According to a 2020 report, more than one-third of U.S. healthcare costs are eaten up by administrative tasks. For example, healthcare providers spend nearly $500 billion on billing– and insurance-related costs each year.
When medical billing companies are bogged down with inefficient processes, the revenue cycle stretches out and billing takes much longer than it should. Not only does this frustrate employees, but it also causes your customers to have to wait longer to collect the money they’re owed.
The good news is that by investing in time-saving healthcare technology solutions, it’s possible to streamline billing processes, enabling you to focus on growing your business while increasing your margins and ensuring your customers get paid on time.
With all this in mind, let’s examine some of the ways emerging technology in healthcare is transforming the way practices do business.
1. Streamline Billing Processes
By investing in time-saving healthcare technology, you can streamline billing processes, transforming something that has traditionally been a source of headaches into something that is done quietly and accurately in the background every time.
With the right solution in place, you can improve your revenue cycle management metrics by submitting claims in real-time and using claim tracking and management tools to chart your progress. What’s more, you can also use claims scrubbing tools that give you the peace of mind that comes with knowing every claim you send in is accurate and complete.
Add it all up, and the right tools can improve your cash flow, ensure you get paid faster, and enable your team to accomplish more.
2. Automate Payment Posting
Emerging technology in healthcare enables you to easily post accurate payments using line-item, batch, or ERA auto-posting methods.
Today, many payers are moving away from standard paper remittance and have implemented the use of ERA, which is the electronic version of an explanation of benefits. Not only does this improve payment accuracy, it also reduces administrative, storage, and paper and printing costs.
Using modern solutions, your clients can receive remittances the day the claim finalizes and opt to auto-post payments and adjustments to patient accounts.
3. Become Data Driven with Custom Reports
There’s no sense in making guesses based on gut instinct if you don’t have to. With the right time-saving healthcare technology solutions in place, you can quickly understand your financial performance and make your business more profitable.
For example, CollaborateMD includes robust reporting capabilities that enable billing companies like yours to learn more about their operations with over 125 different reporting options.
With access to a real-time dashboard, employees can stay on top of business trends and manually intervene when conditions warrant it — nip problems in the bud before they grow into large-scale issues.
Supercharge Your Approach to Billing with CollaborateMD
There’s a reason why thousands of medical practices and billing companies trust CollaborateMD to manage their billing processes: the purpose-built healthcare technology delivers a 99 percent first-pass claim acceptance rate — 29 percent higher than the national average.
CollaborateMD offers a full suite of time-saving healthcare technology solutions. Our offerings include these premium products:
- Practice Management — a complete solution to optimize front- and back-office processes (e.g., billing, scheduling, and reporting) designed with a biller’s workflow in mind
- Revenue Cycle Management — tools that help you increase revenue and attract, manage, and retain customers
- EHR/EMR Integration — the ability to connect CollaborateMD with leading EHR/EMR systems, including Practice Fusion, Elation Health, Praxis, Alleva, and many more
If you’re still spending tons of time on claim re-work and billing accuracy, it’s time to make strategic improvements to your revenue cycle and increase customer satisfaction — it’s that simple.
For more information on how CollaborateMD can help you make strategic improvements while increasing your revenue and improving customer satisfaction, request a demo today.