Insurance Eligibility Verification
Insurance eligibility verification is a Critical Component to Revenue Cycle Management
Insurance eligibility verification and plan-specific benefits information confirmation before services are rendered not only leads to fewer claim rejections and denials, but it also lays the foundation for an effective patient financial counseling program.
In fact, it’s not unusual for an employer to change employee health plan offerings each year, or for employees to switch plans annually, as each group looks for ways to reduce expenses. These frequent, ongoing changes increase the importance of accurate, upfront eligibility and benefits verification for all healthcare providers.
With HealthWatch Health Eligibility and Benefits Verification, healthcare organizations can validate patient co-pay, benefit and deductible information at any point in the billing process via batch or real-time insurance checks with an extensive payer network.
• Improve Cash Flow
Having access to the most up-to-date eligibility and benefits data increases clean claims rates, eliminates costly rework and accelerates reimbursement. healthcare organizations can take advantage of a fully integrated insurance and benefits verification offering that increases time-of-service collections, minimizes bad debt and boosts patient satisfaction.
• Streamline Workflow
Eligibility responses are viewed in a concise and consistent format that improves efficiency. Providers apply custom business rules and analytics to returned payer data, and automatically receive notifications when edits or follow-up are required.
Other benefits includes
- Boost Self-Pay Revenue
- Decreased A/R days
- Cleaner billing system data
- Reduced registration, co-pay and billing errors
- Lower billing and collections costs
Patient Registration & Charge Entry
HealthWatch Charge entry solution is a flawless data-entry service by updating the relevant CPT, ICD-9, modifiers, payer and respective state guidelines. The team is specialized in various specialties and with different Billing software. Our Quality Assurance team ensures the errors are eliminated prior to the charges are submitted to the respective health insurance carriers.
Highlights of Charge Entry:
- Experience in multi-specialty and different State guidelines
- Turnaround time of 24hours
- Maximum Error free on first claim submission
- Special care for the Workman’s Compensation and No-fault claims
Payment Posting and Reconsilation
Payment posting involves posting and deposit functions and reconciling posting activities with deposits. Although it seems simple enough, this is an extremely fundamental feature of the revenue cycle. The payment posting process effects many other functions of the medical office and can have a major impact on patient satisfaction, efficiency, and overall financial performance.
Benefits of effective payment posting and reconciliation includes
- Analyze Your Revenue Cycle
- Resolve Recurring Problems
- Enhance Current Processes
- Speedup Denial Resolution Time
- Accurate Claims Submissions to Secondary and Tertiary Payers