How Billing Companies Benefit from Consolidating to One Platform
A medical billing company’s activity consists of much more than submitting insurance claims. There are numerous revenue and practice management tasks. You must code, verify insurance, process payments and regularly report to your clients, to name a few.
The healthcare IT industry is rapidly advancing to support complex activities. New software and apps—designed to make billing, revenue cycle, and practice management faster and easier for you—are released every other day. However, many of these systems are built with singular functions and are incapable of integration. This has forced providers and billing companies to take a fragmented approach in handling their operations, which is full of many drawbacks.
Having a single integrated platform gives you streamlined access and control of all your functions. Here are some of the benefits for consolidating your systems into one platform.
- Improved efficiency and productivity: The ability to manage your billing and revenue cycle operations, as well as gain access to your clients' clinical data, through one platform will make your business operations significantly more efficient. Your staff will simply need to focus on learning the ropes of using one platform and can therefore gain proficiency over it faster. Further, your insurance claims will get approved faster because payers will be receiving cleaner and more comprehensive information, aiding in quicker decision making.
- Time-savings: Directly related to efficiency is the time savings derived from being able to do everything on one platform. Having to constantly switch applications wastes precious time that could be directed to other more productive, business-growing activities. As a biller, having to send out invoices with one platform, track encounters and claims with another—and perhaps perform billing analytics on yet another—seriously depletes scarce time resources. Having all daily operational tasks managed on the same platform is a huge time saver.
- Improved financial performance for your billing clients: A successful medical biller offers more than just basic billing services. To stay ahead of the competition, you must be committed to improving your client’s practices and their bottom lines. One of the key ways to do this is by using data analytics and reporting to help them identify their weaknesses, assess performance and troubleshoot issues. These reports must be generated from the billing data that you have access to, and clinical data housed on their EHR. Having your billing software and your practices' EHRs on one platform ensure that you have accurate and real-time data to prepare useful reports. It also eliminates double entry— a practice that wastes valuable time and is prone to error.
- Business expansion: Every medical biller wants to grow their business and increase bottom lines. And this is done by continuously increasing your client base while maintaining as low an overhead as possible. Consolidation makes your operations more efficient, which in turn increases your existing staff’s bandwidth to take on additional work competently. This eliminates the need to hire more staff than necessary. Equally important, the improvement of your clients' practices will naturally build a solid reputation for your billing company. A boosted reputation will result in more referrals from satisfied customers, helping your business achieve steady growth.
- Operational cost savings: This is perhaps one of the more apparent benefits of consolidation. As a modern biller, you’ll likely need different tools to manage your range of service offerings including billing, data analytics, and report generation. Paying one subscription (or flat) fee for your software and systems is guaranteed to be cheaper than paying multiple subscriptions to healthcare IT companies to access your various applications/systems.
- Quick and stress-free troubleshooting: At some point or another, when using any software, you may need customer support. If you have software scattered across different platforms, you will have to depend on varying levels, qualities and modes of customer support—which can become very confusing and stressful. Consolidating all your systems onto one platform means that whenever you run into technical issues, you will only have to interact with the customer support team of one company. Further, said customer support team will be knowledgeable about the other systems you use on their platform, ensure your issues can get resolved faster and more efficiently.
Schedule a demonstration of Kareo’s billing company solution to see how you can make your operations more efficient. To see how consolidating all systems onto Kareo has helped one of our billing clients successfully grow their business, check out our video here.