Healthcare in America is a notoriously complicated affair that can be made even more byzantine by complex medical billing. In order to navigate these obstacles, medical billing companies turn to specialized software for help. Partnering with a health IT company can return great value, streamlining the process to save both time and money. When choosing the right medical billing software, it's important to find a provider that can deliver solutions that fit your unique needs, all while providing world-class customer service.
An experienced health IT partner is able to provide specialized software to optimize revenue cycle management (RCM). RCM entails managing an office's claims processing, payment and revenue generation. It includes determining patient eligibility, collecting payments and co-pays, coding claims correctly and tracking them, and following up on denied claims.
It's estimated that the Centers for Medicare & Medicaid Services (CMS) rejects about 26% of all claims, with up to 40% never being resubmitted. Robust revenue cycle management software simplifies billing and collecting, and improves coding accuracy to prevent unclaimed collections.
The right software also increases collection rates, financial performances, and the ability to serve customers. When advanced technology and professional support staff help to establish better, more accurate workflows, practices can then fully optimize their RCM.
A health IT firm can also deliver huge benefits to billing companies, allowing them to adopt more RCM clients. Integrating specialized technologies that are geared toward RCMs give companies the ability to price by transaction, rather than by provider. An RCM offers companies a one-stop shop for all their collection needs.
For medical billing firms, choosing the right health IT partner yields more efficient, streamlined operations. Advanced software minimizes occurrences of delayed payments, while also increasing collection rates. Beyond the technology, a health IT partner should offer excellent support that can solve problems with only one phone call to create better customer experiences.