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Insurance verification may be time-consuming and tedious, but its truly the best way to avoid major billing snafus.
Insurance verification ensures reimbursement of maximum insurance claims by getting them authorized, eliminating fraud and preventing all the denied claims. This means hospitals and doctors get paid for the medical insurance verification services they have provided to the patients having insurance claims.
To summarize, insurance verification is an initial step to confirm that a patient has valid insurance and to understand the coverage details, while insurance authorization is a subsequent step for certain services that require pre-approval from the insurance company.
The procedure of verifying the insurance claims focuses on three major aspectscoverage status, active/inactive status and eligibility status. In addition to this Medical Insurance Verification Companies also help and keep tracking of account receivables.
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