of a patient.  This can lead to a worrisome work environment too. 

Outsourcing services such as insurance verification can reap multiple advantages: 

Streamlining the business process 

The ideal method to curtail claim rejections or rejections would be to initiate and complete insurance verification of all patients who come to the practice.  

It is known that insurance policies are subject to change while patient policies also evolve frequently. Staying updated helps the practice to avoid errors and delays. One has to keep doing this before every visit of the patient. 

If the patient influx is heavy then getting verification can be a tedious process for the team. An outsourced team can help in getting the patient management process off to a great start. 

Increasing case acceptance and faster payment with insurance verification 

It is known that accuracy in verification plays a vital role in preventing claim denials that result in delayed payments. It is generally observed that a long wait for payment increases the possibility of not receiving payment.  

Accurate and updated verification of insurance for patients aids in billing optimization and avoids surprises in patient statements that often result in negative online reviews losing loyal patients. 

Treatment plans for patients with precise insurance verification help enhance case acceptance while increasing trust in the dental billing process. The practice can receive payments of outstanding copayments from patients faster and with less effort when properly informed.  

Insurance verification is critical for any practice whether it is in or out of the network. This is needed for collecting patient copayments and treatment plans and also lets the practice offer superior service for all kinds of patients.  

Scoring high on patient satisfaction 

Patients need to be aware of their policy details and limitations. Keeping patients warned and prepared for the future course of action will help them mitigate unnecessary financial risk. It also aids in assisting the practice in offering patients the best treatment without fear of costs.  Thus, the dental can safely avoid unwanted setbacks and ensure smooth experiences for all. 

Address security concerns 

A dental practice can conduct the verification using their staff. This process involves the storage of sensitive data there are cybersecurity challenges that need to be faced. The possession of fairly large volumes of such information can make the practice susceptible to a  cyberattack. Hackers can steal customer data as well as financial information which can put the practice in jeopardy.  

Outsourcing such processes to dedicated experts can save the practice time to focus on core areas while key revenue-impacting tasks get taken care of smoothly.  

Communicate coverage details along with a complete breakdown 

Verifying the insurance plan of customers enables the practice to keep your patients in the know of what possible out-of-pocket expenses could arise during treatment. They also get to understand the extent of insurance that would cover.  

Once contact has been made with a customer, their plan can be viewed in the insurance web portal or via a call to the respective insurance provider. The breakdowns outline procedures and services that are covered, the percentage of coverage, and the patient’s plan maximum among others.  

Outsourcing to specialists relieves the dental team of undertaking a continuous and tiresome task and empowers them to communicate to the patient about fees and possible issues with their benefits before the commencement of treatment. This could include benefits that are outdated or fully utilized or procedures not covered by their plan.