According to the company, CareVault Verify 2.5 adds several new features, including an intelligent eligibility query capability. With CareVault Verify 2.5, users can also export patient eligibility information to compatible electronic medical record systems and practice management systems. Using CareVault Verify’s simple and intuitive interface, users can securely connect to multiple insurance companies and IPA’s and check patient insurance eligibility in seconds.
The company claims that CareVault Verify is designed for providers and billing services that do not want to deal with long software deployment cycles but want to reduce billing errors, decrease wasted administrative staff time, and improve the timeliness and amounts of their collections.
The company has said that CareVault Verify provides a cost-effective solution for eligibility verification. The solution, running on a standard PC, allows staff to see detailed information on co-payments, co-insurance, deductibles, plan-specific limitations and much more, with minimal data entry and without calling, faxing or traversing various different websites. The patient information, retrieved within seconds, allows the user to check patient eligibility and co-payments, apply deductibles or charge uncovered patients prior to providing service; decreasing collection time and revenue risk.
Verify 2.5, the new version, adds a new intelligent query capability enabling users to check insurance eligibility using only the patient’s name and date of birth or, if they prefer, the patient’s member ID and date of birth. In addition, even if the patient does not know the name of their insurance company, CareVault Verify 2.5 can search multiple major insurance companies concurrently to find current and past insurance eligibility information.