How (and Why) Should You Build an Automated Medical Billing System?

Billing is the lifeblood of any healthcare practice. For the most part, medical billing can be a very complicated and work-heavy procedure with many repetitive processes, but what about implementing an automated medical billing system?

Medical Billing Process

This repetitive nature of medical billing makes it a great candidate for automation and coupled with the fact that several organizations are under pressure to keep the medical billing process as efficient and reliable as possible.

In this article, we talk about automated billing systems in the medical industry, their importance, and the processes involved.

Automation takes care of every important aspect of medical billing that might seem tedious to a human. Billing errors get identified before a claim is submitted, which results in claims getting paid faster by payers. Similarly, RPA payment solutions can enhance collections by automatically sending patient bill notifications through text or email.

In the United States alone, much money is being spent yearly on healthcare expenses that can be avoided. The following are some reasons why automated medical billing is critical.

In an industry where Paper document filings cost $20 per filing process. Healthcare providers fill out an average of 20,000 forms yearly. In medical billing, where lots of administrative paperwork like patient profile creation and registration, eligibility checks, and other billing information validation are being filled daily, error-free documentation should be the goal of every healthcare provider.

Similarly, automation enables providers to comply with HIPAA and other regulations and reduces the number of staff members dedicated to a process while increasing productivity.

Take RCM, which is the financial process of collecting payments for medical bills to generate revenue for a healthcare organization. Revenue cycle management can be time-consuming and expensive because it combines administrative data such as a patient’s personal information, treatment codes, and the insurer’s name with financial billing information. The recommended amount of receivables older than 120 days should be between 12-25 percent, but automating RCM tasks aid in lowering it to less than 12 percent.

All healthcare providers that have jumped on the RPA train in Medical billing automation can attest that using an outdated billing system risks a high level of unorganized claims processes and unnecessary errors. In 2021, $28.91 billion in payment errors were made as a result of coding errors, according to the Centers for Medicare & Medicaid Services (CMS).

If you’re from the IT consulting industry, let us show how you can benefit from automation in consultancy for medical billing.

A lot of tedious and repetitive processes can be automated in Medical billing. Let’s take a look at the most important ones.

Automation can simplify patient scheduling processes wherein all appointments and registrations from the beginning up until the point of completion of a visit or consultation will be sorted by RPA bots.