Patient pre-verification of benefits is a practice management factor that's often overlooked - and it likely is costing you thousands of dollars in lost revenues. Pre-verifying your patient's benefits prior to their appointment gives your staff to collect patient co-payments and deductibles at the time of appointment. This shortens the patient collections days in A/R for your practice to 0. Often times it's the patient piece of revenue which extends well beyond the proverbial 180 day window for collections. After 180 days, every $1.00 gone uncollected is worth an average $0.45, so it's imperative to collect as much as possible, as early as possible.
Furthermore, every single day across the state, physicians spend time and resources seeing patients for which they'll never be paid a dime of the money they're owed, all because Florida insurance verification wasn't properly handled. When a practice office employee fails get proper Florida insurance verification on a patient, including whether a returning patient's insurance benefits remain in effect and whether particular services are covered, an insurance claim denial is inevitable.
When you partner with iATROS Healthcare Solutions, our patient verification service assures you'll never lose out on payment because of an inadequate patient verification process. Before a new or returning patient comes into your office, we'll double check his or her insurance policy to make sure benefits are current and all requested or probable services are covered. You'll know beforehand each patient's insurance co-payment or deductible amount and whether the policy includes any exclusionary riders that might make them ineligible for insurance coverage of your specialty services.
Many smaller practices fail to conduct thorough Florida insurance verification or skip patient verification altogether simply because of time and labor constraints. This clears the way for confusion and even deception that leaves physicians and practice staff scrambling for information and too often, for fair compensation for their services. Most patients present their insurance cards with honest intentions, but may not realize that their policy has expired or that services they seek are not covered. They also may not understand the difference between certain similar or associated insurance policies, such as Medicare and Medicare Advantage. Still others may be deceptive, presenting insurance cards that they know full well have expired or are otherwise fraudulent.
Florida insurance verification by iATROS Healthcare Solutions is just one of numerous safeguards against lost revenues offered as part our comprehensive revenue cycle management services. Let us make sure your practice gets every penny earned. Call us at (904) 296-1160 today.