For medical billing companies, the most important thing is to have faster revenue cycles. Medical billing companies can process more claims in less time than ever before because they automate billing tasks, set up built-in clearinghouses with qualified practise management software, and use artificial intelligence in their workflows. 

But not every company makes the most of all the available technology. That’s why we’ve put together this list of the five best ways to speed up your billing processes and cut down on mistakes.

Use your tools well

Any job is much easier when you have the right tools. In the world we live in now, a medical billing company that still uses paper is like a carpenter who doesn’t use power tools. You can automate routine tasks and basic billing functions with a cheap medical billing software as this gives your employees more time to focus on work that needs a human touch.

For professional and institutional billing, it’s important that your PM software can handle both CMS-1500 and UB-04 forms. This will save time, cut down on mistakes, and get you the most money back.

Check on claims that haven’t been paid.

Follow-ups that are consistent and kept track of make late claims get paid. It’s a good idea to give a staff member the job of looking over accounts and figuring out which claims aren’t being paid on time and why. You might find problems with communication or repeated billing mistakes that can be fixed to stop problems in the future.

Having efficient processes for your team will also help reduce late payments because they will be able to file claims faster and with fewer mistakes. Depending on what you find, you might want to look at your whole billing cycle. Remember that improving cash flow means reducing late payments.

Don’t Be Discouraged by Denials

More and more claims are being turned down, and billions of dollars are not being paid out. But it’s shocking that many providers don’t do much to get this money back—up to 65% of denied claims are never sent back.

This lost money should be a big goal for any billing department, especially since the average hospital has denied claims worth millions of dollars. By ignoring these claims that have been turned down, money is being left on the table. Smart PM software lets you set reminders to follow up on denied claims and get back money that was lost.

Make sure that claims are coded and submitted correctly.

Claims must be sent in on time, which means that CPT coding must be done quickly and correctly. This is an important part of managing the revenue cycle. Good coding practises help get claims processed quickly and reduce the number of times insurers say “no” to claims. 

Good PM software also helps a lot in this area because it can help with adding codes and automatically check to make sure they were added correctly. One of the best ways to reduce the number of claims that are denied and improve your revenue cycle is to make sure everything is correct before you send in a claim.

Keep an eye on important numbers regularly

Data is everything these days, and medical billing companies must keep an eye on KPIs and other important analytics. Again, your PM software should make this easy by giving you a dashboard that shows all of your data and is easy to use.

You should be able to see things like how long it takes for a claim to be processed, how many claims have been denied and why, how many claims are still pending, and more. The more you know about the data behind your operation, the more effective and efficient you can become.