Automation is transforming how the healthcare industry processes invoices. If your healthcare facility uses a manual invoicing process, that's creating missed opportunities. Through automation, costs go down, time is saved, and accuracy increases. Ultimately, invoice automation raises the quality of patient care.
1. Automation helps your facility avoid penalties.
Missteps in the payment process lead to penalties—for both you and your patients. Late payment penalties compound for your facility as your accounting department struggles to collect payment. You may face penalties from insurance companies for delayed patient payment processing. These delays in turn delay compensation for services rendered. Avoid those penalties and keep your facility running smoothly by automating invoicing processes. Decrease billing errors and increase the accuracy of your invoices and your codes.
2. Automation costs less than manual invoicing.
When an invoice is sent out manually, you pay for the time your accounting department spends on that task. Automation, on the other hand, gets invoices out faster and decreases the number of people required for that task. Not only does automation reduce staff costs, it reduces your overall billing costs.
Automation decreases missed discounts or duplicate invoices. Sorting through problems manually adds the cost of time and resources. Letting the software sort it out for you, on the other hand, will decrease your costs and, in many cases, prevent those problems from occurring in the first place. Not only does it cut costs, it improves patient satisfaction.
Electronic processes decrease your practice's reliance on paper. The cost of paper seems low on the surface, but over time it adds up. It's not just the cost of paper itself. Paper invoices require printers, toner, staples, paperclips, folders, filing cabinets, envelopes, and stamps.
3. Automation optimizes reimbursement for customers with personal injury or workers' compensation claims.
Patients waiting for reimbursement for personal injury claims or workers' compensation may take longer to pay their bills. They need the compensation from those parties to pay their medical bills, but it may take months to get that compensation in hand.
In a hospital or healthcare provider setting, you need claim reimbursement so that you can finalize patients' charts and continue to provide care. Automated billing processes substantially increases your rate of reimbursement. Not only that, it streamlines the process minimizing time spent on the details of those claims. Instead of manual data entry and collection, those processes are automated, which frees your employees to take care of other business—like patient care.
4. Reduce errors and duplication from manual entry.
Errors and duplications cause substantial problems for your medical facility. Insurance companies will not process billing claims with even minor errors. This creates round after round of claims with the insurance company—or worse, it leaves your patients worrying that they will have to pay for expensive medical procedures their insurance should have covered.
Duplication from manual entry can also leave a discrepancy in your system. Your records may show that a patient owes a set amount, but the patient knows they already paid that bill. Your employees then waste time sorting through those discrepancies. Worse, those inaccuracies in your books could change your financial decisions and leave your facility in a bad place financially.
5. Meet compliance regulations.
When you use an automated system that specifically meets HIPAA standards and industry compliance regulations, records are kept safe, confidential, and secure. An automated system also ensures that your facility only performs a procedure if it has been approved by the patient's insurance company. This prevents patients for incurring substantial expenses they did not expect.
6. Improve clinic workflow.
Manual invoicing slows down clinic workflows. An automated system, on the other hand, streamlines invoicing productivity, reducing backlogs, and keeping claims processing fluid. This allows your employees to do things like answer patient questions and focus more on the human side of patient care.
7. Increase patient outcomes.
Ultimately, your healthcare organization wants to offer the best possible outcomes for your patients. Automated invoicing helps you accomplish that.
Give patients a better idea of what expected expenses. You aim to avoiding telling a patient that you don't know how much a procedure will cost or how much their insurance company will cover. Through automation, patients gain a clearer understanding of expenses going into a procedure.
Devote more resources to patient care. Since you don't have to spend human resources on invoicing, you can instead shift the focus to patient care, from purchasing new equipment to spending more time with patients. As resources increase, overall patient satisfaction does too, which keeps them coming back to your facility.
Automated invoicing saves your healthcare facility time and money. Those cost savings add up! Contact us today to learn more about how we can help you automate your invoicing and improve many of those vital processes for your facility.