Exploring 4 Primary Benefits of Healthcare Claims And Processing Services
According to a 2017 Kaufman Hall survey, one-quarter of U.S. hospitals and health systems say they hope to decrease costs by 1% to 5% over the next five years. This is just one aspect of the broad concept of revenue cycle management. However, understanding the benefits of medical claims software is the key to optimizing your healthcare business’s revenue cycle management for improved satisfaction and efficiency for all patients and medical professionals. Here are just a few primary benefits of investing in a medical claims software and services.
Saves Time and Reduces A/R Days
Investing in a designated medical claims processing software or service can reduce the amount of time each claim spends in Accounts Receivable. This can be calculated by adding the average daily charges posted for the last six months and dividing by the total number of days in all of those months. This is essentially the amount of time it takes for your business to collect its payments.
Ease of Set Up
While ease of use and implementation does vary between different healthcare claims processing softwares and services, many have been optimized to maximize user efficiency with a user-friendly interface. Some can even be set up in just a few short weeks. If you’re unsure of how long a particular medical claims management software or service can get up and running in your business, simply inquire on their website and look for reviews as well.
Another major benefit of healthcare claims and processing services is that their underlying goal is to get your business the payments it deserves as quickly as possible — and most meet this goal consistently. This means that instead of dodging phone calls and ignoring the buildup of medical bills, patients and insurance companies will get their bills paid more efficiently than ever. Medical Group Management Association data has found that 60% of the amount owed by patients is never collected. These services have proven rates of increased overall patient collections.
Improved Overall Efficiency
Finally, medical claims software and services are proven to improve both efficiency of staff and reallocation to revenue-gathering activities. This means that your staff will have more time to spend on meeting your business’s bottom line.
Ultimately, understanding these distinct advantages of investing in a medical claims processing service is the key to making the right decision for your healthcare business. For more information about healthcare claims and processing services, contact Medical Payment Exchange