August 31, 2021
When the pandemic hit, the healthcare industry had to adapt quickly. A recent study found that of the 724 small, private medical practices surveyed, 97% experienced a negative financial effect from the crisis.
The adoption of automation was fast-tracked to improve patient care and lower costs. Healthcare practitioners, specifically those running small or independent clinics, implemented and began to experience the benefits of digital practices — many of which are here to stay.
Although COVID-19 has brought about many changes, the transition to greater digitalization has been happening for decades. By 2024, it is estimated that healthcare digitalization will reach $379 billion. One of the greatest benefits of digital practices in the healthcare industry is the transition from paper to electronic records. In the United States, 91% of primary care physicians are now using electronic medical records (EMR). However, many healthcare practitioners still face challenges, as many do not properly use the software they have integrated, leading to medical billing errors and delays.
Rapid digitalization and the increasingly complex nature of the healthcare and insurance industries have made medical billing and coding more nuanced and labor-intensive than ever, requiring time and attention to detail — which takes your focus away from patient care. If you can relate, an integrated billing service that is responsive, flexible, and integrative can help.
Whether you run a small cardiology clinic or are an independent chiropractor, you understand how critical efficient medical billing and coding are in terms of your practice’s revenue cycle. The medical billing and coding cycle can take anywhere from a few days to several months, depending on how you make a claim, as well as the complexity of those claims. The process itself is tedious and time-consuming — it also draws your energy and focus away from your patients.
Nonetheless, it’s a vital part of your continued success. You need to efficiently and quickly turn patient visits into reimbursements. That’s where an integrated billing service can make all the difference.
Regardless of the size of your practice, manual medical billing and coding remain a top challenge — and a significant opportunity. CAQH estimates that full electronic adoption of claims management processes could save healthcare providers $9.5 billion. With so much on the line in potential savings, it makes sense to invest in an integrated billing service to help you incorporate and leverage digital practices for your coding and billing.
Research shows that 49% of the tasks performed by healthcare support occupations (such as nursing, dental, and medical assistants), and 33% of the tasks performed by healthcare practitioners can be automated.
In fact, streamlined medical billing continues to be one of the top priorities among healthcare practitioners. If you’re currently using an outdated system, you risk unnecessary errors and an increased failure to collect copays and complex claims. As reported by the Centers for Medicare and Medicaid Services, in 2019, coding errors led to $28.91 billion in improper payments.
This is where an integrated billing service comes into play.
Medical billing doesn’t need to be a headache. An integrated billing service will offer a range of medical billing reimbursement management solutions. This will allow you to focus on what matters most — your patients and the growth of your practice.
Depending on who you partner with, you will benefit from many features that ensure greater compliance, higher quality control, and improved data management.
The top integrated billing services will offer the following:
Advantrix offers all of the above features and so much more!
From receipts to receivables, check out all the solutions offered by Advantrix. Whether you require assistance with patient COB or staff training, Advantrix’s integrated billing system is centered around compliance, data management, and quality control. By simplifying your billing and removing uncertainties, Advantrix allows you to remain committed to the ongoing success of your practice.
Integrated billing systems are used across a wide range of industries, but are particularly useful for healthcare practitioners.
Implementing greater automation in your practice will allow you to:
While focusing on medical billing, an integrated billing service will help you identify billing errors before claims are submitted. When claims are cleaner and more accurate, you get paid more quickly. This level of quality control can make all the difference, ensuring greater compliance and ongoing success.
Investing in an integrated billing service will also help you:
The above benefits allow you to operate a more productive practice, helping you save both time and money. For example, when you have access to more thorough documentation, if a situation arises where you need to reference relevant documents, an integrated system will allow you to do so quickly and easily. You can then make copies and send them to necessary parties within minutes. Improved reporting and documentation can also lead to greater insights in terms of financial data.
At Advantrix, we cover the entire billing cycle. From start to end, we’ll address denial management, coding, patient COB, re-submissions, patient collection, and other services related to billing. We understand that medical billing is often complicated and time-intensive. Our services allow you and your team to work better and get more accomplished. Our goal is to exceed industry standards, helping your practice thrive.
Want to learn more? Reach out to Advantrix to get started or get more information.