Medical Billing Software: Profitable Medical Practice
Customers’ prompt payments are the lifeblood of any company. Healthcare providers are no exception, but in their case, receiving payment from medical aid is a protracted process with many steps and players. While practitioners cannot shorten this route, they may be able to speed it up by streamlining their medical software system.
This article will assist you in evaluating the capabilities of your medical billing software and selecting the best choice to increase the pace of your cash flow, whether you are a doctor managing your practice, a hospital executive, or a representative of a practice.
Healthcare revenue cycle management and medical billing.
Patient care is only one piece of the healthcare puzzle. To run a profitable medical practice, providers need to tame the financial monster known as RCM or revenue cycle management.
The financial circulatory system of a healthcare business is referred to as the revenue cycle. It consists of clinical and administrative tasks intended to manage, collect, and capture patient service income.
The cycle begins with creating a patient account, continues through the provision of medical services and the submission of claims, and ends with the care providers receiving payment either directly from patients or via medical aids or insurance companies. Healthcare revenue cycle management is the term used to describe the management of this intricate system.
The healthcare revenue cycle, which entails getting a healthcare professional reimbursed for their services, includes medical billing as a crucial component. This procedure consists of several critical functions, and some components start before services are rendered.
The validity of a patient’s coverage or medical aid coverage is checked through patient benefit check validation. Before making an appointment with a doctor, administrators at the front desk often complete the process. Additionally, a healthcare facility gathers demographic data on a patient, such as their medical history, diagnoses, frequency of doctor visits, prior charges, charge sheets, etc.
Charge capture keeps track of medical services provided and costs. Typically, medical professionals or other healthcare professionals execute it.
Medical coding transforms prescriptions, diagnoses, and treatments into standard healthcare codes. According to Current Procedure Terminology (CPT), International Classification of Diseases (ICD-10), and SAMA (South African Medical Association)Coding manual, codes must be allocated appropriately.
The auditing and submission of billable fees to medical aid companies for reimbursement is known as claims submission.
Following up on accounts receivable ensures that healthcare providers can recover past-due payments. Accounts receivable, to put it simply, is the sum of money that patients owe the practitioner for the services rendered. The follow-up entails actioning rejected claims, verifying partial payments, resubmitting claims, actioning unpaid claims, provide motivational letters where required and doing other crucial tasks.
Common rejection cause codes are tracked as part of rejection management. It reveals flaws in the invoicing, registration, and medical coding systems. The issues are then fixed to reduce subsequent rejections and guarantee that claims are approved the first time.
Remittance processing is the examination of payments made in response to a bill for medical services delivered to determine whether the payments should be approved or disapproved.
If a bill for healthcare services is only partially covered by medical aid or insurance, patient collections collect all copayments and non-covered charges from the patient
By drawing conclusions from data, reporting and data analysis seek to enhance a healthcare facility’s financial operations.
These processes demand much time, paper labour, and human resources if done manually, which raises operational costs. Additionally, the likelihood of coding and claim errors is higher, resulting in more payment denials and impacting an organization’s cash flow.
Effective medical billing software is necessary for providers to handle these issues and streamline the overall procedure.
Synchramed offers a customized solution to lighten the burden of billing, credit control and collections.
