The average hospital loses 5% of its margin due to claims denial, contract negotiations, and underpayments. Inefficient medical billing management practices can have a severe impact on your organization. Besides, they also add to your operational costs. Every medical billing business seeks to minimize costs and maximize profit, but how can you achieve this? It’s simple – you need to adopt the latest innovations. Taking advantage of some key technologies will take your billing and coding to the next level. Also, they will significantly increase your savings while their higher efficiency boosts patient satisfaction scores.
Eligibility Verification Software
The average medical practice submits approximately 83 claims every day. Tie that in with the fact that half the accounts receivables are collected within 30 days, and a slow eligibility verification process can complicate your medical billing procedures. Without an efficient verification process, your practice will be at risk of losing revenue through denied claims or billing leakages. Eligibility verification software eliminates the need to keep calling to check verification for each patient individually.
Additionally, the software runs in the background to check a patient’s co-pay, eligibility, and coinsurance, sending all this data in batches. It even notifies you if a patient has met their deductible or not.
Artificial Intelligence
Historically, medical coders manually transcribed all of the information from a patient’s visit. They would transcribe it on to an electronic code that would sit on the practice’s database. Although professionals today use encoders to get this information down, they still have to rely on medical coders due to information errors.
Artificial intelligence (AI) is increasingly being used to run computerized coding systems. It can proficiently identify any data mistakes and fix them. Moreover, it provides real-time analysis to medical coders to help them increase their efficiency. As a result, the rejection rates of medical bills go down due to fewer errors. AI also helps bring down medical bill collections and coding costs. You can then pass these savings on to your patients, giving you a competitive edge.
Stay Ahead of the Curve
Inefficient medical billing and coding can result in your practice losing out on revenue and incurring higher operational costs. Embrace innovations in technologies that streamline your medical billing and coding systems. These technologies will work to improve your revenue and customer satisfaction.
Advanced Reimbursement Solutions in Wilmington and Phoenix is passionate about helping you bill efficiently and at a better cost. Talk to us to learn how you can streamline your medical billing. We are happy to help. Contact us today to book an appointment.