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Using Software to Grow Your Medical Billing Company 

Here’s a simple truth: the faster you can get your customers paid, the more popular your medical billing company will be. Now here’s another one: no matter how effective your team is, you will only ever be as efficient as your software allows to grow your medical billing company.  

Think of it this way—your team is like a high-performance sports car. They have all the capability in the world to operate at lightning-fast speeds. But your software is like the road they drive on—and if your software isn’t up to the task, it’s like putting that sports car on a road full of potholes and obstacles.  

In order to give your sports car of a team the road they deserve, you need to provide them with the open road of an AI-assisted software platform.  

The right software will help ensure a high first-pass acceptance rate. And it’s possible to see over 99% of claims accepted on the first pass. That’s the sort of high efficiency platform your team needs to achieve the results they’re capable of. 

CollaborateMD | Claims Scrubbing

Here’s how to find the right software to make it all happen: 

Start by Assessing Your Needs 

Before looking at what software is available, perform a quick audit of your business’s needs. This will help you establish some baseline requirements to grow your medical billing company and quickly rule out software that doesn’t meet them. Here are some crucial questions to help you evaluate your needs: 

  • What software platforms do you and your clients currently use? 
  • Are you looking to replace your current software or add to it? 
  • How many employees will use this new software? 
  • What is your budget? 

These questions don’t need to be complicated to provide valuable answers. If you need at least 20 users, you can rule out software that limits you to 10 licenses, for example. 

Determine Your Must-Haves 

Once you determine your business’s unique needs, it’s time to start shopping. As you compare solutions, create a list of must-have features, such as automatic claim submission and automated follow-up. Look for technology that will help lighten the load from your staff, freeing them up to focus on the things that actually need their attention and brainpower instead of the rote tasks that can be handled by AI. 

Don’t forget to compare reporting and analytics capabilities. These can prove invaluable for your business, as they give your insight into your operations that will help you find ways to improve your efficiency. 

Consider the level of support provided, both in terms of on-boarding and initial training and ongoing customer care. Getting up to speed with a new platform is no small task, and you’ll appreciate having expert support while your team becomes familiar with their new tools. 

Here’s a quick list of things to look for: 

  • Automation and AI capabilities 
  • Ability to integrate with top EHRs 
  • Automatic claim submission 
  • Automated follow-up 
  • Built-in clearinghouse edits 
  • Reporting and analytics 
  • Training and support 

Watch Out for Red Flags 

Establishing your must-nots is just as important as establishing your must-haves. With so many options for medical billing software, there is simply no reason for you to choose a solution with long contracts, hidden fees, or other red flags. 

When shopping for a new solution, the following features should be a good indication to look elsewhere: 

  • Long contracts or vague contract terms 
  • Installation or startup costs 
  • Add-on charges or hidden fees 
  • Limited user accounts 
  • Lack of scalability or flexibility 
  • No self-help tools or knowledge library 

If a solution includes anything from this list, it’s probably not worth your time.  

Finding the Right Software 

Upgrading your billing software is a great way to drive more business in less time. But it’s not an easy choice to make. If you’re serious about your search for a new solution, schedule a demo to learn more about using software to grow your billing services company today! 

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