Without a doubt, saving time and money is necessary for any medical billing company trying to stay profitable under the current regulations surrounding the healthcare industry. With so many tasks that need to get done efficiently, there is no time for error and extended collections processes. This is why proper remittance management is such an important medical billing tool.
But first, what is remittance management? Electronic remittances retrieve and process claims from the government and large commercial payers. They are useful because they reduce chances for human errors and point out claims that need additional follow-up. Furthermore, with electronic remittances, money will be transferred into your account quicker and allow timely billing of secondary claims.
It is crucial to note that improper payments, staffing, training, and/or technological tools can keep you from obtaining between five and thirty percent of your reimbursement. With proper remittances management, however, your practice will have the necessary tools to help you maximize your time and profits. Interestingly enough, industry experts argue that the first eighty percent of payments are the easiest to collect, and that it’s the next twenty percent that are difficult to acquire. Thus, implementing proper remittance management will help you acquire that last twenty percent with much more ease, which will make all the difference.
Besides remittance management, you can reduce errors and improve efficiency in other ways, too. For instance, try charge validation, implementing proper payment posting and denials, verifying benefits and patient registration, and establishing a well-defined credit granting policy so that your medical billing process is effective. Ideally, a combination of these different methods, along with remittance management, is recommended. Using these methods together will drastically improve your billing company’s financial success and operations.
Modern regulations surrounding the healthcare industry have made it more crucial than ever to collect all payments. That means your practice will have to start redefining your collection procedures if you want to remain competitive.
So if you would like to learn more about how remittance management can save your practice time and money, you can visit our website for more information or contact us with any questions.