We understand that the ability to effectively and quickly turn claims into cash is the lifeblood of any practice or facility. When a billing error is submitted, the likelihood of payers paying out decreases, so it is critical to get this step right. Although medical billing automation is critical when dealing with complex, high-volume medical billing.
The cost of revising a claim can quickly pile up, especially for smaller firms. Reworking entails making several phone calls, filing appeals, and discovering the source of the issue. If you had to measure this, you’d see that it quickly eats away your profits.
What is Medical Billing Automation?
Medical Billing Automation is a procedure in which charge input, claim scrubbing, and remittance are performed automatically using timers and natural language processing daily, weekly, or monthly, depending on how frequently your organization files claims.
Medical billing automation is a software bot designed to execute repetitive and ordinary tasks. Work and jobs are accomplished automatically, more quickly, and with fewer errors through Automation. When you automate the medical billing process, you can significantly enhance income and overall profitability for a clinic.
What is the significance of Medical Billing Automation?
The medical profession is filled with complex laws and billing codes, and the rules change regularly. It’s a pain to keep track of what’s changed and how it affects your practice. That is why we created an effective data cleansing solution that keeps track and handles these variables as quickly as possible.
It’s a vital instrument that eliminates human error in claim submission. Detecting billing errors before filing claims allows you to reduce denials, deal with issues as they arise, and guarantee that you get paid on the given time.
Main Advantages of Medical Billing Automation
When it comes to medical billing, there are numerous advantages to employing automation. Some of them are mentioned below:
1. Increase Net Collection Rate
It increases the net collection rate due to quick claim turnaround and efficient follow-up. Respond to your denials within 5-21 business days after receiving them, using our Daily Denial Email Alerts. That is unusual in the industry.
2. Significantly Reduce Denials
Reduce denials significantly by automatically matching ICD-10 codes with therapies that are covered; this saves valuable time. The longer you wait to file a claim, the more probable it is that your practice will not be reimbursed. Our claims scrubbing technology is tailored to your practice’s specific requirements. We use our own advanced rules engine and algorithm to apply a comprehensive set of rules, checking all claims before sending them to payers.
3. Medical Coding Accuracy
Utilizes the most effective procedure codes to maximize reimbursement and get paid more from payers.
4. Automation of Payment Posting
By automating payment posting, you can speed up the collection of copay or deductible amounts. Patient records can be kept up to date, and patients with outstanding balances can be identified by automatically processing payments from insurance companies. When employees have access to this information, they can capture these exceptional sums in follow-up meetings, speed up fees, and lower invoicing costs.
5. Quicker Patient Appointment Process
Increased process efficiency and quicker invoice submission deadlines because charging begins when a patient schedules their first session. Automation is set up to capture new patient appointments and automatically route them through the various systems required to establish a new patient appointment.
6. Real Time Online Reporting
Intuitive real-time personalized online reporting — you receive a complete picture of your practice’s operations and revenue cycle management.
7. Authorization Tracking
Complete authorization tracking and administration through scheduling and several payer interfaces.
8. Realtime Eligibility Verification
First, check our advanced automation portals eligibility status and claims before submitting, accelerating claims, and reimbursement.
Final Words about Automated Medical Billing
If you do not operate with the most up-to-date software, you will suffer from the pain of addressing wrong codes, longer claim processes, disconnections with current billing codes, non-payments, and a reduction in profit. If you want your medical practice or facility to be the most efficient and productive, the Medical Billing Automation is a crucial driver of your revenue cycle and ultimately of success in your clinic or facility.
With the pandemic squeezing profitability and practices seeing increased costs and diminishing reimbursement rates, optimizing billing and collection systems is crucial for boosting cash flow for medical practices and facilities. Finally, new technology such as Robotic Process Automation helps medical practices and facilities to work smarter, faster, and with fewer errors, giving personnel who are now handling your practice’s administrative overhead more time to focus on patients or more difficult business challenges.