Healthcare is one of the biggest industries in the world. There is a series of patients that keep coming up, whether in a small clinic or a big facility. Today, when diseases have become much more common, a high number of people are getting affected which results in an excessive patient ratio. This in turn maximizes the burden on hospitals to conduct accurate medical billing. But it almost seems impossible that error-free billing can be done without using any proper strategy like automated medical billing.
All steps of medical billing need attention to detail. A small oversight can lead to quick revenue loss. Automation brings a great advantage to conducting the process without any effort, saving time and cost. You can now focus on other aspects of healthcare instead of wasting hours on preparing bills and filing claims. Medical billing automation will handle everything.
But how can billing be put on automation? There are some systems or software that enable you to let billing be done by itself. This means you only have to establish a setup and then your billing will be done automatically without any external force, unless there is a change in strategy.
So here we have come up with an advanced guide on upgrading your medical billing. If you want to protect your revenue from losses, this is a much-needed explanation. Read till the end to know how you can automate your billing now.
Why Shift Towards Automated Medical Billing?
If you already have a big staff handling entire billing then you might wonder why it is important to go towards automation. Well, you must upgrade to the latest procedures to stay ahead of the curve. Following old billing methods may result in the incapability to achieve quick revenue. Let’s dive into other benefits automated medical billing provides you with.
Fewer Mistakes
Manual billing results in a number of errors which result in a considerable amount of revenue loss. Automation conducts billing by pre-defined rules and reviews mistakes at every stage. This results in minimized mistakes in claims and bills.
Automatic Payment Posting
Billing too depends on the fact “Out of sight out of mind”. If you owe any revenue amount but it has been days since you have tracked the status, then you have fewer chances to receive that revenue.
The system we are talking about is perfect for keeping records of paid bills as well as unpaid amounts. It even notifies you with updates about payments. This way you are updated with the payments you get as well as those who need some push to be received.
Study the Entire RCM Cycle
Compliance
With constant healthcare updates, facilities are unable to keep up with the laws. However automated systems have built-in compliance features. They are taught to follow healthcare regulations like HIPAA. Even the latest laws are added to the software you use for automation. So your billing never violates any law and always stays compliant.
Reduced Manual Costs
If an excessive staff is working on billing, then surely you are paying them a substantial amount. To get rid of extra costs, automated medical billing is the best solution. All expenses you have to bear is to buy the software and build a setup after which your billing will be managed automatically without manual intervention.
Best For New Facilities
Medical billing automation is a must-have for newly established healthcare entities. In that case, you don’t have much resources to hire professional staff. So buy automated software as a shortcut, teach your staff how to use the system and you are done.
No need to spend a thousand dollars on building your billing department. All you need is just software and a few people to run billing operations.
Which Billing Processes Can Be Automated?
You might wonder that there are 8-10 steps in the RCM process, then how exactly automation is going to help. Actually, it will make the processes effective and error-free by using some tools and features which we will discuss later. Here we will see billing activities that you can get automated and save time.
Patient Registration
Automated medical billing facilitates patient registration at the time of appointment. When you enter their details in your system it is stored, next time you don’t have to enter the same patient’s information. Instead, the system will quickly identify the patient and make the verification process easier, thus streamlining billing.
Charge Capture
Advanced billing systems also assist in quick charge capture. All the patient treatment details you enter will be converted to the respective codes electronically. It helps in accurate coding and elimination of wrong code capture which results in claim denials.
Claim Submission
Talking about claims, medical billing automation is a wonderful resource for accurate claim filing. When you submit claims electronically, the system reviews the application before submission. It ensures the application complies with HIPAA laws and insurance payer requirements. Once the accuracy criteria are fulfilled, the claim is sent to the payer.
It increases the likelihood of quick revenue generation because of error-free claim submission and prompt approval by the payer.
Follow-up
Not only claim submission but keeping track is one of the capabilities of automated billing softwares. You have all the data in hand on how many claims are paid, how many are rejected, and how many are yet to be reimbursed. This way you can recognize claim denial patterns, enhancing your future claim strategy.
This entire checkup results in finding errors, improving your efforts, and collecting more revenue than manual filing.
How To Automate Medical Billing?
We have pretty much discussed medical billing automation and all its considerations. Now is the final step i.e. how you can bring automation to your healthcare facility. While every hospital or clinic has its own way of finding the need for upgradation, here is a simple process of how you can take your billing to the next level.
Evaluate Current Procedures
First, assess your current billing strategies, areas where you lack, and errors you have been facing. Also, find out repetitive tasks that need to be automated.
Choose The Right Software
Now based on your facility needs research about available automated medical billing software in the market and choose one that offers the most customized solution. The top software providers on which you can rely are:
- AdvancedMD
- athenahealth
- Kareo
- Cerner Corporation
- Epic Systems Corporation
- NextGen Healthcare
- PracticeSuite
- Greenway Health
- CareCloud
- DrChrono
Install Electronic Health Record
EHR has become much needed for today’s healthcare providers. This is a system that integrates with your current medical billing and makes the process more effective. Install this system to maximize your potential.
Automate Data Entry
Utilize OCR (Optimal Character Recognition) technology to automate your data entry processes. It reduces the need for paper documentation and the time needed to conduct manual bill drafting.
Implement Denial Management Tools
While the medical billing softwares we talked about above provides an all-in-one solution, it is essential to implement a proper denial management system. If your software provides this feature already then well and good. But if it doesn’t, find out the claim management solution provider along with some strategies to stay ahead in this challenging and time-consuming task.
Future-Proofing Your Practice
Medical billing automation has become a crucial part of healthcare providers. So if you too belong to the same industry, take measures right ahead to advance your billing processes. Do not let your revenue flow away with erroneous billing. Instead, get yourself aware of automated medical billing and ensure optimum revenue with minimal exertion.