Verification of benefits, abbreviated as VOB, constitutes the inaugural phase in claims and revenue cycle management, ensuring precise remuneration from insurance companies. Withal, with the burgeoning influx of new addiction and mental health treatment providers, insurance entities are increasingly limiting claim disbursements, rendering the VOB process more intricate.
As insurance providers incorporate additional criteria into their benefit plans, the administrative intricacies inherent in VOB can burgeon into cumbersome tasks. Reveloop endeavors to confront this challenge directly by collaborating closely with clients to validate eligibility and optimize reimbursements. Our VOB process encompasses meticulous verification of:-
Client Information
Coverage and Type of Plan
Status of Individual Policies
Copays and Deductibles
Co-insurances
Payable Benefits
Details of Coverage
Pre-authorization
Lifetime Maximums
Interactions with numerous insurance companies become inevitable as your behavioral healthcare enterprise expands and encompasses a broader clientele . Prolonged verification hold times can disrupt your billing cycle, impacting the quality of care your personnel extend to clients. An incorrectly executed VOB poses the risk of a patient being under your care without accurate benefits, resulting in no financial compensation for the facility, given the typical week-long billing cycle delay.
In essence, insurance verification for incoming clients is an integral facet of the revenue cycle management process, instrumental in curbing unforeseen complications, ensuring accurate billing, bolstering cash flow, and refining the patient experience.
Instead of adhering to a standard or generic approach, each individual insurance policy undergoes meticulous scrutiny to ensure no claims remain unpaid, and no services face wrongful denial due to inaccuracies or omissions in policy data.
Expert handling of communication with insurance companies ensures that all essential information is conveyed with precision, and any issues or concerns are promptly and efficiently resolved.
By acquiring detailed and precise information concerning each client's specific healthcare needs, insurance companies can guarantee the provision of appropriate benefits and coverage, steering clear of denials, confusion, or frustration stemming from inaccurate or incomplete data.
VOBs serve as compelling evidence for payment appeals when an insurance company denies coverage for a claim, even when the services rendered are medically necessary and fall within the purview of the patient's insurance coverage.
Reveloop acquires patient information and schedules from addiction treatment, mental health, and dual diagnosis treatment centers, ensuring streamlined and timely billing processes.
We conduct a thorough eligibility check to verify your patient's insurance coverage, scrutinizing details such as the policyholder's information, policy effective and term dates, copay or co-insurance requirements, deductibles and out-of-pocket maximums, pre-authorization prerequisites, and out-of-network coverage.
Our proficient team engages with insurance providers to ensure accurate and efficient completion of any prior authorization requirements.
Following the verification of insurance coverage, Reveloop updates the billing system with pertinent details, encompassing the start and end dates of the client's insurance plan, their member ID, group ID, copay information, and other critical data.
VOB allows you to estimate how much your client will owe for your care, making it easier to collect payments at the time of service.
It enables you to obtain any required authorizations before delivering care or services.
VOB supports higher clean claim rates by ensuring you bill the correct insurance and use the proper billing order, even in cases where a client has more than one active policy.
Save on in-house operational costs by outsourcing to a medical billing solutions company trained in advanced VOB techniques.
By providing clients with upfront information about the potential costs of their treatment, healthcare providers can help to reduce stress and alleviate any concerns about unexpected medical bills.
It allows clients to quickly receive estimates and copays before treatment and bills after treatment, reducing long waiting periods.
It allows clients to look for another, lower-cost provider or a different insurance policy.
It allows clients to plan for services ahead of treatment.
