Claims process inefficiencies are detrimental to medical practices both in terms of time and money.
Fortunately, technology is helping billers deal with problems where they are most likely to occur. A quality practice management (PM) system has the potential to help bring in revenue more rapidly than ever before.
Let’s take a look at the three areas where PM software offers the most benefits.
The Review Process
Although reviewing claims is extremely important for any practice, assigning the task to a staff member can bog down workflow and result in overlooked errors. This is where claims scrubbing software comes in handy.
CareCloud Central, our practice management (PM) software solution, catches errors and fixes them automatically, saving billers valuable time and ensuring greater accuracy.
Although clearinghouses promise the same abilities, they tend to take longer. When clearinghouses identify errors, the claim is sent back to the practice and then resubmitted once the error has been fixed. PM software eliminates this unnecessary extra step.
Submittal Frequency
Claims should be submitted daily, rather than in bundles at the end of each workweek. According to the Medical Group Management Association (MGMA), submitting claim batches only once per week can delay payment up to four days.
By automatically reviewing claims, the electronic filing makes it far easier to submit claims effortlessly. From that point, all it takes is a few clicks of the mouse to send error-free claims to payers.
Paper’s Detriments
Submitting claims through the postal service is not only inherently slower but also more costly. The American Medical Association (AMA) calculates the average cost of processing a clean paper claim at $6.63, while an identical claim sent electronically costs only $2.90.
In addition, e-claims are processed much faster than their paper counterparts. While only 29% of paper claims are processed within seven days, a resounding 69% of electronic claims are processed within the same timeframe.
When attempting to create a faster, more efficient claims process the solution should be clear. PM software provides all of the benefits with none of the lag time associated with paper.
Curious about how our practice management software will improve your claims process? Please contact us at 1-877-342-7517 or hello@carecloud.com.
