How to Bolster Patient Payment through Technology?
The importance of improving and maintaining patient payment collections is proving increasingly more crucial for medical practices and health care institutions all over the world. One of the most important aspects involved in boosting patient payments is the digital systems utilized for facilitating the collection process
Role of Technology in Improving Patient Payments
Technology has its own impacts on medical billing and coding processes. Having attained the modern electronic and virtual billing processes, such as, for example, a Fully-Verified system, health care organizations are better placed to generate error free billing and collecting patient payments in a far more efficient manner than before.
Payment processing and handling process could be complicated and involve expertise – most of the billing processes are based on the concept that patients need to pay for services provided. Technology, when used efficiently, has the potential to improve payment drastically by offering several options that suit to patient preferences and needs.
Benefits of Using Technology in Payment Collection
Health care organizations the world over have been seeking ways to simplify financial and clinical processes. Integrated billing system is one effective way toward achieving this. A few benefits of using technology in the form of integrated billing system are listed below:
- Increased front office efficiency: Using a medical billing software integrated with EMR ensures seamless transmission of the medical practice’s documentation to the billing company – this eliminates entering patient data twice
- Reduction in Coding errors: Errors are almost eliminated, paving the way for better scheduling, co-pay collection, and claims management – clean claims are generated
- Better Reimbursement: With issues such as incorrect coding, incorrect demographic data entered, and other errors eliminated, accurate billing process is achieved, thus leading to improved reimbursements
- Better Financial data access and Improved Reporting Features: Billing being directly connected with documentation enables access to robust financial data – easy viewing of reports is made possible
- Easy access to documentation attachments: Scanning all pertinent information into patient chart is made possible by using billing software integration
Patient portals offer easy and convenient options to patients for carrying on transactions, make payments online, and boost revenue cycles.
The Importance of Medical Coding Compliance
Setting up and running a medical practice is no easy task. Young medical professionals who aspire to set up their own practices need to understand the fact that it may even take months to complete and there will always be regular changes in legislation and regulation that must be properly adopted
Change-adoption is Vital in Running Medical practices
Similar to other modern industries, medical industry is almost always under evolution. Innovative and unprecedented changes keep occurring in the medical field, necessitating practitioners to adhere to the latest legal and regulatory needs. Practices must be able to adopt such changes quickly and meaningfully.
Major changes in health care industry such as ICD-10 are normally announced well in advance, giving sufficient time for enactment. It is crucial on the part of physicians to get ready for these changes and start preparations early. It is through proper assessment of how well the practice will handle the medical coding changes that physicians and practices may be able to position themselves for prolonged success in future. Understanding the benefits of changes and taking necessary action to adopt are key in effectively running the practice.
Benefits of Complete Compliance to Medical Coding
- Practice Revenue can be Optimized
- Medical coding being a vital step in the process of medical billing process, care needs to be exercised in performing this task – inaccurate or untimely coding will lead to delayed claim submission, denied or reduced payment, and sometimes, complete loss of revenue – whereas accurate coding helps facilitate the revenue stream
- Compliance Risk is Reduced
- By adopting to changes promptly, it is possible to avoid financial penalties that result out of non-compliance – by delegating medical coding and billing tasks to reliable third-party service providers, medical practices may be able to adhere to coding regulation
- Practice can be assessed
- Having experienced and professional coders manage your coding and billing needs ensures that your practice will be properly trained in the changed medical coding environment
Numinatrans has been providing medical billing and coding services to health care facilities spread across the globe. Our expert billers and coders ensure that all regulatory requirements are met. We help your practice to accomplish improved reimbursements through accurate coding and billing processes.