We know the lifeblood of a practice is the ability to quickly turn claims into cash, doing so accurately and efficiently.
The chance of payers paying out once a billing error is submitted reduces and so it’s really important to get this step right.
Although medical billing automation is essential when dealing with complex, high-volume medical billing, it’s not just large PT/OT practices that can benefit from the technology. Smaller practices will find it even more critical that mistakes are not made upfront in the claims submission process.
Specifically for smaller practices, the cost of reworking a claim adds up. Reworking includes multiple phone calls, appeals as well as investigating the cause of the error. If you had to quantify this, you’d find it easily eats away at your profits.
What is medical billing automation?
Medical Billing Automation is also known as RPA (or robotic process automation). It’s specifically a software bot written to perform repetitive and routine tasks. With automation, work and tasks are completed automatically, faster, and with fewer errors.
When you apply automation to the medical billing process you are able to speed up payments dramatically, which ultimately increases revenue as well as overall profitablity for a practice.
Why is automation so important?
The medical industry is filled with complicated rules, biling codes and the rules change frequently. Keeping track of what’s changed and how it affects your practice is a headache.
That’s why we’ve developed an advanced data scrubbing solution that keeps tracking of and and manages these variables as simply as possible. It’s a powerful tool that takes the human error out of claim submission.
Spotting errors with billing ahead of submitting claims means that you can minimize denials, proactively deal with any issues and ensure you’re paid on time.
The benefits of using automation
There are multiple benefits to using automation when it comes to your medical billing. They are:
- Increased net collection rate through fast turnaround on claims and streamlined follow-up. Address your denials, through our Daily Denial Email Alerts, within 5-21 business days of receiving them. This is unheard of in the industry!
- Radically reduce your denials. By automatically matching ICD-10 codes with treatments that are covered, this saves precious time. The longer you wait to submit a claim, the more likely your practice won’t be paid out. Our custom-built claims scrubbing technology is based on your practice’s needs. We apply an extensive set of rules using our proprietary advanced rules engine and algorithm, verifying all claims first before they are sent to payers.
- Maximized reimbursement using the most effective procedure codes so you get paid more from payers.
- Expedite recovery of co-pay or deductible fees through automating payment posting. By automatically processing payments from insurance companies, patient records can be kept current as well as allow visibility of patients who have an outstanding balance. When staff have this information accessible, they can work to capture these outstanding balances in follow up appointments, speeding up payment and reducing invoicing expenses.
- Increased process efficiencies and shorter timelines to submit invoices as billing begins when a patient makes their first appointment. Automation is set up to capture new patient appointments and automatically move them through various systems needed to initiate invoicing.
- Intuitive real-time custom online reporting – you get a crystal-clear view and full transparency of your practice’s operations and revenue cycle management.
- Complete authorization tracking and management via scheduling and various payer’s portals.
- Check eligibility and claim status first in payer’s portals using our sophisticated automation, before submitting, speeding up claims and reimbursement.
Automated billing = operationally successful practice
If you’re not working with the most updated software, your practice will experience the pain of dealing with incorrect codes, longer claims processes, falling out of synch with the current billing codes, co-pays not being collected and profit falling.
If you’re looking to run the most efficient and effective PT/OT practice, medical billing automation and operations is a major driver of the efficiency of your revenue cycle and ultimately your practice’s success.
As the pandemic has squeezed profitability and practice’s experience rising costs and declining reimbursement rates, using automation to optimize billing and collection processes is critical for improving cash flow for PT/OT practices.
Ultimately, new technologies like Robotic Process Automation enable PTs/OTs to work smarter and faster with fewer errors so that staff currently managing the administrative overhead of your practice will have more time to focus on patients or more complex business issues.