6 Things to Think About Before Hiring More Billing Staff
A 2017 Kaufman Hall survey revealed that one out of four hospitals and health systems in the United States are hopeful about decreasing costs by 1-5% in the next five years. This is a cautiously optimistic goal, and one of the ways they might decide to save money is through the use of healthcare claims and processing software. So, before your institution decides to hire more billing staff, consider these points.
- Actionable Claim Status
Solutions that automatically locate claim adjudication information from payor web portals immediately as it becomes available. Working claims by exception will allow follow-up staff to work more efficiently.
- Cost Comparison
Using an actionable claim status solution can cut countless hours of waiting for EOBs or manually pulling adjudication information and drastically reduce the amount of time your staff spends working claims. The cost of an actionable claim status solution is likely lower than your worker wages per productivity.
When using healthcare claims and processing software, you will be able to review medical claim statuses on average 30 days in advance of payor remittance files.
- Fewer Denials
You can see a reduction in your claims denial rates by up to 30%, a cost-saving solution on its own.
- Cash Acceleration
By working denials days after submission your organization can accelerate payments by weeks, reducing days A/R in the process.
- Daily Actionable Reports
Work by exception. Receive daily reports with denial/rejection descriptions so that problem claims can be worked without the need to contact the payor. Integrate the reports within existing work queues so that follow-up staff do not need to learn any new software programs.
Many companies seek outside help for web hosting services. Most retail stores use a shipping company to transport goods. For your medical billing needs, consider automating actionable claims status to make A/R follow-up cheaper, easier, and more efficient. If you would like to learn more about the scope of our claims status and analytics services, contact us for more information.