With several stages involved in payment processing and collection, medical billing and revenue cycle management (RCM) are as complex as they come. From late and uncollected patient payments to insurance errors and claims denial, ensuring that you’re getting paid the right amount and on time can be a nightmare. This is especially true for practices that continue to shun automation in their billing and RCM processes.
Manual workflows aren’t just time-consuming; they are also prone to errors and require more personnel, increasing overhead costs and the likelihood of claims rejection. Medical billing automation streamlines the financial and administrative functions across your organization. Especially during the pandemic when every dollar counts, you must improve your practice’s billing and RCM capabilities and seize every opportunity to save time and money.
Healthcare systems are notorious for slow innovation implementation, especially on the administrative front. Despite new medical billing technologies and automation systems, medical practices still collectively lose billions of dollars every year to inefficient billing platforms and poor billing practices. One concrete example of this is the $125 billion the healthcare industry lost from rejected claims in 2018.
According to a Council for Affordable Quality Healthcare
(CAQH) report, the healthcare industry also lost $16.3 billion in potential savings from administrative transactions in 2020. While the report highlighted the significant improvements the industry has made in improving efficiency in practice administration, it still has a long way to go in terms of automation.
Late payments are an all too common trope in the healthcare industry. Physicians and practice administrators must have wondered, at least once, how to get paid faster. The solution, however, has been right under your nose all along. It’s all about automating your medical billing and RCM workflow.
To streamline medical billing and RCM, these processes must also sync up with all of your other workflows. An efficient medical billing system integrates all aspects of your practice, from appointment booking and patient information collection to eligibility verification and patient check-in.
However, not all medical billing software platforms offer integrated practice management features. That's why it's essential to choose a company, like billrMD, that makes integration a focal point of its platform.
As a cloud-based medical billing and practice management solution, billrMD streamlines administrative functions across your practice. Whether it's scheduling, task management, medical billing, and RCM, a two-in-one solution like billrMD improves your practice’s overall efficiency.
Coding errors are one of the most common reasons for claims denial. From incomplete information to incorrect diagnosis codes, encoding claims manually is simply inefficient. But with an automated medical billing and RCM software system, you can get rid of manual data entry and instantly increase claims accuracy.
Manually tracking bills and claims can be a headache. Going through piles of paperwork for every patient eats up a lot of time and resources and even causes staff burnout. With medical billing automation, all claims and patient statements will have digital copies that you can track and manage electronically. When you and your team can quickly sort through files with just a click, you can increase productivity and reduce the likelihood of any bills and claims falling through the cracks.
Modernizing vital aspects of your practice, like medical billing and RCM, may seem like such a daunting ordeal. However, with the right software platform, you'd be surprised at how easy the transition can be.
Medical billing and RCM solutions like
billrMD make modernizing your billing processes so much easier. As a secure cloud-based platform, billrMD doesn't require complicated implementation or additional software downloads. All you need to do is create an account, and you'll be able to access powerful tools and features designed to streamline your practice and business.
Sticking to manual medical billing and RCM processes in a constantly evolving healthcare landscape will get you left behind. It's time to take the leap into the future of practice management and automate your billing process to maximize your revenue potential and never leave a single dollar on the table again.
