Why does speedy claim processing matter? How does an electronic claim submission can benefit your practice? Tech advancement and rapid innovative developments are giving organizations advanced solutions to streamline their workloads. Throughout history, for example, practices may rely on manual methods for information collections, audits, transactions, etc. However, with the wide range of multiple smart options, modern practices started to use electronic alternatives rather than traditional methods. Because it is quite fast and simply easy as compared to paperwork having more incentives to transfer more information digitally. Physicians can get an undeniable edge over paper claim submission via electronic claim submission.
Modern technology has more processing power to outgun the old methods of managing claim processing. This is not merely limited to the claims. In the US healthcare industry, many physician practices & revenue cycle leaders are tending to adopt advanced technologies to meet their business needs. Additionally, technology-driven solutions can increase their revenue while improving their patient experience. It is highly essential to understand what may be slowing you down to get your practice operating more smoothly. You can minimize delays and immediately get on every pending claim with a little extra foresight by making a few changes.
Ways to Speed Up Your Claim Processing
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Evaluate Your Review Method
Many practices have already had an efficient evaluation procedure in place to assure clean claim submission. But, often the most professional coders and billers can unintentionally make a mistake during manually reviewing claims. Utilizing claims scrubbing systems helps you identify and fix the issues digitally.This helps you ensure greater accuracy and save your billers or coders valuable time. Your administrative staff would be more comprehensive with automated solutions and could work faster. Though, many physician practices execute their claims reviewing via a clearinghouse. However, an extra step is added to the process if your clearinghouse sends the claim back to your facility finding mistakes in the claims. Your practice will have to bear the financial burden of unnecessary procedures. The best way is to audit your process to figure out if an in-house or outsourced assessment is more efficient.
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Submit Your Claims Quickly
Your practice can benefit when submitting the medical claims to the insurance agencies regularly instead of once per week. This will typically delay payments to physicians by 5 days if you submit claims every week. You may have delayed payments when you wait for so long and submit claims in one bunch. The best way is to get your revenue quickly without skipping the reviewing process and getting your claims out regularly.In addition to this, ERA, a form of electronic communication, eradicates the need for paper EOB. It involves the information on if a claim is paid or denied, any modification that the insurer makes, final status, etc. Makes the paper EOBs a thing of the past with the help of claims management solutions. It is digitally posted in your existing system so that you can interpret remittance information received from your payers and view details of the claim to make adjustments. More preferably, it enables you to file secondary claims and reduce write-offs to mitigate the error rates.
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Be Complaint & Submit Electronically
It will cost you more when sending claims via mail. AMA found out that, when a clean claim is sent manually by paper the average cost of processing is $6.64. While the exact claim if processed digitally will cost only $2.89. You have to get on board now. Presently, the Center for Medicare and Medicaid Services is accepting the electronic claims complaint to the specified format. Then why not adopt the change now as this is the ideal time for you to go digital.Switching like that will provide you the major advantage when procedures are standardized according to compliance guidelines related to digital transactions and now you don’t need to worry about adhering to e-claim system parameters. Moreover, electronic claim submission has a much faster turnaround time for remittance with being HIPAA-compatible and more affordable specialties. In 7 days 68% of electronic claims are processed in contrast to 30% manually submitted claims. This is better for the atmosphere too. Submit online, go green, and get paid promptly.
Speed Up Your Payment Collections
A physician practice requires financial assets to provide quality services, but this can only be achievable if the claims are processed correctly. The insurance companies reject any claims based on incorrect billing and coding as they are very fastidious in their inspection. The medical claim is based on all the examinations, treatments, and prescriptions that the patient receives to recover properly. As there are many patients with different insurance from different organizations, it may very well be hard for a practice to get complete reimbursements by staying compliant and updated with the current insurance laws of a particular insurance company. Therefore, adopting innovative physician billing solutions provides you with the required resources to reduce human errors, streamline billing & coding tasks, and process accurate medical claims digitally to get you paid promptly. This will enable you to enhance your core-processing abilities by reducing operational costs, improving claim processing, and streamlining the physician revenue cycle management.
Billing experts integrate efficient practice management systems and EHR/EMR systems and improve this one step of the billing process almost overnight. They automate your entire billing cycle and eradicate the chance of mistakes. With an EHR system, you can directly upload secondary and primary claim data to the website of the clearinghouse. In this way, you get the ability to submit everything in one place and your administrative burden would be lowered. At this point, you can witness an improved and faster reimbursement cycle.
Expert Claim Management Services
Having a team of specialists is important to help with a successful payer setup when you bill electronically. Reliable physician billing services like PBC support timely billing by providing smart revenue cycle management solutions. They enable you to increase cash flow to grow business or get paid faster for the rendered services by using electronic claims submission. You get the ability to track the claim process in real-time which was a problem for you in the past.
Besides, analytic features and detailed reporting enable physicians to monitor the process from submission to reimbursements. You can receive electronic reports like, claim level rejection reports, charge & revenue analysis, file summary reports, A/R aging analysis, payer reimbursement analysis, etc. This helps you hold up your reimbursement and increase the efficiency of your billing workflow with the help of remarkable reports. Moreover, real-time tracking gives you enough time to completely focus on your patients. Clearinghouses and EHR systems help you check if patients are delinquent on payments and track co-pays etc. Additionally, it gives you the knowledge to identify claims that need attention. It also enables you to follow the claim from start to finish and helps your business make adjustments accordingly.
Tower Revenues
Physicians can’t afford to lose revenue as the ever-evolving healthcare industry is becoming more competitive. Speeding up processing cut the points for frauds and reduce the costs, enhance revenues while boosting patient experience in the following ways;
- Payers pay eventually when patients can prove coverage and a legitimate claim. Payers and patients both get dissatisfied when there are delays due to incorrect billing and coding errors. Upcoding and under coding both are against the law. Such types of claim disputes lead to potential litigation.
- Consumers for their coverage pay a lot. It causes stress when there are delays and some problems with your claim. Speedy medical claim improves patient-physician relationship while cutting practice expenses.
Specialists at Physician Billing Company reduce the need to fill lengthy forms manually. They help you get paid fast and work less by eradicating the requirement of increasingly tiresome paperwork or automating the billing procedures. Contact us today and discover the benefit of outsourcing physician billing services to us!
