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What is the Purpose of Medical Billing, and Why is it Important? – 1

What is the Purpose of Medical Billing, and Why is it Important? – 1

by | Nov 1, 2022 | blog, Medical Billing Service

What is the Purpose of Medical Billing, and Why is it Important?

November 1, 2022

Next-gen Electronic Health Record

What is the Purpose of Medical Billing, and Why is it Important?

Medical billing is crucial in ensuring that the billing process is done categorically and efficiently. During a
medical procedure, it can get become challenging to correctly account for the different procedures that a patient
might require and bill them without errors.

A competent medical billing solution can manage these situations better. Medical billing is particularly important
for patients and healthcare practices when filing health insurance claims as it helps mitigate filing errors.

Medical software solutions maintain the complete medical history or patients’ Electronic Health Records (EHR).
Moreover, they can auto-check insurance eligibility and co-payment clauses to provide a comprehensive and accurate
bill paid off in one go without delays.

Why does a Hospital Need Medical Billing Software?

The medical billing procedure is quite a complicated process with several variables, which, if not handled correctly,
can lead to the payment claim being rejected or delayed..

A medical biller ensures that all medical expenses are accounted for and raises any mismatches or errors before a
claim is submitted. Medical software provides easy document storage and retrieval in one click and reduces manual
efforts. The medical biller ensures timely remittance and sends reminders to payors for quick collection.

Moreover, there are many add-on advantages, such as integrated EHR and billing, ePatient systems, analytical
dashboards, and an insightful reporting system that these medical solutions offer that go a long way in improving
the profit margins of your healthcare practice.

Reasons to Opt for OmniMD for Medical Billing Solutions

  1. Reduce claim denials: One of the main reasons for failed health insurance claims is a discrepancy
    between
    the insurance form and the medical bills. OmniMD medical billing solutions eliminate claim discrepancies and
    form-filling errors, ensuring a smooth and efficient insurance filing and claim process.
  2. Reduce workload: Medical billing solutions can benefit small-scale healthcare facilities since they can
    share the billing and documenting workload, reducing the need for staff and saving on salaries.
  3. Centralized System: OmniMD billing solutions are capable of securely storing patient details in a
    centralized
    system, which makes scheduling future appointments convenient, helps in better doctor-patient interaction, and
    faster operations.
  4. Patient Satisfaction: An efficient billing solution ensures faster insurance claim settlements, and the
    billing
    automation process makes the process less taxing, leading to better patient satisfaction.

Why Choose OmniMD for your Medical Billing Solutions?

OmniMD is the leading solution provider of electronic medical records, practice management, and revenue cycle
solutions. One of the pioneers in medical billing solutions, OmniMD offers dependable, user-friendly, and effective
medical billing services to over 600 healthcare facilities.

OmniMD believes in a committed, round-the-clock support service that can ensure that healthcare facilities work as
efficiently as possible, resulting in patient loyalty and satisfaction.

Health care facilities benefit significantly from an effective medical billing system
since it frees the medical staff to focus on what they do best- treating patients. So, if you wish to see your
practice grow, you can contact OmniMD for efficient, affordable solutions for
your service. 

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Importance of Tech Optimization in Improving Revenue Cycle Management

Importance of Tech Optimization in Improving Revenue Cycle Management

by | Sep 1, 2022 | blog, Revenue cycle management

Importance of Tech Optimization in Improving Revenue Cycle Management

September 1, 2022

Improving Revenue Cycle Management
Boosting Revenue Cycle Management through Tech Optimization Techniques

There are street cars optimized across various performance characteristics but not excelling in any one. Then there are racing cars with fine-tuned engines, suspension and handling to excel in performance. This analogy can be carried forward to health care services IT solutions and their key performance metrics such as patient services and revenue generation. Given that technology forms the underpinnings of most operations of hospitals, their performance depends to a large extent on optimization and use of various such technologies like revenue cycle management software, EHR systems and medical appointment software, to name a few. Each can work in isolation and give results but optimization can result in resonance that will amplify outcomes. Take a look at the avenues of tech optimization to boost revenue cycle management

Identifying the pivot

The revenue cycle management process comprises of several steps and the revenue cycle management software must work alongside other software if it is not installed as an integrated revenue cycle management solution covering EHR and medical appointment software as well as financial accounting packages. In order to optimize revenue cycle management you would first need to identify and focus on a pivot around which the other tech can be optimized. It is for hospital management and for doctors to decide on a core pivot, possibly in consultation with revenue cycle management consultants and revenue cycle management vendors as to which aspect should form the pivot. The RCM system makes for a good starting point since it incorporates vital processes from start to finish. However, there may still be other issues like interoperability.  

