Medical billing services are an essential business component of any healthcare facility; after all, providers need to get compensated for their work, supplies, and equipment need to be purchased, and overhead costs need to be procured. Traditional medical billing practices included manual paper billing, requiring staff to enter data, and send out and receive bills.
Technology is improving medical billing services by introducing new, improved ways to make the entire revenue cycle management process more efficient, accurate, and customer-friendly. A byproduct of the revenue cycle management change and increased technology is a complete transformation of medical billing services. Medical billing services that use technology leverage automation, AI, and electronic health records to deliver efficient, accurate billing.
Automated Medical Billing Services
Automated medical billing and coding utilized software, sometimes with AI capability, to identify billing codes, apply them to the appropriate healthcare services, and process payments. This technology has completely changed medical billing services from manual data entry and paper processing to a digital, automated process that is accurate, more efficient, and in compliance with medical billing regulations.
Benefits of Automated Medical Billing Services
Automated billing services increase efficiency and accuracy. These often incorporate AI to analyze the data and quickly pull out accurate coding from the electronic health records, resulting in an incredibly fast yet accurate billing process. Automated billing also reduces the propensity for human data entry errors and improves the speed at which it is completed.
Accurate Billing
Automated medical billing services result in fewer errors, which means more bills are paid. Not only does automated billing have the capability of identifying the correct codes, but it can also cross-reference to ensure the billing code is applied correctly to the right patient. More precise claims are submitted, which means fewer claims are denied by insurance companies. Overall, automated billing results in more accurate billing while improving the entire revenue cycle management.
Efficient Medical Billing Services
When automated medical billing services are implemented at a healthcare practice, claims are processed more efficiently. While part of this is due to fewer errors and correct coding, the other part is that it simply works faster. Slower, manual entry is eliminated and is instead cross-referenced, double-checked, and completed automatically, which creates an efficient process. Staff that was previously assigned to these tedious billing tasks can be put to work in more appropriate areas. Overhead costs could also be reduced. Automated medical billing services integrate seamlessly with electronic health records, making manual tasks like filing a patient medical record a thing of the past.
Improved Compliance
Because of the technology’s capabilities to cross-reference records and ensure more accurate coding, compliance is also improved. Medical coding is an evolving skill, and there are regular updates that an automated system can check for and effortlessly implement without needing training, such as would be the case if a person were physically handling medical billing. If there is an issue or potential concern, the system can flag a file for a provider to review manually, resulting in improved compliance.
Telehealth
Technology has been steadily improving, but in the medical field, technology has paved the way for telehealth. Telehealth has changed the way that healthcare providers can see and even treat patients. Although the 2020 pandemic was a tough year for many, it did increase the number of providers who offered telehealth appointments. From 2019 to 2021, telemedicine use increased from 15.4% to 86.5%, according to the CDC. Telehealth and automated billing go hand in hand.
Unique Needs of Telehealth
When it comes to telehealth medical billing services, providers have to be aware of the strict requirements for reimbursement. With this surge in use came a need for providers to learn how to properly implement telehealth billing because it has its own unique billing requirements. Automated medical billing services help to ensure that the correct billing codes are applied to telehealth visits, which allows for more accurate claims and faster payments. Incorrectly applied codes, often resulting from manual coding, frequently end up with delays and claim denials.
Telehealth Patient Experience
Patients who are comfortable with telemedicine are often more comfortable with using online technology for medical billing services. This means they prefer to manage everything online, access a patient data portal, and avoid the antiquated process of paper billing. Telehealth medical billing systems that incorporate technology, whether through a portal or automated billing service, benefit both the providers and the patient.
Improving Patient Experience
Medical billing services and the patient experience are closely tied. A poor medical billing experience could result in a patient seeking care elsewhere, or it could become harder to receive payments. By using technology to improve antiquated processes, patients are happier, processes are streamlined, and fewer errors are made.
Patient Portal
As technology permeates all facets of our lives, people are more accustomed to using apps and websites to access sensitive information previously kept offline—medical records and billing are no exception. Technology has made it possible for providers and patients to share electronic health records through patient portals—and that same technology also makes it easy for providers to generate bills and for patients to pay them. Giving patients access to things like a patient portal improves the entire experience, which results in more patient satisfaction and improved transparency.
Fewer Errors
Patients do not have the patience to deal with medical billing errors. When they experience them, it often results in a lot of wasted time, frustration, and upset trying to correct it. It can also have negative consequences for the patient and their credit if the situation escalates. On the provider side, these errors can cause other issues with business operations, issues with compliance, insurance denials and other time-consuming problems. Medical billing errors can have a significant negative impact on a practice.
Patients and practices experience fewer errors with automated billing, AI, or incorporating other tech-friendly services like a patient portal. The ease of bill payment processing, insurance claims processing, and overall handling of records will help keep patients happy.
Patient-Preferred Payment Methods
Digital payment portals and other methods of electronic billing make it fast and convenient for patients to remit payments. Patients can easily apply HSA funds or make out-of-pocket payments for services that insurance does not provide. With medical patient portals, patients have transparency and access to see how everything is handled, often eliminating questions and concerns. By using technology, medical billing services are dealt with in a manner that best serves the patient and the provider.
Transform Your Medical Billing Services
Interested in finding out how your practice can benefit from automated medical billing services? Contact the team at Credence today to learn more about the options for your healthcare facility.
