Automate Your Medical Billing
The efficiency of your medical billing operations affects every area of your business. When a billing system is outdated, the staff spends more time in denials, claims and coding which can affect your bottom line. In this day and age, the efficiency of your revenue cycle determines the success of the business. So how can you make your healthcare organization more effective? By automating your medical billing.
There are certain features of a medical claims billing software that should be considered when seeking out an automation vendor. Whether you’re opening a new medical office and looking for a software, or you’re an established medical practice looking to scale your current operations – finding the right software that fits your business model is important.
Below is a list of features you should look for when seeking out a medical billing software program that will help your practice through its growth phase and into maturation:
- 1. Workflow Automation. Billing automation is essential in high-volume, complex medical billing workflows. From the moment a patient steps into the front office to when the office receives remittance, having the right systems and process in place helps to streamline your claims. Automated billing identifies demographic and billing errors before a claim is even submitted, leading to cleaner claims and faster turnaround. Not only that, but payments can be posted automatically to expedite the billing cycle.
- 2. Turnaround Time. The speed and efficiency at which claims are remitted is a factor in whether a practice will thrive or not. The more optimized the submissions are, the better the chances of a successful first pass rate. On the other hand, with the rise of high deductible healthcare plans, 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 can significantly influence the bottom line of your organization.
- 3. Data Analysis Tools. Even if you're profitable, there are probably places in your revenue stream that could improve. With the right analytics in place, you can identify your practice’s strengths and weaknesses, as well as identify areas for improvement and discover new revenue streams.
- 4. Built-In Security. Medical billing software programs should provide patient information security that is HIPAA compliant. Clinical data, financial transactions, and insurance information should be easily accessible while remaining secure and up to date with the latest federal regulations.
- 5. Cost/Time Reduction. Your medical billing software should do all the heavy lifting for you. Your staff shouldn't need to spend long hours on data entry or claim submissions. With the right automation, it should also prevent the need to hire extra hands as you scale and grow.
As the healthcare system continues to become more complex, having a software that stays up-to-date and on top of trends is important to stay profitable. When you worry less about your claims and remittances you can put your attention where it matters most, on your patients. ImagineAppliance® is the perfect addition to ImagineBilling™. The two working in tandem means that not only is your business running smoothly when you’re not there, it has the capability to grow and scale with you as your business expands. If you’re needing to make some tough decisions right now, schedule a call with us. We can help walk you through your options and figure out the best solution.