Medical Billing Automation: Turns Claims into Cash
Turning claims into cash is the life blood of a number of professional or businessman, especially the medical practice. The billing error is one of the significant causes that reduce the chances of reimbursement. So, it is important to get this medical billing operation right. Medical Billing Automation is an effective software bot to perform this routine work.
The Medical Billing Automation, also named robotic process automation software, can complete all the work automatically and promptly with minimum error. Automation to the medical billing process thoroughly speeds up payments, which ultimately add to the revenue apart from overall profitability for a practice.
The benefits of using automation
There are lots of benefits of using automation, especially for medical billing These include the following:
- It increases the net collection rate through fast turns around on claims and streamlined to follow-up.
- Automation radically decreases the denial rate. The longer you wait to submit a claim, it is more likely that you won’t be paid out. The customized cleaning technology is completely built on the needs of the practices. The extensive set of rules of the technology follows the proprietary innovative rules of the algorithm, which verifies all the claims first before they are sent to payers.
- Medical Billing Automation maximizes reimbursement using the most effective procedure codes. This leads to getting paid more from the payers.
- The technology expedites the recovery of co-pay or deductible fees through automating payment posting. After automatically processing payments from insurance companies, patient records need to be updated to find out the patients who have an unpaid balance. When staff can access the information, they can work to capture these outstanding balances to speed up payment and reduce the expense of invoices.
- Automation is set up to capture all the patient appointments, including the new and automatically move them through numerous systems required to start invoicing.
- Intuitive real-time custom online reporting of the system help you getting clear view and full transparency of your practices, and revenue cycle management.
- With the help of Medical Billing Automation, the authorization tracking and management via scheduling and various payer’s portals are settled.
Check eligibility and claim status first in the payer’s portals using any sophisticated billing automation, before submitting, for speeding up claims and refund.