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.

Practices are Losing Billions of Dollars Yearly

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.

Integrated Practice Management 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.