As a medical practice, you must provide quality care to all patients to their satisfaction. That includes ensuring they’re comfortable and receive the appropriate medication and services to help relieve their symptoms. However, without automated medical billing, billing errors halt claims processing, causing claims to pile up, which leaves your team with more tasks and expenses than they should have.
Below, we at PracticeForces, the top medical billing company in Florida, will explain automated billing and how it can help small and large practices alike.
What Is Automated Medical Billing?
Since medical billing involves repetitive tasks, practices trust a programmable bot to learn and continuously conduct charge entries and remittances. The software also checks for claim accuracy so the system doesn’t reject them. These bots quickly scan for incomplete documents and other filing errors that slip through the cracks with manual billing, enhancing operations and revenue in the following ways.
Saving Valuable Time
On the surface, automated billing keeps your team from the menial and mind-numbing processes of entering rote information, leaving more time for patient care. It also helps match ICD-10 codes with covered therapies, so you don’t have to. However, its time-saving benefits run deeper. Detecting human error lessens the chance of a claim denial that would require your team to take time to resubmit paperwork.
Reducing Costs
Resubmitting paperwork also affects your practice’s wallet since you pay $20 for each filing when submitting patient information and other data. Revenue cycle management entails sorting through each patient’s medical history, insurance eligibility, and other electronic health records. By leaving out a patient’s insurance provider or injury date, you’ll spend another $20 to submit the forms correctly.
Moreover, the longer it takes to file a claim, the less likely you will receive a reimbursement. By accurately conducting medical coding, your automated medical billing service lowers how much your practice has to pay out of pocket for patient services and equipment. On average, about 12% to 25% of all receivables are 120 days old, but an automated system lowers this amount to below 12%.
Real-Time Reporting
Real-time reporting means you don’t have to wait for a claim denial to tell you a patient’s information is incomplete. Robotic process automation immediately alerts you to missing information before submitting any documents so you can promptly alleviate the issues. This helps you understand revenue cycling management better while reducing security risks through HIPAA compliance and regulations.
Furthermore, working in real time, this software gives you an overview of your practice, which includes immediately sorting through new patient information and establishing patient appointments. You’ll achieve faster invoice submissions and higher efficiency.
For All Your Billing Solutions!
From claims processing to payment reconciliation, automated medical billing handles everything once you have the right team providing the system. At PracticeForces, we conduct complete and partial medical billing with our top-of-the-line RPA solutions. For lower denials, higher efficiency, and monthly reporting at competitive prices or to learn about the no-surprise billing act in Florida, call (727) 202-5429 today!
