An Effective Way For a Medical Billing Company To Enhance Productivity

A Medical Billing Business involves many moving parts i.e., billing teams, insurance company, clearing house, clinical teams etc, thus the staff is always consumed with the work load. They do complete their daily tasks yet most of the times, the company, (on the whole) is unable to deliver desired results, in terms of profitability.

Isn’t it time to review this issue, see what’s actually happening there?

Let’s start by analyzing the activities keeping your staff on their toes at all times.

Daily activities that utilize most of the staff’s time,

  1. Rework on errored, incomplete, rejected and appealed claims
  2. Tracking and Prioritization of Claims
  3. Communication with the Clients regarding rework on stuck claims.

Usually, the billing company, when decides to overcome productivity issues, either hires more staff or revamp the workflow (also prone to new hires). Their justification is that there is always more work and less time i.e., more staff.

Medical Billing Software must be considered as a possible solution to achieve productivity

One element which is never looked into as a positive solution is a Medical Billing Software. It is usually seen as an expense, a mere tool to carry out the claim processing while efficiency is demanded ONLY from the staff.

A Medical Billing Company rarely focuses on resolving productivity issues with the help of an efficient Medical Billing Software. This happens because while thinking of making a purchase, mostly one point is considered “how to successfully submit and send claims”, this article will focus on the bigger angle i.e., what features should a Medical Billing Software contain to enhance the productivity of the business.

Think about it, what is that you demand from your staff – Effective claim life cycle with a productive Medical Billing business on the whole?

Productivity that can translate into increased revenues.

The right Medical Billing Software WILL make your business Productive!

As per the above analysis, a Medical Billing Software should enable:

High First Time Pass Rate

A Medical Billing Software should enable high first-time pass rate. For this to happen a billing software should have a real time eligibility checking facility and an excellent scrubber.

A Medical Billing Software should have an Eligibility Checking feature through which the user can instantly and in real time verify the patient insurance eligibility details. This saves useful time for the user which other-wise would is spent in making phone calls for verifying eligibility.

Moreover, a Medical Billing Software should come with a Scrubber enabling clean claim submission with minimum to no denials. A scrubber thoroughly reviews each line of every claim before it is submitted, verifying that each is coded properly and contains correct information. Once transactions are analyzed, it generates actionable edits that highlights incorrect code combinations or other potential issues that might cause the claim to be denied.

Intuitive Claim tracking and AR management

A Medical Billing software should enable a very simple claim life cycle with user guided tracking at every phase. It should provide comprehensive interfaces and Operational Dashboards with filtered data regarding each step of the claim life cycle. Through these intuitive interfaces, the users can prioritize better, save time and be more efficient.

This helps reduce the AR issues helping billers manage their client practices AR buckets in a better way. These also mitigate chances of rejections. A Medical Billing Software should:

  • Show the claims that need to be scrubbed/audited and or submitted, both electronic and paper.
  • Show submitted claims pending reimbursements and claims without any response from the payer or the clearinghouse.
  • Show automatic ERA posting, and the payment postings that need interventions.
  • Help the user track denials and keeps insights into the denials trends.
  • Enable users with insights about pending AR, aging buckets and thus helps prioritize the AR efforts.
  • Provide insights to the user on patient responsibility, what statements should be sent out, and tracks all the complete and partially paid statements.

Great Communication and Flawless contact between the teams

AR management needs collaboration between the billing and clinical teams, lack of this communication makes the process inefficient, consuming extra resources. Many hours are spent by billing staff trying to get the missing information for claim processing, resulting in finger pointing, deferring the time lines.

A good Medical Billing Software should provide a communication portal, a tool through which claim information can be easily tracked and completed. It should simplify the whole communication process between the billing and clinical teams, eliminating the need for excessive emails/calls to communicate requirements, reducing clutter.

This Collaborative workflow system between the teams helps speed-up the revenue cycle process significantly.

The right Medical Billing Software will relieve your staff of the redundant tasks. It will not only allow them time to focus on more pressing matters but will assist you in your directive responsibilities as an intuitive advocate.

A Medical Billing Software should not be seen as a mere tool to assist staff in their activities but as an important necessity that works along-side the staff to deliver the desired business outcome, i.e., Productivity.

AltuMED PracticeFit is one of the Industry Leading Medical Billing Software. PracticeFit is the intuitive advocate that your company needs to compete in this cut throat Medical Billing industry. Sign up today and claim your free subscription.

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