Insurance Verification Process Automation (IVPA) brings significant time and cost savings to manual insurance verification processes by replacing error-prone workflows. With IVPA, a medical practice increases staff productivity and verifies patient insurance faster. Sophisticated integration technology ensures compatibility with electronic medical records, practice management systems and insurance payer websites for accurate verification status, data and reporting.
Patient insurance verification processes are often performed manually through multiple steps and website toggling between insurance sites and the patient’s medical record. For a healthcare practice, a single insurance verification lookup may take an average of 2 minutes per patient. Averaging 60 patients per day for a single physician practice, this equates to 42 hours per month or 504 hours per year. At an average salary rate of $45,000/year ($22/hour), for staff to perform these tasks, this practice estimates $11,000/year spent on insurance verification.
Establish automated insurance verification processes to remove manual, time consuming, costly and error-prone workflows. Integrate data sources with the clinic electronic medical record system and practice management system for status escalations, error notifications and reporting.
Using Robotic Process Automation (RPA) technology, IVPA can perform key automation steps and electronic data capture, entry, querying and reporting overnight or other off-peak times to reduce or eliminate the need for manual insurance verification. EHR, Practice Management System and website integration mean IVPA is compatible with big system EHRs like Centricity, NextGen, Allscripts, eClinicalWorks and all other payer websites. Automated notifications or escalations alert staff when insurance verification fails, closing gaps in an often-interrupted workflow.
Process automation through IVPA increases patient data accuracy which has a measurable impact on care quality, claims management and practice revenue and reporting.