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Healthcare billing is a hectic task, yet no practice can ignore it because finance is the core of any business.
Revenue Cycle Management has a very pivotal role in the overall healthcare system. It improves the financial stability of healthcare organizations by streamlining the processes that are important for maintaining cash flow in your organization.
Revenue cycle management is important for processing the payments processed by patients as well as insurance companies.
Medical practitioners face various challenges in providing their services because of rising costs and shrinking budgets. However, with the advancements in technology, there are various cost-effective and time saving alternatives such as medical billing software that helps organizations improve their revenue.
What is Medical Billing Software?
A hospital billing software automates the process of sending, generating, and collecting invoices for medical services.
It helps healthcare organizations save a lot of money by reducing errors, increasing revenue, and improving efficiency.
Let's understand the features of healthcare management software and how it can benefit your healthcare organization.
Gather Insights & Enhance Your Performance
Understanding the key picture is one of the major aspects that decides your growth and creates the right path for business. A good medical billing software can help you analyze data and measure your performance by:
- Providing dashboard and reports to keep track and visualize your KPIs
- Offers benchmarks and comparisons to assess the performance of your organization according to the industry standards
- Enables data-driven decision-making and strategic planning which enhances processes and outcomes
- Keep track of the latest trends and practices to help increase the profitability of your organization
Based on a study done by Harvard Business Review, organizations that are data-focused are more likely to get customers.
Their customer retention and profitability are higher than those of organizations that are not data focused.
Data can be leveraged in hospital billing software and improves your performance significantly.
Ensuring Compliance & Security
Good medical billing software ensures security and compliance so that you never go against the set guidelines and provisions decided by the government and insurance companies.
A medical billing software is designed to protect your data as well as the patients EHR by:
- Encrypting and backing up data prevents any sort of unauthorized access or data loss.
- Implements role-based access along with audit trails which monitors and controls all user activity
- Provides support and updates which helps you keep the software up to date with the latest compliance laws and regulations
- Adhering to the standards and requirements of the HIPAA, PCI DSS, and other relevant authorities.
Based on a report published by IBM, an average data breach costs the healthcare industry about $7.13 million. It is the highest among all industries.
However, if you use medical billing software like Unify Medicraft, these threats can be avoided very easily.
Reducing Claim Denials
A very major challenge of medical billing is to ensure accuracy along with precision according to the compliance regulations. Even the slightest mistake or omission will result in claim denial.
It means huge loss of revenue and waste of time.
Medical Billing Software can help you reduce errors and denials by:
- Checking for errors before submitting the claims
- Automatically updating the codes to comply with the latest standards
- Notifying for missing or inaccurate information
- Generating reports and insights to fix common errors
According to a report published by the American Medical Association, claim denial rates will go as high as 35.2%, depending on the payer and their specialty.
Organizations that use medical billing software can decrease their claim denial rate significantly and increase revenue.
Enhances Efficiency & Productivity
Good medical billing software can help you save a lot of money by improving your overall efficiency.
Manual billing is time-consuming and labor-intensive. It requires a lot of human intervention and documentation.
A healthcare management software helps organizations streamline and automate the billing workflow by:
- Combining electronic health report (EHR) and other software to avoid duplication and share data
- Creating invoices, setting up payment reminders and statements automatically along with notifying them to the patients and payers
- Decreasing staff workload which allows them to provide better patient care
- Processing payments and reconciling accounts faster
According to a report published by Healthcare Financial Managment Association, automating the billing process reduces cost per claim by a significant 40-60%.
Improved Revenue & Cash Flow
Medical Billing Software can help you save huge expenses along with increasing your revenue and cash flow.
An efficient billing software can help organizations optimize their revenue cycle management in the following ways:
- Improves patient engagement and satisfaction by providing convenient billing options
- Increases collections and decreases bad debt by giving options of flexible payment plans and reminders
- Boosts reimbursement and decreases write-offs by negotiating contracts as well as appealing denials
- A significant increase in revenue opportunities and minimize leakage by capturing all charges and services
The Best Medical Billing Software for Your Organization
Be it a small clinic or a huge healthcare organization, an efficient medical billing software can help you streamline your billing process, take care of compliance, improve the revenue cycle management, as well as take care of denials.
Unify Medicraft is a perfect example of efficient healthcare management software that has the power to improve your revenue.
Maintaining the integrity of data also becomes very easy with Unify Medicraft as it is a well-protected software that keeps patient health information and electronic health reports safe and sound.
Automating your medical billing software reduces a huge burden off the shoulders of your employees. It is time saving, cost-effective and poses various benefits. They have more time to provide better patient care, which improves the patient's experience.
Unify Medicraft envisions making medical billing easy for everyone so that healthcare practitioners do not have to take care of all the additional elements related to medical billing and they can provide good treatment to their patients.