Raintree Systems - Improve Practice Revenues by Addressing These 3 Medical Billing Challenges

All businesses rely on timely and full payments of products or services to get by. Healthcare businesses are no different. Yet, medical providers are in a unique position. Whereas most other business owners only hand over a product or perform a service upon receipt of payment, medical providers perform a service, bill a third party and hope they get paid. Unfortunately, payment is not always guaranteed. If you’re in the healthcare business, you understand this all too well.

If you’re tired of claims being denied by insurance companies for one ambiguous reason or another, it may be time to invest in electronic medical billing software. The right software can address common billing challenges, reduce claim denials and improve practice revenues.

Reduce Medical Billing Errors 

Billing errors are one of the top reasons that medical claims get denied, and while they may be easy to fix, it could take weeks or even months longer to receive payment if an error is made. Avoid that lag time entirely with quality software that doesn’t allow errors to occur. The right software is familiar with current codes, can be updated to include new codes and understands which codes to apply to which situations. In short, billing software removes the possibility for human error and can improve the billing accuracy rates to almost 100 percent.

Improve Record Accuracy 

Another common reason that claims are denied is because of inaccurate or incomplete patient information. If a patient’s personal information is not on file, it can make it difficult for the insurance company to locate the patient in its records, which may result in a denial. Furthermore, if a patient’s medical records are incomplete, the claim may be denied. For instance, this may happen if a bariatric patient is referred by his or her family doctor because he or she is at-risk of developing diabetes if he or she doesn’t lose weight. However, the patient’s medical record doesn’t include anything about the health concern. For all the insurance company is concerned, the procedure you performed was for cosmetic purposes.

EMR software indicates areas that need to be filled out in order for a claim to get approved. It can help ensure that your office personnel and nurses ask all the right questions and input all the right information at every stage of patient interaction, and, ultimately, that you get paid on time.

Do Away With Inefficient Processes 

Medical billing is one of those processes that is always changing, and while many offices require medical coders and billing specialists to undergo ongoing training, it can be difficult to keep up, not to mention costly. If your billing and coding specialist is not familiar with new codes, or if he or she utilizes outdated systems, it could end up costing you more than just lost time. It could cost you fees and damages to cover fraudulent claims. Your claims management process could be made more efficient with the right software.

Denied claims can be frustrating, especially when you’re relying on them to pay your bills, employees and other overhead expenses. If you’re tired of seeing that red “Denied” stamp across your claims, invest in electronic medical billing software. Schedule a product walk-through today.