An Overview and Guide to VOB Tools for Your Rehab
Having a rapid-fire option for verifying your client’s insurance is key in the substance abuse treatment space. Much of what keeps your organization moving rests on efficient eligibility verification. This also plays a huge role in client satisfaction.
After a client contacts your facility, nobody wants to wait around to know whether or not they’ll be successfully covered. In this article, we’ll cover the importance of insurance verification software, and how many of these programs can help improve your overall admissions process.
Keep reading to see how VOB software can help streamline your revenue cycle and get actionable insights from Ads Up on the criteria to use when selecting a program for your facilities!
Why Is Insurance Verification Software So Important to My Business?
If you haven’t already deployed some type of eligibility verification for your client’s insurance, you stand the risk of being left behind. Why is this?
Currently, nearly 80% of clients who interact with a treatment center end up selecting the first option that provides insurance verification. Consider that statistic once more – nearly 80% of potential clients choose a winning rehab based solely on the most rapid insurance verification.
A client’s eligibility status has never been as important as it is currently.
Additional Benefits of Insurance Verification Software
When you deploy high-quality insurance verification software in your network system, you do yourself and your organization a great service that benefits you in more ways than one.
The longer it takes for you to receive eligibility verification, the longer it takes for you to receive payment. A client that’s been billed under insurance won’t bring any revenue to the table until they’ve been fully approved, which is why revenue cycle management is crucial for any treatment facility.
Insurance verification software cuts the time down rapidly during the approval process – going from days, in some cases, to a matter of minutes.
In addition, patient eligibility verification also tells you whether your client has coverage that’s active at the moment, and how their premiums are paid.
Determining Network Status for Better Reimbursement
Another important dynamic shows up during the eligibility verification process. You’ll know instantly whether your facility is considered in-network or out-of-network. This allows you to provide instant answers for potential clients, raising their level of satisfaction.
Having the ability to relay this information to them is critical, as you can prompt them to contact you for accurate insurance information as opposed to contacting the number on their insurance card. This can increase your leads since you’re fielding the calls instead of directing them back toward the insurance companies.
The Pitfalls of Not Verifying Eligibility Using Software
Verifying insurance using software brings plenty of advantages – but failing to check insurance eligibility using rapid software can trigger several pitfalls.
Clients Could Miss Out on Vital Services
Rapid insurance eligibility highlights the existence of insurance, putting clients on the fast track to treatment. If patient coverage isn’t verified and the client must wait to verify funding, they could miss out on vital treatment they desperately need.
Efficient VOB software can improve your CPA and overall drug rehab marketing efficiency by making the verification as seamless as possible.
A Downturn in Your Client Base and Revenue
You stand to experience a drastic downturn in clientele and revenue by not keeping up with insurance eligibility software. We currently live in a self-serving, instant-gratification society. If you can’t provide clients with the information they need, be prepared to lose them to the company that will.
If you’re unfamiliar with the most current insurance eligibility tools and software, the following section outlines what to expect from the best options on the market.
What Should You Expect from the Best Insurance Eligibility Software?
So, what should you expect from this type of software? How does the process play out?
It’s simple – the software company contacts an insurance verification agency, and they’re provided with a list of facilities that the client’s insurance provides coverage. The insurance eligibility verification process is fast – patient estimates claim to receive approval information in as little as a few minutes.
This allows you to work through multiple patients in a short period, eliminating long waits and frustrated clients.
Insurance Eligibility Verification Software Should Deliver In the Following Areas:
The RIGHT insurance eligibility verification software cuts down on claim denials, helps you avoid unpaid claims, and enhances the patient experience, meaning you deal with a lot fewer unhappy patients.
Ultimately, this improves your cash flow exponentially, as rejected claims can quickly mount, causing a substantial loss in revenue. You’ll also benefit from the following:
- Increased staff efficiency as less of their time is spent on constantly dealing with claims approvals
- Intelligent software can often notify you of how many allowable admissions you have in each care level, brown down by the insurance provider.
- Deliver upfront and fair pricing
- Resubmit rejected claims whenever new information is added
- and other time-saving functions
The Bottom Line on Verification Services
If you’re tired of constantly entering new patient information and going through the same procedures just to approve benefits to receive compensation for your services, the right insurance verification software can help you eliminate unwanted stress and wasted time wading through denials and, unfortunately, lost revenue.
Most software is simple to install and deploy throughout your system, and employees can easily be trained on acquiring approval in a matter of a few hours. However, if you need assistance finding the right software for you, and an organization that can help deploy it within your organization, Ads Up Marketing is standing by to assist.
Ads Up Marketing and Insurance Approval Software
At Ads Up Marketing, our number one priority has always been making things more convenient for the modern-day substance abuse treatment facility owner. In our opinion, insurance verification software is one of the simplest, and most cost-effective ways to experience a cut-down in admissions times, faster payment approvals, and better client morale – all in one simple solution.
For more information on insurance verification software and how we can help you leverage the power of these applications, contact us today!