Medical billing systems are paramount in ensuring medical providers are correctly reimbursed for services rendered. Billing errors resulted in a staggering $31.6 billion loss to Medicare, according to a report from the Centers for Medicare and Medicaid Services (CMS) looking at 2018 Medicare Fee-for-Service Supplemental Improper Payment Data - a shocking amount of money that could have been used to provide care for countless patients.
Valuable revenue, time, and accuracy are lost to manual billing processes throughout physician practices. As such, many medical providers are optimizing their revenue cycle and workflow accuracy by investing in automated medical billing software programs. In this blog, learn more about the top five benefits from using an automated technology solution to fuel your revenue cycle management needs and see if it’s the right fit for your practice or medical billing organization.
1. Workflow Automation
Claim submissions, payment processing, charge entry, and denial management are all significantly streamlined by utilizing automated revenue cycle management technology. Seamless, automated workflows are essential for complex, high-volume medical practice and billing companies, identifying billing errors before a claim is even submitted; thus, cleaner claims and faster payment turnaround.
Learn more about ImagineSoftware’s intelligent, automated, multi-specialty medical billing software here.
2. Turnaround Time
Medical practices thrive with fast, accurate, and efficient billing processes – turning claims into cash. The more optimized your submissions, the better your chances of a successful first pass rate will be. On the other hand, patient self-pay (including co-pays, deductibles, etc.) provide a large portion of patient services revenue. Your ability to collect those balances in a timely manner drastically influences your bottom line.
Learn more about auto-coding technology, fueled by artificial intelligence here.
3. Data Analysis Tools
Increasing cashflow is one thing; however, understanding your practice’s full operation is paramount to its agility, decision-making, and overall success. Equipped with the right analytics, you can identify your practice’s strengths and weaknesses, while identifying areas for improvement and new revenue streams.
Learn more about gaining a bird’s eye view of your practice with enterprise-level reporting, real-time notifications, customized dashboards, and more with ImagineSoftware’s Business Intelligence tools.
4. Built-in Security Features
Protecting patient data and complying with HIPAA requirements, the best automated medical billing software systems are equipped with security functionality.
5. Cost & Time Reduction
By automating most of the tedious, manual components of medical billing workflows, automated medical billings software reduces both cost and time –eliminating additional hiring efforts and manual data entry. The results? Increased cash flow and transaction/submission speed, a win-win situation for both provider and patient!
Driving efficiency and compliance, automation technology elevates medical billing software programs for healthcare organizations of all sizes and specialties. Your team can leverage automation to improve your revenue cycle’s accuracy, increase patient data security, and streamline day-to-day workflows throughout the entire organization.
If you’re ready to make the switch to automated medical billing software, ImagineSoftware’s team of RCM experts is here to help!