Nearly half of insurance claim denials are due to inaccurate, obsolete, or missing patient demographic and insurance information. This staggering statistic is the reason we developed the Insurance Verification feature for the Orchard enterprise product suite. Insurance verification allows labs to confirm the accuracy of recorded insurance and benefits eligibility information in the system before conducting any tests or generating billing, streamlining operations and enhancing overall financial management and patient satisfaction.
We are excited about this new feature because it can:
- Decrease denial rates for preventable reasons
- Reduce turnaround times for revenue cycle
- Reduce turnaround times for patient treatment
- Reduce administrative burden on lab resources
With Insurance Verification, the Orchard enterprise system uses a standardized application programming interface (API) to integrate with insurance verification vendors. The Orchard enterprise system automatically sends the patient’s demographic and insurance information to the third-party vendor when an order is created for a patient or when patient demographics and insurance are updated. The third-party vendor processes and analyzes the information and responds back to the system with curated and accurate information for these items, reducing billing discrepancies and allowing labs to seamlessly perform insurance verification prior to claim submission—reducing rejected claims and improving billing efficiency.