Getting the right insurance information from your patients, the FIRST time, can be the key to shortening the Revenue Cycle and reducing the costs of collections.  Following these five guidelines to help perform proper patient insurance verification can significantly shorten the Revenue Cycle and reduce the costs of follow-up collection efforts.

 1. Don't depend on on-line eligibility status. Call the payor directly.

 2. Use a verification form so no important information is forgotten. Capture information including:

• Medical necessity
• Second opinion required
• Deductible / co-pay amount
• Lifetime limit
• Preexisting condition
• Preauthorization codes
• Claims address
• Out-of-network benefits

 3. Verify all applicable insurance plans. This includes primary and secondary insurance. Make sure you determine which is primary.

 4. Verify coverage a minimum of two weeks in advance if possible. For late add-ons, verify as soon as possible. Remember that Medicaid requires verification too – a lapse in coverage could be costly to the practice.

5. Document all information in the appropriate section of your software.  Be sure to include the name of the individual to whom your spoke.