Role of medical billing software in RCM services
Ensuring efficient revenue cycle management (RCM) along with excellent patient care is no easy task. If you are looking for a way to balance these functions at your healthcare establishment, then consider getting medical billing software for the revenue cycle management of your business. Medical billing software can help you in saving time, cutting costs and minimizing errors. More importantly, it will speed up your claim reimbursements. Knowing that your revenue-related processes are in good hands, you will be able to focus better on the medical reports of your patients rather than the accounts statements of your business. But first, let us understand what this software is all about.
Defining medical billing software
Medical billing software automates the entire revenue cycle of a healthcare business. The software processes the electronic as well as physical billing data, so you know exactly how much the patient owes you and the amount their insurance policy covers.
Here are some reasons for opting for this software to improve the financial stability of your practice:
This feature saves a lot of time. When patients visit you the first time, they would usually share details such as their medical history and insurance information. With medical billing software, they can skip this step during their next visit while you can verify their insurance even before they arrive at your clinic. Details such as a new insurer or changes in the terms of their existing policies can also be updated on the software for future reference.
Read – 5 Smart Tips for Improving Revenue Cycle Management
Integrated appointments scheduling
No more standing in long queues or calling the office to book appointments; patients can now easily book appointments through applications integrated within the software. A strong software scheduling system would display details about the physicians and their availability. Even if the patients miss a consultation, they will receive automatically-generated reminders. You or your staff members do not have to lift a finger to streamline the process.
Automated claim processing and tracking
Automation helps in reducing the cost of collecting and enhancing the efficiencies in the medical billing processes from start to finish. It enables you to keep a check on the status of claims in account receivables in real-time and look at why some claims have been processed while others were not. It also follows up on delinquent claims by sending automated reminders, track or dispute denied claims and more. Additionally, you will receive detailed analysis and auditing reports on the internal operations of your medical practice.
Recurring errors resolved
The software uses the comprehensive and accurate patient data stored within the system to create efficient system billing processes. It quickly spots errors and fixes them right away. This helps in reducing the number of rejected claims and expedites the flow of revenue into your account.
Managing accounts and finance
No matter how efficient your staff is, when it comes to accounts, it is best to have accounting software to manage the collections, create elaborate financial reports and generate patient statements. Not only will this reduce the margin for errors but will also speed up the process. Some systems also give patients the ease to pay for consultations, treatments and prescriptions online. This is an added benefit, especially when minimal contact and social distancing is the way forward.
To encrypt and protect your patients’ medical records, consider medical billing software that complies with the Health Insurance Portability and Accountability Act (HIPAA). Since you are storing sensitive information about your patients in your system, it is your responsibility to safeguard it with software that has the best security features. Doing that successfully improves the credibility of your practice and enhances your doctor-patient confidentiality.
Payments through credit cards
Many patients choose to pay using credit cards as it is one of the most convenient methods of payment. The billing software will make it easy for you or your staff to process payments this way, online as well as in person. With some providers, the software shows payments through credit cards as core functionality, thus waiving the processing fee.
Every medical practice must follow these two things in the billing process –ensure patient data security and manage the revenue cycle by following the best practices. HIPAA-compliant medical billing software makes sure that these two factors are taken care of. It provides detailed reports on how you can further optimize your revenue, improve the efficiency of your processes in compliance with current regulations and enhance the privacy of your patients’ data.
Having read the benefits of adopting medical billing software, it is easy to deduce that adding it to your RCM system can be highly profitable for your business in the long run. So, switch to efficient medical billing software today to make the best of the technology for your healthcare business.
Read Also – In-house Medical Billing vs. Outsourced RCM