How Medical Billing Solutions Improve Revenue Management
Healthcare professionals understand the importance of quality and relevant equipment for medical procedures. However, far too many healthcare professionals still rely on dated methods and incorrect tools when it comes to medical billing. For one, manual input poses the risk of human error. Accuracy in billing is essential for good customer relations, compliance with regulations in the industry, and on-time processing of claims from medical aids.
Indeed, using accounting and billing software, designed for normal commercial applications is still not sufficient. Such software does not account for billing codes and compliance with the requirements of the various medical aids in South Africa.
The normal billing solutions do not account for the unique requirements of the industry. As such, using the software can, indeed, add to the workload, rather than automate repetitive tasks.
Dedicated billing software helps to streamline the accounting function. Instead of the practitioner’s staff having to keep up with all the rules and regulations, as well as changes in such of each of the many medical aids in South Africa, the solutions do so. In addition, backup of billing data is done, account-payable reminders are sent, and payment patterns monitored. With such sophistication, the service providers can focus on patient needs, marketing, and compliance with legal requirements. They can reduce their staff members and thus benefit from cost savings.
Time savings are important in the healthcare industry. With tedious billing functions handled with ease, the support personnel can process accounts quicker. This allows for the scheduling of more patients per day and thus higher revenue for the practice.
Where a staff member, in the past, would have had to call to confirm billing details or patient cover information, the verifications are handled automatically when using one of our billing solutions.
Patient information is protected, and the risk of confidentiality breaches is thus significantly reduced when using the sophisticated solutions. Such solutions are protected against hackers and accidental information breaches. File encryption ensures the safe sending and receiving of data between the service provider and the medical aids. In this regard, the service provider increases the practice’s compliance with confidentiality requirements.
Considering the cost of private and quality healthcare, few citizens are able to afford such care without belonging to one of the schemes. Healthcare professionals, however, in many instances, must bill the medical schemes for the patient treatments. They rely on on-time payments to ensure healthy cash-flow. However, submission of claims can take up a large chunk of the available work hours. It entails the usage of correct treatment codes, practice codes, and equipment used. The healthcare schemes require detailed accounting information in a timely manner.
Fortunately, the modern billing software streamlines input and submissions. In addition, the risk of human input error is significantly reduced. This, in turn, reduces delays in claims processing and payments by the healthcare schemes. They also offer automated monitoring of non-payments and scheduling of payment reminders. In this way, the risk of bad debts from patients or their medical aids is significantly reduced. Follow-up is automated and the support staff can thus focus on other administrative tasks since the progress of submitted claims is monitored. The modern solutions also provide for the updating of income statements.
Conventional solutions do not make provision for co-payments from patients where their medical aids do not cover 100% of the treatment tariffs. With our billing software, provision is made for such and patient overdue payments are monitored. The systems generate the reminders for payments and initiate the necessary collection actions for outstanding accounts.
Reports can be generated regarding unpaid accounts, payment patterns, and more. With such, the healthcare provider can easily analyse the state of accounts and potential problems. This helps to prevent a situation of a medical aid not paying claims for several months at a time without such being noticed. Where problems are identified, personnel can follow up with the schemes as to ensure corrections and the elimination of future payment issues from the particular schemes.
With schemes often changing their claim requirements, it is certainly beneficial for the healthcare provider to have a system in place that ensures compliance with the latest requirements of the schemes.
Benefit from on-time payments, streamlined processing, optimal monitoring, data security, and improved finance management. Call us for more information about our services for small, medium, and large healthcare practices in South Africa.