Why Is Insurance Payment Tracking Important?

Insurance payment tracking is hardly one-dimensional. While it focuses on tracking insurance payments, its scope encompasses beyond seeing which insurance paid how much. It involves other equally relevant processes vital to your business’s financial stability.

Tracking insurance payments also opens up opportunities to improve other areas of your practice, such as tracing referral trends, understanding payer patterns, and boosting cash flow, to name a few.

Something as complex and multifaceted as insurance payment tracking requires automation. This is especially true for small and start-up practices with a limited workforce. 

Read More: Why billrMD is the Best Software For Your Small Medical Practice

Automating your insurance tracking with a dedicated insurance payment tracking software will help you avoid the usual pitfalls of manual workflows. All your effort in monitoring every dollar will only go to waste if your process is error-prone, inefficient, and slow.

How Insurance Payment Tracking Software Helps

What good will tracking payments do if that information doesn’t translate to an increase in your bottom line? It’s not enough to simply put a system in place to track payments coming in. You need to go the extra mile and ensure that every process and workflow involved is as efficient as possible to see a return on your investment quicker.

Rather than getting frustrated with rudimentary tools like Excel sheets, you can implement insurance payment tracking software to streamline how you monitor and post insurance payments.

Why billrMD is The Right Insurance Tracking Software For You

billrMD offers a complete revenue cycle management (RCM) solution, including integrated insurance payment tracking software. As a well-rounded system with practice management and medical billing tools, billrMD supports your entire administrative workflows, from scheduling to payment processing and data analytics, to ensure profitability and keep your operations running smoothly.

Its full-featured insurance tracking solution brings benefits beyond convenience and added efficiency.

Insurance Payments at a Glance

Track and manage all insurance payments from one comprehensive window. See all vital information in one screen, from payer name, receipt number, payment details, status, and other crucial details.

Isolate New ERAs

If you want to view only new electronic remittance advice (ERAs), billrMD allows you to isolate them with a click.

Narrow Down Your Search

Use the filter bar to find the specific payment you’re looking for quickly. From payer name to receipt date, number, and other details, billrMD offers many options to narrow down your search.

Post Payments With a Click

Open the insurance payment posting screen from the insurance payment tracking dashboard. Accurately post payments by manually entering the patient’s name, payment amount, and other necessary details.

When your insurance payment tracking is as simplified and intuitive as billrMD makes it, you’ll save your billers time and your practice from late and uncollected payments. Secure your practice’s revenue and never let a dollar go uncollected with billrMD.