Insurance payments make up a considerable portion of many practices’ income. It’s essentially the lifeblood of your business’s financial health. But the question is, are you putting enough time, effort, and resources into insurance payment posting and tracking?
Contrary to popular belief, the medical claims process does not end with
claims submission. If anything, it opens a different workflow that often gets overlooked: insurance payment tracking.
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By technical definition, tracking insurance payments pertains to monitoring evidence of payment from insurance companies for the covered services you’ve rendered to their members or policyholders. But in simple terms, it’s your way of ensuring you’re getting paid the right amount on time.
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.
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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.
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.
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.
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.
If you want to view only new electronic remittance advice (ERAs), billrMD allows you to isolate them with a click.
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.
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.
