For any facility or practice, turning claims into real money is their lifeblood. When they submit a claim with billing errors, it results in claim denials. Automated medical billing plays a huge role when handling high-volume, complex medical billing. In this blog, we will quickly go through what automated medical or healthcare billing is and why it is so significant.
What is Automated Medical Billing?
Automated healthcare billing is the process in which professionals perform claim scrubbing, remittance, and charge input automatically. It is performed using natural languages and timers processing monthly, weekly, or daily according to the frequency of the organization’s claims.
Medical billing software executes ordinary and repetitive tasks. It helps accomplish jobs automatically, more precisely, and more quickly through automation. You can improve your overall profitability and income significantly by automating your billing process.
Benefits of Automating Medical Billing
Medical billing companies are reaping many advantages by automating the billing procedure. Here are some of the greatest advantages that come with automation.
1. Increased Net Collection
With automation, you can significantly improve the rate of net collection. It is possible because of the efficient follow-ups and faster claims turnaround that automation encourages. It allows you to respond to denials within just 5 to 21 days.
2. Reduced Denials
You can reduce denials through automation. You will be able to match ICD10 codes automatically with covered therapies. It will help you save considerable time.
3. Coding Accuracy
With the most effective practice codes, you can maximize reimbursements, while getting payments more from your payers.
4. Payment Posting Automation
With automated payment posting, the process of collecting deductible or copay amounts speeds up. You can ensure updated patient records. Moreover, you will also be able to identify outstanding payments through automatic payment processing from the insurance company.
5. Faster Process of Patient Appointment
With automation in medical billing, you can ensure faster invoice submissions and better process efficiency.
Apart from the advantages that we discussed above, automated medical billing also has some other advantages. Those include real-time reporting, authorization tracking, real-time eligibility verification, etc.
You May Also Read: Basic RCM Questions in Medical Billing