Why Practice Management Software Alone Can't Do the Job
Data assessment. Streamlined processes. Reduced errors. Software certainly plays a critical role in revenue cycle management (RCM) and medical billing services — but don’t forget the human element.
A great team of people remains vital to clearing up log jams, leveraging institutional knowledge and delivering excellent customer service.
Top 4 Benefits of a Practice Management Team
Practice management software, like AdvancedMD, can be a powerful tool for automating routine tasks and enhancing efficiency when implemented and maintained by experts. Medical practices in the United States, however, often struggle to fully utilize medical billing and RCM software. As a result, medical practices lose a collective $125 billion each year from poor billing practices.
The dedication and interpersonal skills of industry veterans can elevate medical billing performance and outcomes in several ways, including:
Institutional knowledge. Collections teams have additional, sometimes mutable information that is “under the hood.” They may have long-term relationships with practices and an understanding of accounts that are more nuanced than can be communicated in a database. Human beings are also tech support, as someone has to fix any software bugs and errors that may arise.
Interpreting and acting on information. Knowledgeable and skilled individuals are necessary for intricate coding, compliance with evolving regulations and complex insurance claims, appeals and denials. Experienced billing professionals can strategize and negotiate with insurers for fair reimbursement while minimizing revenue loss due to unpaid or underpaid claims.
Customer service. Communication is key to resolving billing discrepancies, disputes and patient inquiries that software algorithms might overlook. Customers are also wary of billing services that have been outsourced overseas, resulting in confusing and impersonal interactions. Medical billing services can differentiate themselves from competitors by fostering a more relatable approach to customers. This personalized and professional attention earns trust and improves patient satisfaction and your reputation in the healthcare community.
Collaboration and continuous improvement. A cohesive team can identify trends, implement process enhancements and adapt swiftly to industry changes. This proactive method maximizes revenue potential and ensures financial stability for healthcare providers.
Advanced Technology and Talented Professionals
Where can you find a leading provider of web-based revenue cycle management and medical billing services that also brings decades of first-hand experience in the clinical setting?
Partner with a professional billing company that combines collection strategies, workflows, and customer service and communications skills with advanced technology to maximize your practice’s financial health.