Billing Efficiency For Revenue Optimization
Your billing and claims management process can have a significant impact on your revenue cycle. Ineffective payment posting, underpayment or claim denials, as well mismanaged account receivables can reduce your cash-flow and revenue realization.
With conscious process and data management, you can avoid all such failures and improve the returns of your practice, while making the payment experience equally smooth for your patients and payors. You can considerably improve your billing efficiency through operational modifications and process automation, with emphasis on:
- Payment Posting
- Patient Responsibility
- Claim Underpayment and Overpayment
- Claim Denial Rate and Causes
- Payor Correspondence
- Compliance and Regulations
- Account Receivables and Recovery
You may buy a ready-made billing product for healthcare and install it to structure your processes your around. But if you are already managing multiple stakeholders and variables at a large scale, hiring a billing service to set up the billing systems for you can save you a lot of time and money.
Why Choose hBITS Billing Services?
Our Billing and RCM experts bring to the table years of experience working with providers in primary, secondary, and supplemental care. At hBITS, we understand that your billing cycle and processes, while compliant to industry standards, may be designed to suit your specific needs.
- ERA and Manual Payment Posting: We help you in establishing an effective payment posting system with your payors, through EFT as well as manual intervention.
- Underpayment Analysis and Recovery: We identify underpaid claims and activate payment recovery team to maximize your payout, while ensuring that underpayment is avoided in future.
- Denials Management: We diagnose factors responsible for your denial rate and set up systems to address any and all denials at the point of payment posting itself.
- Correspondence Management: Our correspondence management assistance ensures that all communication for payors are meticulously catalogues and responded to within specified TAT.
- Managing Account Receivables: We help you manage your daily, weekly, and monthly collections to improve outstanding account receivables and maintain a positive cash-flow.
- Patient Responsibility Invoicing: We help you with insurance benefit verification to determine patient responsibility before generating the invoice, thereby, improving payout success rate.
Our Billing Services help you identify pain areas and scope for improvement, that when catered to, can significantly improve your practice’s ROI.