Are you tired of wasting time being frustrated over your medical billing? Outdated medical practices are costing your organization money. In fact, there is an estimated savings of $11.1 billion dollars in the healthcare industry with automated medical billing. Taking advantage of this system will dramatically impact your bottom line, while increasing efficiency and patient satisfaction. There are a few reasons why you need to automate your medical billing practices.
The transition to automation is easy and beneficial for everyone in the process. Staff will spend a short time enrolling patients into the new software, creating an authorized agreement to streamline the medical billing and collections process. This creates the patient workflow automation and the benefits will follow.
Automated billing practices dramatically drop your organization’s costs. Technology solutions will eliminate manual tasks such as mailing, hard copy filing and telephone interactions. Consider all the savings in overheard, less material being used, and less space needed to manually store files. Not to mention, freeing your staff of these redundant tasks will allow them to improve in other performance areas.
It’s important to understand that automation is not eliminating the need for human resourcing, because automation cannot provide care! The goal is to have automation solutions free up more time to optimize patient care. Think of all the ways you can maximize the patient experience; patients will appreciate all the personal touches that your staff now has the time to implement. But most importantly, automation gives the organization more time to provide superior healthcare and nurture patient relationships.
How much time has your organization spent fixing errors? Automated solutions will capture information and process claims more accurately, allowing the staff more control with processing. These data integrations are typically free from error, which will diminish time spent going back and forth with insurance companies about claims. This will allow relief for staff as they are more likely to feel burnt out from repetitive processing. This will also make reconciliations and audits easier and less stressful for every ending period.
The software will provide dashboard analytics that are user friendly and easily translatable. This displays your organization’s financial and operational productivity at all times. Data is key in developing strategies within the organization, use the analytical tools to implement new strategies to improve your operational performance!
Organizations are seeing increases in collections per month. This is because automation makes it easier, and consumers favor the digital experience. Your organization depends on your receivables and when you’re able to collect them, this significantly impacts your operations. Industries must take advantage of billing technology because consumers are more likely to be responsive when the transactions are quick and easily accessible. Consumers take longer to pay when they receive paper statements in the mail, compared to paying online and storing their information in the secure data system.
It’s time to experience what life is like after you automate your medical billing processes. Contact the experts at Signature RCM and get your medical bills on an automated process today.