Where Have You Been All My Life?! 5 Things To Know About Automated Medical Billing Software
I recently read an article over my morning coffee that said doctors alone leave approximately $125 billion on the table each year due to poor billing practices. Yep, you read that right.
Believe it or not, that’s only a small piece of the pie. When a billing system is outdated, the organization will suffer from a myriad of billing mistakes like mismatched procedures, lengthy claims processes, failure to collect co-pays, forgetting to stay current on coding... the list goes on and on and on. All things leading to inefficiency and lost revenue. At the end of the day, efficiency of your billing operations majorly affects the success of your business.
So, do you think your billing software has what it takes to keep you running at peak efficiency? Perhaps you do. But as the saying goes, knowledge is power, and if you don't know exactly how billing software should improve your workflow processes and bottom line, you’ll never realize your full potential to improve and earn.
What Should Your Medical Billing Software Improve?
- Workflow Automation. Especially when faced with high volume, complex revenue cycle workflows, automation is essential. From the moment a patient steps into the front office to actually receiving payment. Automated billing identifies billing errors before a claim is even submitted, leading to cleaner claims and faster turnaround. Not only that, payments can be posted automatically to expedite the billing cycle.
- Turnaround Time. The speed and efficiency at which you turn claims into cash is a big determinate of whether or not a practice will thrive. The more optimized your submissions, the better your chances at 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 on those balances in a timely manner drastically influences your bottom line.
- Data Analysis Tools. Even if you're profitable, there are probably cashflow kinks and untouched revenue streams that you’re unintentionally missing. With the right analytics in place, you can identify your practice’s strengths and weaknesses, while identifying areas for improvement and new revenue streams.
- Built-In Security. Medical billing software should provide patient information security that is HIPAA compliant. You can access clinical data, financial transactions and insurance information instantly and securely while staying up-to-date with the latest federal regulations.
- Cost/Time Reduction. Your medical billing software should do all the heavy lifting for you. Your staff shouldn't spend long hours on data entry or claim submissions. It should also prevent the need to hire extra hands in the future.
What is Automated Billing Software?
Automated medical billing is a process by which charge entry, claim scrubbing, and remittance are all performed automatically through timers and natural language processing every day, week or month depending on how often your business submits claims. As a result, the medical billing system improves cash flow, simplifies processes and streamlines billing workflow. Essentially, your organization is paid faster and more often.
Now that you really know what automated medical billing looks like, are you experiencing that "Where have you been all my life" moment? Yeah, that's the difference between life with versus without the best medical billing software.