Providers have learned the hard way just how important it is to have quality software implemented in their practice. Without a quality EHR, the physician would lack the tools they need to optimize productivity, documentation, and their ability to make well-informed medical decisions. Without quality practice management software, the accuracy and efficiency of workflow decline rapidly all throughout your practice. Without specialty specific software, specialists are unable to operate at their highest clinical efficiency. And without a quality vendor of medical billing software, providers are unable to maintain a high clean claims rate, they see an increase in costs, and no evidence of the timely payments they need to stay up and operating. The revenue cycle at a practice is one of the most important things that providers need to continue offering care to their patients. The revenue cycle is the foundation on which healthcare professionals are able to sustain their practice. Quality medical billing software helps providers execute revenue improving solutions to the best of their ability.
The Revenue Growing Solutions of Medical Billing Software:
1) Expedite Payments
There are a number of contributing factors to the decrease in timely payments many providers are seeing at their practice. Part of it has to do with the portion of the bill a patient is responsible for. A quality vendor of medical billing software offers solutions to help your patients better understand their bill as well as offer them simple ways to pay it. Fully integrated with your practice’s patient portal, your patients can easily view and understand their medical bill, improving the likely hood of on-time patient payments. Here they also have simplified and convenient methods to make a payment! This is incredibly important because patients do not always know the best way to pay their bill. When medical billing software allows them to make a payment with a credit card, at any time of day, timely patient payments increase.
Another roadblock that slows down timely payments is claim submission and resubmission. When a claim is denied the first time, it takes time to resubmit. Medical billing software from a quality vendor can increase the likelihood of a clean claim, expediting your payment.
2) Eliminate Lost Revenue
Practice revenue is often lost through simple mistakes that cause your revenue to slip through the cracks. For example, if a claim is denied the first time, it must be resubmitted during a certain window of time in order to be considered for approval. If that window closes, providers lose their chance at payment from the insurance provider. Another example of lost revenue is providers and their staff being unaware of which insurance companies allow for mid-month versus end-of-month billing. Medical billing software not only enables providers to submit claims right the first time but if a claim is denied for some reason, it helps providers stay on top of resubmission. Medical billing software also helps providers identify which insurance provider bill at what time of the month so your practice can optimize practice revenue.
3) Reduce Labor Costs
The cost of labor for your billing department is driven up for many different reasons. But the one to address right away is that the medical billing software your practice is currently using does not help your team work effectively or efficiently. Unhelpful software slows your team down, causing you to hire more staff to keep up with the needs of your practice. Quality medical billing software optimizes your teams workflow, offering simple-to-understand solutions to help meet goals more effectively. Good medical billing software also reduces staff burnout, helping you reduce the cost of hiring and training new employees.
4) Slash Denials
In order to achieve record-high clean claims at your practice, you first have to address the factors influencing the number of denials you are receiving. Denials are most often caused by a claim that is not coded correctly the first time. Medical billing software can help providers identify and address the red flags that may cause denials before the claim is submitted. By addressing the issue before submission, providers will see a large increase in their clean claims, which means a hefty slash in their denials. A clean claim means an on-time payment, so the more you can have the better.
To learn more about a vendor of medical billing software that can help grow your practice, click here.