Interoperability 

Most healthcare services do not start with a bang; they grow and, along the way, incorporate solutions such as patient medical records and EHR, financial package, hospital information systems and EDI systems. One must also consider porting to clearing houses for insurance claims being part of the overall hospital revenue cycle process. These are implemented over time possibly through different vendors and work in isolation. Different operators may handle different software and solutions and the lack of connect between all these could translate to operational inefficiencies and that, in turn, affects revenue flows. Even the revenue cycle management software cannot deliver the best when working as a standalone unit. It pays to integrate all these standalone solutions and get them to be interoperable, possibly with the help of revenue cycle management vendors and revenue cycle management consultants working in tandem. Should these diverse systems be patched together or should you scrap them all and go in for an entirely new suite of comprehensive custom hospital revenue cycle management solution that works in the cloud? 

A single dashboard revenue cycle management solution that ties in other packages like appointments and financials as well as tracking remote workers and giving them access as well as giving access to patients certainly results in reduced errors, faster processing and efficiency. Possibly revenue cycle management vendors could set up robotic automation, scripts and web apps to reduce task switching and improve productivity that will in turn boost revenues.

The end goal is to make processes convenient for doctors, administrators and patients and to offer accuracy as well as seamless automated integration. Optimization, you will find, is an incremental and iterative process across the various modules. RCM experts can help to continue with this iterative and agile fine tuning process. 

Data analytics, speed and transparency

The sub-components of revenue cycle management processes are interdependent and contribute to the iterative fine tuning process to boost revenue cycle management. Once systems are integrated you get access to cohesive data that lends itself to better analytics. Analytics can show up insights for improvements that can, when implemented, speed up various processes, especially that of debt collection and also contribute to transparency. Speeding up iterations based on feedbacks leads to further improvements and so on in the revenue cycle management process.

The patient side

Patients are the primary source of revenue. Optimizing the patient side of operations improves the user experience. Tech optimization can be implemented across areas such as incorporating convenient payment gateways, permitting patients to choose pricing and payment plans, access to support from other sources and knowing exactly how much they will pay for services. Health care services that incorporate these optimizations in revenue cycle management process benefit by loyalty, referrals, faster and timely payments and excellent relationships. 

Remote workers 

Post the pandemic and given the rise of telehealth and cloud based healthcare services, remote workers are just as important as in-house employees are to the hospital revenue management processes. In fact, according to a survey conducted by McKinsey & Company, telehealth utilization has increased by 38 times compared to pre-pandemic situation.  Hence, it is essential to keeping a track of them and facilitate their work to boosts revenue cycles.  

Data based decisions 

Tech optimization and integration of digital technologies in use in healthcare leads to synchronization of data and improves its quality based on which the right business decisions can be made. Data and its analytics show up problems clearly and that is the first step to solutions. Incorporating AI and ML could further automate intelligent analytics and give predictive capabilities in decision making. Here again you could get RCM experts to update existing RCM software with these inclusions.  

To sum it up, tech optimization of the revenue cycle management process, given the current scenario needs to address core issues such as: 

  • Revamp or modification of the revenue cycle management process and also the software 
  • Fine tune RCM billing system and tie it together with lateral and vertical solutions like medical records and insurance clearing houses.  
  • Fine tune the existing RCM system to maximize ROI 
  • Incorporate analytics, AI/ML and predictive capabilities to empower intelligent decision making.  
  • Keep measuring gains such as successful claim submission and payment rates and speed of cashflow as well as reduction of outstanding.  

Optimization of a hospital revenue cycle management also requires the right mindset and the need for appointing an administrator to oversee the process, one who is conversant with technologies and can work in collaboration with RCM experts to take it forward. For startups, it is relatively easy: they can engage revenue cycle management consultants to get off on the right foot but for existing healthcare services that currently use diverse solutions it takes a little bit more time and effort but it is well worth it.  

 Boost hospital revenue cycle growth by advancing overall efficiency through tech optimization. Call in OmniMD experts for tech optimization and see the results that ensue.

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Benefits of Medical Billing Services for Small Businesses

Benefits of Medical Billing Services for Small Businesses

by | Mar 31, 2022 | Medical Billing Service

Benefits of Medical Billing Services for Small Businesses

March 31, 2022

Benefits of Medical Billing Services for Small Businesses
Health care providers today often struggle with the administrative side of things. After all, health care providers are trained to help people overcome illness and get back to being healthy — not for dealing with accountancy issues and chasing money. 

