The medical billing process for any healthcare institution is a complex one. It includes numerous manual and paper-based tasks related to performing insurance eligibility assessments, reimbursements, and follow-ups with patients. The payment costs also increase the charges for medical services.
The need to automate medical billing records holistically is this high. Besides reducing processing time, healthcare institutions can also eliminate costly processing errors. This article looks at how Intelligent Document Processing (IDP) is ideal for billing record automation for the healthcare industry.
Medical Billing Record Challenges due to Lack of Automation
Here are the various challenges your healthcare organization may face due to a lack of automation in billing record processing.
It can cost up to $30 to process an invoice manually. Medical billing automation is thus an essential tool for the healthcare industry. It helps to cut costs and streamline the process of collecting payments from patients. Automation also makes it easier for providers to communicate with their patients about their bills in case of discrepancies.
High Processing Time
The lack of medical billing automation leads to a high processing time for invoices. It takes a lot of time and effort to manually enter data into an invoice form, which means it takes longer for you to process your invoices and send them out. You may have more money tied up in unpaid invoices than you would if you used an automated tool.
Additionally, the more time it takes to process each invoice, the more likely it is that something will go wrong along the way—whether it's an error on your part or an error on the part of one of your employees. If one of these errors happens, it could lead to even more delays or lost revenue.
Medical billing administration requires you to ensure your healthcare institution is maximizing its revenue and not losing money through duplicate payments, late payment penalties, or overpayments. If you're not using an automated medical billing system, you will likely have to enter claims manually.
If there are any mistakes on that claim, which can be easy to miss if you're working with hundreds of patients, you could end up paying the same bill twice.
Medical bills are often complicated and can contain many different codes. To properly bill the patient, these codes need to be manually entered into a software program that calculates the price of each service and allows you to submit your invoice.
Without automation, this process becomes extremely tedious and prone to error. For example, if you accidentally enter the wrong code or make an error when entering the appointment date, your bill will not be accurate. It could lead to overbilling or underbilling, which could cause problems with collections or payment disputes down the road.
Medical billing is a complex process that requires enormous information and data to be collected, processed, and analyzed. The process of collecting and processing this information involves different departments within an organization.
If a department, such as accounts receivable, is not automated, it will take longer to process the data compared to other departments with an automated system. This delay can cause communication issues between departments because they will not receive important information in time or at all.
Accounts Payable Inefficiencies
Medical billing is one of the most important aspects of running a medical practice. It's also one of the most time-consuming and tedious processes for healthcare providers and their accounts payable team.
With a lack of automation in medical billing, your accounts payable team has to manually handle each invoice as it comes in, which takes time and can lead to errors. Automation makes this process easier by allowing you to access all your invoices in one place and automatically calculate payments on each invoice.
How Intelligent Document Processing (IDP) Helps Overcome these Problems?
Here’s how an Intelligent Document Processing (IDP) system will help you overcome the challenges related to manual processing of billing records.
Reduced Human Errors
IDP reduces human errors in the manual processing of medical billing records. The process of IDP is simple: The operator scans documents, which get converted into digital data and put into a database. The system then searches for information and makes changes to the database as necessary.
Because IDP uses computer software to automate the process of scanning documents, it reduces human error by eliminating mistakes made during manual scanning. This also saves time, as you can do more work in less time.
Improved Process Efficiencies
IDP improves process efficiencies by eliminating the need for humans to review documents. It automates these tasks so they can get performed more quickly and accurately. This means fewer errors, which leads to more accurate reports getting generated. IDP also helps organizations reduce costs by eliminating the human resources needed to review documents, images, and emails.
Reduced Operational Costs
Intelligent Document Processing (IDP) can lead to reduced operational costs, as it automates much of the work previously done manually. This automation typically results in fewer errors and faster turnaround times, which reduces time spent and lowers costs associated with those tasks.
Automate Your Medical Billing Records for Ultimate Success with VisionERA
VisionERA is an AI-powered document processing tool that offers sophisticated automation for paperwork-intensive businesses. It combines artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) algorithms to create a winning document processing solution.
If tedious data entry, excessive paperwork, and high processing costs were always your pain points, VisionERA remains uniquely positioned to help you overcome these problems. It offers a 100% performance guarantee as we have trained it on real-world documents. You can expect improved accuracy and speed for processing your medical billing records.
VisionERA has zero third-party dependencies, which means it will work without any hassles. Moreover, you can also integrate it with your existing technology stack. Excited to know more details about VisionERA? Contact us today by clicking on the CTA below for a free product demo.