Don’t Even Miss A Dollar, When You Have Medical Billing Software
Around 80 percent of submitted claims are processed for payment settlement on the first submission – leaving a huge 20 percent unprocessed. This unprocessed bill has multiple reasons and requires more energy and time from your staff to resubmit. Medical Billing Software makes the entire claim to be accurate and complete the first time by cross-checking information and double-checks the claims before submission.
Unfortunately, insurance companies pay exactly 10-14% less than the billed services to providers. If hospitals are not paying close attention to unbilled payments, your practice can be slowed for many reasons. Understanding underpayments is perilous, however, it requires technical education, data, and a practical approach.
Timely, accurate, and full reimbursement is the most critical metric of Medical Billing Software that keeps the lights on your practice. It calculates the co-pays at the time of service and front desk staff can escalate any issues with patients regarding co-pay refusal through the billing software itself.Don’t let timely filing ever be a reason for a denied claim! If your staff is filing claims only two to three days a week, they pile up the workload and concentration misses out while working on large files. Never let this turn out as a payment issue. Educate your back-office to file daily to improve the claims ratio and ask them to make it a No.1 priority.
Even small unpaid balances can hurt your revenue. $15 or $30 patient co-pays may not stick to your mind while considering reimbursements, but it’s critical for a balance sheet like other payments due. Medical Billing Software helps you to calculate how much co-pay each patient must process and collect at the time of service. Teach your staff to collect in advance and make it your office policy in admission.
In each claim, medical codes describe all the performed procedures using standard codes - ICD-10-CM, CPT, and HCPCS Level II classification systems. It makes the claim easier to decipher and process bills even after using Medical Billing Software one or two bills can face rejections and it’s normal to occur.
Medical Billing Software has included non-specific diagnosis codes also. ICD-10 codes are more detailed than the previous ICD-9. Major billing errors happened in the past because of insufficient diagnosis codes. Your billing staff must be educated about the legal and ethical billing procedures if they intentionally or accidentally use upcoding or undercoding then the whole organization can be blacklisted as illegal initiated entities.
Missing a dollar or more is possible when you calculate all bills manually but Medical Billing Software is there to track each and every minute service pays from patients. In balance sheets - Small amounts, big makeover.