Whether you’re running a small practice between 1-5 physicians or are a bigger practice capable of treating a large number of patients, medical billing outsourcing services are probably of interest for your practice. 

Patients don’t always have the resources to pay for their consultations and treatments upfront and often require billing at a later stage. 73% of health care providers report that it takes longer than one month to collect payment from their insurance and even more from the patients. 

The growing need for external medical billing services is reflected by the pace at which the market has grown over the last several years. Statistics show that the worldwide medical billing outsourcing market was worth USD 10.2 billion in 2020. The market is predicted to increase at a compound annual growth rate (CAGR) of 12.66% between 2021 and 2028. 

What are Medical Billing Services? 

Medical billing services are outsourced third party companies that take care of accountancy and debt collection requirements for health care providers. Typically, they work alongside practices to implement a system to track and chase payments from insurance and patients. The process often involves the use of medical billing software which streamlines the operation. 

How Does it Work? 

Most medical billing services these days operate on cloud-based platforms or medical billing software. This digital advancement diminishes the need to install or set up any complicated system. It’s designed to streamline your working process and to help your practice save the time and energy spent on chasing up bills. 

Benefits of Outsourced Medical Billing Services for Small Practices 

Outsourcing medical billing services for small practices are less of a “good idea” and more of an immediate necessity. Without them, your practice’s working process can experience heavy disruptions. 

Not having a medical billing service set up can also lead to significant cash flow problems which threaten the good standing of your practice. Let’s take a look at some of the benefits of outsourced medical billing services. 

Less Stress 

When your patients don’t pay their bills, it results in cashflow mishaps, making it more difficult for your practice to pay the bills and operating costs. Having this constant threat looming in the background causes stress to everyone involved in making sure the practice is running smoothly. 

Choosing outsourced medical billing services and getting started with medical billing software can eliminate this issue. 

Improved Workflow 

When you opt to outsource your medical billing services to a trusted third party, you immediately relieve a practical and psychological load. Without having to worry about chasing up unpaid bills, your practice will notice an improvement in workflow and productivity and obviously focus better on treating patients. 

Saving Time 

Typically, individuals who get into healthcare don’t do it because they love administration and chasing patients for money. They do it because they like to help other people manage their health. 

However, unless your bill collection requirements are being met by someone else, you’ll end up spending more time chasing down bills than actually practicing. 

If your practice caters to several hundred patients in a month and each of them needs to be contacted and chased for payment, it’s easy to see how that could become extraordinarily time-consuming. It would almost be worth hiring another full-time employee to take care of it. But is that really the best option? 

Saving Money 

While hiring another employee solely for the purpose of collecting payment may sound like a good idea at first. However, you should also consider the extra cost in terms of paying for paid holidays, employee healthcare, training costs to keep up with ever-changing guidelines, and employee benefits. 

Choosing outsourced medical billing services allows you to bypass all of these extra costs while also catering to possible variability. For example, it might not take always take full-time hours to get the job done, and it may vary from week to week. Medical billing and coding services from a third party are a great solution for getting the job done in the most efficient manner possible. 

Bill Compliance 

Non-compliance to bill payments is one of the largest threats to small medical practices. Choosing to delegate your bill collection to a trusted partner is a strategic and highly recommended move. It eliminates the threat of patient non-compliance to bills and helps practices get paid on time. 

Patient Satisfaction 

Not only do outsourced medical billing services help you and your practice run smoothly, but they also improved patient experience and satisfaction. Medical billing and coding services offer more streamlined ways to pay bills which contributes to the overall patient experience. 

Increased Revenue 

Having debt collection taken care of by a third party will increase your work productivity and improve your practice’s cash flow. All of the benefits mentioned above result in an overall increase in company revenue. 

Streamlined System 

You shouldn’t have to go through a demanding training session to understand the system and maximize your medical billing services. Instead, you can expect your system to be up and running in less than a day, and your personnel to be completely comfortable using it after only a few hours of training. 

The Bottom Line 

Poorly organized bill collection systems are one of the greatest threats to small medical practices. Luckily, you can outsource your medical billing needs to a third party who will take care of everything so you can do the work you love. 

Choosing outsourced medical billing services has many advantages, including saving on time and costs, increasing revenue by increasing bill compliance and improving efficiency, and reducing workplace stress. 

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