For medical billing companies, faster revenue cycles mean everything. By automating billing tasks, establishing built-in clearinghouses with qualified practice management software, and embracing artificial intelligence in their workflows, today’s medical billing companies are able to process more claims in less time than ever before. But not every company is using all of the available technology to their advantage, which is why we’ve put together this list of five of the best tips for speeding up your billing processes while reducing errors.
1. Optimize Your Tools
Having the right tools makes all the difference in any job. In today’s world, being a medical billing company that still relies on paper-based processes is like being a carpenter who doesn’t use power tools. Cloud-based practice management software and other medical billing software solutions let you automate routine tasks and basic billing functions, freeing up your employees’ time for focusing on the work that requires a real human touch.
It’s important that your PM software can handle both CMS-1500 and UB-04 forms, for professional and institutional billing. This will save time, minimize errors and maximize reimbursements.
2. Follow up on Delinquent Claims
Consistent and tracked follow-ups turn delinquent claims into paid claims. It’s well worth assigning a staff member to review accounts and determine which claims are not being paid on time—and why. You might uncover communication issues or repeated billing errors that can be remedied to prevent future issues.
Having efficient processes for your team will also help to reduce late payments, as they’ll be able to file claims faster and with fewer errors. Depending on what you find, it may even be worth reviewing your entire billing cycle. Remember, reducing delinquent payments means improving cash flow.
3. Have a Proactive Plan for Line or Complete Denials
Denied claims are on the rise, and billions of dollars are being left unpaid. But shockingly, many providers don’t do much to capture this lost revenue—up to 65% of denied claims are never resubmitted.
Recapturing this lost revenue should be a major initiative in any billing department, especially when the average hospital has millions of dollars in denied claims. Ignoring these denied claims is simply leaving money on the table. Fortunately, smart PM software can set reminders for following up on denied claims and restoring lost revenue.
4. Demand Accurate Coding and Claim Submission
An important part of revenue cycle management is the timely submission of claims, which means quick and accurate CPT coding. Good coding practices help claims to be processed quickly and decrease denials from insurers. This is another area where good PM software plays a major role, as it can assist with code entry and automatically ensure codes have been added correctly. Ensuring everything is accurate before submitting a claim is one of the best ways to mitigate denied claims and improve your revenue cycle.
5. Regularly Monitor Key Statistics
Data is everything these days, and monitoring KPIs and other important analytics is essential business for medical billing companies. Again, your PM software should make this easy by providing a comprehensive and easy-to-use dashboard for navigating data.
You should be able to see things like the time it takes for a claim to be processed, all denied claims and the reasons they were denied, the amount of outstanding claims you have at the moment, and more. The more you understand the data behind your operation, the more effective and efficient you can become.
Finding the Right PM Software
Every medical billing office has its own unique needs and wants. But chances are that there’s PM software out there that can meet them—and even exceed them. If you’re ready to see how CollaborateMD can speed up your billing process, book your free demo today!