Medical Billing Automation
Convert claims into cash with medical billing automation:
We know the essence of practice is the capability to rapidly crack claims into cash, doing so accurately and efficiently. The chance of payers paying out once a billing error is submitted reduces and so it’s really important to get this step right. Although medical billing automation is important when dealing with complex, high-volume medical billing, it’s not just large PT/OT practices that can benefit from the technology. Smaller practices will find it even more critical that mistakes are not made upfront in the claim’s suggestion process.
Specifically for smaller practices, the cost of reworking a claim adds up. Reworking includes multiple phone calls, appeals as well as investigating the cause of the error. If you had to quantify this, you’d find it easily eats away at your profits.
What is medical billing automation?
Medical Billing Automation is also known as RPA (or robotic process automation). It’s specifically a software bot (A ‘bot’ – short for robot – is a software program that performs automated, repetitive, pre-defined tasks. Bots typically imitate or replace human user behavior. Because they are automated, they operate much faster than human users) written to perform repetitive and routine tasks. With automation, work and tasks are completed automatically, faster, and with fewer errors.
When you apply automation to the medical billing process you are able to speed up payments dramatically, which ultimately increases revenue as well as overall profitability for a practice.
Why is medical billing automation so important?
The medical industry is filled with complicated rules, billing codes and the rules change regularly. Keeping track of what’s changed and how it affects your practice is a headache.
That’s why we’ve developed an advanced data scrubbing solution that keeps tracking of and manages these variables as simply as possible. It’s a powerful tool that takes human error out of claim submission.
Spotting errors with billing ahead of submitting claims means that you can minimize denials, proactively deal with any issues and ensure you’re paid on time.
The benefits of using automation:
There are multiple benefits to using automation when it comes to your medical billing.
They are:
1. Increased net collection rate through fast turnaround on claims and streamlined follow-up.
2. Address your denials, through our Daily Denial Email Alerts, within 5-21 business days of receiving them.
3. Radically reduce your denials. The longer you wait to submit a claim, the more likely your practice won’t be paid out. Our custom-built claims scrubbing technology is based on your practice’s needs. We apply an extensive set of rules using our proprietary advanced rules engine and algorithm, verifying all claims first before they are sent to payers.
4. Maximized reimbursement using the most effective procedure codes so you get paid more from payers.
5. Expedite recovery of co-pay or deductible fees through automating payment posting. By automatically processing payments from insurance companies, patient records can be kept current as well as allow visibility of patients who have an outstanding balance. When staff has this information accessible, they can work to capture these outstanding balances in follow-up appointments, speeding up payment and reducing invoicing expenses.
6. Increased process efficiencies and shorter timelines to submit invoices as billing begins when a patient makes their first appointment. Automation is set up to capture new patient appointments and automatically move them through various systems needed to initiate invoicing.
7. Intuitive real-time custom online reporting – you get a crystal-clear view and full transparency of your practice’s operations and revenue cycle management.
8. Complete authorization tracking and management via scheduling and various payer portals.
9. Check eligibility and claim status first in payer’s portals using our sophisticated automation, before submitting, speeding up claims, and reimbursement.
Automated billing (operationally successful practice)
If you’re not working with the most updated software, your practice will experience the pain of dealing with incorrect codes, longer claims processes, falling out of synch with the current billing codes, co-pays not being collected and profit falling.
If you’re looking to run the most efficient and effective PT/OT practice, medical billing automation and operations are a major driver of the efficiency of your revenue cycle and ultimately your practice’s success.
As the pandemic has squeezed profitability and practice’s experience rising costs and declining reimbursement rates, using automation to optimize billing and collection processes is critical for improving cash flow for PT/OT practices.
Ultimately, new technologies like medical billing Automation enable PTs/OTs to work smarter and faster with fewer errors so that staff currently managing the administrative overhead of your practice will have more time to focus on patients or more complex business issues.
Conclusion:
The right medical billing processing software is not a one size fits all solution. Every healthcare organization will have its own specific needs of medical invoicing and other requirements that will need to be assessed and identified. However, there are a couple of indicators that can assist in the selection process. It would be prudent to opt for an all-rounded solution that uses data for the healthcare organization’s multiple purposes. From appointment scheduling, eligibility verification, clinical record documentation, clinical procedures, prescription requirements to medical billing and coding, medical credentialing, and claims management – a wholesome solution is usually the more productive and accurate one. Another important aspect is the capacity of the software, to identify and resolve the areas that require attention and improvement. Therefore, billing automation is a comprehensive merging of all other caregiving activities, which will ultimately ensure higher reimbursements and a greater patient experience.
FAQ’s
What is Automated Medical Billing Software?
Automated medical billing is a process when charge entry, claim to scrub, and remittance is all performed automatically through timers and natural language processing every day, week, or month depending on how often your business submits claims.
How do you automate medical billing?
Automate Medical Billing to Get Paid Faster
- Automate eligibility check.
- Use an EHR software or charge capture software to submit an electronic superbill directly to your biller.
- Leverage an electronic claims submission software to scrub 100% throughout the entire claim process.
What is medical billing RCM?
Revenue cycle management (RCM) is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance
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