Did you know that over 40% of medical billing processes contain errors? This could be due to multiple reasons like incorrect information submission, the manual billing process, the burden of administrative tasks, late follow-ups with the insurance companies, and so much more. Well, in modern times, you’re less likely to get into any sort of trouble thanks to automated medical billing services.
It makes sense to say that having proficient medical billing services for your practice is of utmost importance. Automation in medical billing has revolutionized the entire process.
Other than sharing a significant part of your medical workload, automated medical billing services help with patient experience and satisfaction.
Automated Medical Billing – Features to Consider
These are the must-have features you need to look for in an automated medical billing service for your practice.
Claims Tracking and Submissions
The automated medical billing services should be able to offer claims submissions to the insurance companies electronically. The billing service should be able to track real-time claims and various formats of the claims. This very feature allows you to monitor the status of the submitted claims and deal with the denials appropriately.
Automation in medical billing service for your practice should be equipped with an eligibility verification feature. This means checking a patient’s insurance coverage in real-time, ensuring that the information is accurate, and able to reduce claim denials.
Assisting with Codes
This is the most crucial feature of your medical billing and coding process. Your automated medical billing service should be able to promise compliant and accurate coding practices. This attribute can help reduce coding errors, maximize reimbursements, and simply process coding issues for your medical staff.
Denial Management and Appeals
Having built-in denial management in a medical billing service can facilitate your practice significantly. The service should be able to track claim submissions, identify claim denials, and have the right tools for the appeals at its disposal.
This feature helps you to reduce the submitted claim rejections and optimize revenue cycle management.
Analytics and Reporting
Reporting the analytics of the billing services with due diligence is an important feature to consider. Detailed reporting and analytics access, generating reports on financial metrics of your practice, collection and reimbursement rates, claim management, and overall practice performance.
Best practice would entail providing you with customized reports that identify changing healthcare billing trends, accessing the financial state of your medical practice, and making strategic data-driven decisions.
Considering all the features above, as a provider, you should be aware of the medical billing service you’re opting for. At Transcure, we ensure you are diligently meeting all your medical billing needs. Our automated medical billing service is based on Robotic Process Automation that can take away all the manual billing worries.
Managing your revenue cycle, less claim denial rate, error-free data submission, checking patient eligibility, and so much more with real-time results. Optimize your practice’s revenue collections with us today!