25 Oct Is One-Click Insurance Verification Possible?
Accurate and efficient insurance eligibility verification can have a huge impact – negatively or positively – on your practice. Why?
Call Dental Sales
The first reason is that verifying patient insurance eligibility is time-consuming, tedious and frustrating. When your administrative staff is stressed and overworked, they have less time to build relationships with your patients and deliver the top-notch customer experience that helps you retain patients.
The second reason why accurate and quick insurance eligibility verification is so important is because of the impact it can have on your practice’s profitability and longevity. When verification isn’t completed in a timely fashion or the information is inaccurate, it can affect cash flow through claims denials, requests for additional information and drawn-out payments. Since today’s dental practice profit margins are already slim, you don’t want Accounts Receivables (AR) to balloon, creating an operational cash flow crunch or reducing your ability to invest back into your practice.
And remember the “customer experience” comment in the “first reason” paragraph? If your patients are receiving inaccurate treatment plan estimates due to inaccurate or overlooked eligibility verifications, they will not be happy when they get a bill that’s higher than expected … which can translate into less repeat business and reduced referral opportunities. Not to mention even more stress for your staff!
Is Automation the Answer?
It can be part of the answer, but it’s rarely the holy grail of verifications.
Many technology companies offer “automated” eligibility/benefit verification services with promises that you’ll receive accurate and rapid verifications with just a single click. As with many promises in life, there is some truth within the statement, but it doesn’t tell the whole story.
It’s important to note that automated systems typically don’t update the coverage tables in your Practice Management Software. In addition, they don’t always provide accurate information on stipulations with certain procedures and waiting periods.
Automated systems can improve the quantity and speed of verifications, but these systems – even if they’re designed specifically for dental practices or DSOs – are not likely to provide you with a 100% perfect solution.
Consider Carrier Websites
Going directly to carrier websites is another possible – but clunky and slow – approach to getting accurate verifications. If a large portion of your patient base has the same insurance coverage (perhaps there’s a major manufacturer where nearly everyone in the community works), then this might have some value for your practice.
But this isn’t going to solve all of your verification challenges – and probably isn’t a viable option for most dental groups. Here are a few factors that can make going to carrier websites a non-starter for efficient verifications:
- Each payer’s portal has a different interface, so it can be frustrating for your staff to jump from one system to another.
- Each website requires their own set of logins, passwords and specific procedures, leading to the potential for errors when entering data using disparate systems.
- The exact information that’s available is unique to each insurance carrier, further complicating the ability to receive consistent details so you can create patient-friendly treatment plans.
- Your staff may become engaged in “phone tag” trying to track down details or deal with follow-up questions.
- Some or all of that information still needs to be entered into the patient record of your Practice Management Software or other patient-tracking method. This increases the time spent on each claim, as well as increases the possibility of errors due to multiple points of data entry.
Speaking of Practice Management Software…
Your PMS is absolutely necessary to run your office operations. However, without complete and accurate information, it can’t generate appropriate treatment plans for patients or provide meaningful revenue projections for your group.
Your Practice Management Software is a piece of the puzzle, but the real power lies in a partnership with an experienced dental RCM company like Medusind®. For more than 20 years, we’ve been supporting sole proprietor dentists, small group practices and large DSOs with our Revenue Cycle Management solutions and services.
The Winning Combination
Medusind’s proprietary QuickVerify™ technology, along with our expansive staff of well-trained and knowledgeable RCM professionals, will ensure that your verifications are done on time, every time and with an unparalleled high level of accuracy. Our experienced staff then transfers this timely eligibility and benefits information into your Practice Management System.
It’s also important to note that you’ll be able to communicate with a real person at Medusind; your questions won’t be answered by a chatbot. We are a true partner with our clients and are committed to building long-term business relationships.