A lack of medical billing automation leads to several challenges. Learn how automated systems with Intelligent Document Processing capabilities help overcome them.
A large-scale healthcare facility in Texas offers treatment for various ailments. They have hundreds of incoming and outgoing patients each day, leading to the processing of over thousands of billing records.
But there’s a problem. They have inefficient internal systems that lead to inaccurate billings. Over time, the healthcare facility realized they were lacking behind in meeting the revenue targets. Upon a careful investigation, they found the existing medical billing system to be the culprit.
Patient billing and medical record management are the last things any healthcare provider would want to burden themselves with. And with technological advancements over the years, healthcare institutions can easily solve this problem.
But it can be easier said than done, especially with automation challenges. This article looks at the various medical billing automation challenges and ways to overcome them.
Healthcare service providers face these challenges due to a lack of medical billing automation with their systems.
Medical billing automation is a critical component in the healthcare industry, but it can only be effective if your data is accurate. Poor data quality can lead to patient billing errors, which can cost you a lot of money and damage your reputation. There can be several other problems arising out of substandard data.
Here are some examples of how poor patient data quality can impact your healthcare facility:
According to a study, almost 80% of medical bills come with errors. Traditional medical billing is a complex process requiring a lot of manual effort. Many issues arise due to this, including overcharges and duplicate billing, which is avoidable with medical billing automation.
Overcharges occur when a medical provider charges the patient for more than what their insurance covers. This can happen as medical providers use manual processes for billing. There is no way for them to know what insurance covers until after they have sent off their bills.
In the world of healthcare, it's common for a healthcare provider to process thousands of bills in a single day. However, this can be a nightmare if you don't have the right tools.
It is easy to make mistakes when you are processing thousands of claims in a day. And you may have to deal with unpleasant consequences. That's why it's essential to have an automated system in place so that you can process claims quickly and accurately.
Medical codes remain prone to mistakes due to a lack of automation. The sheer volume of data that needs processing to code for health insurance claims is enormous. For example, one patient might have more than eight different diagnoses associated with them. It means there will be a need for eight codes.
Each one will have its own set of modifiers and other rules that must be applied to get accurate results. To make matters worse, these codes aren't intuitive or easy to recall. They often reference obscure medical concepts or procedures that are difficult to remember without extensive experience.
The information required to bill a patient has increased considerably in recent years. It has especially witnessed a steep climb after the Covid-19 pandemic. More and more medical providers need to provide more detailed information about patient procedures and treatments.
It takes longer for healthcare institutions to bill patients for their services. This can cause problems for small-scale medical facilities that may not have the resources to provide the additional information.
Here’s how an automated system like Intelligent Document Processing (IDP) helps overcome traditional medical billing automation challenges.
Intelligent Document Processing is the way to go if you're looking for comprehensive document processing. It allows you to scan, convert and index your documents without ever having to leave your desk.
The software also has a range of features that can help you manage your documents effectively, including automatic filing systems and a search function that allows you to find exactly what you need when you need it.
Scalability is one of the primary benefits of Intelligent Document Processing. It allows you to grow your business and manage your documents seamlessly. IDP offers a scalable platform that enables you to scale your operations without needing to switch platforms or compromise on quality.
Intelligent Document Processing also provides scalability by enabling integration with third-party software and services. You can explore a world of possibilities by integrating your favorite tools with IDP.
If your business deals with unstructured data, you know it is hard to make sense of that information. Intelligent Document Processing allows you to process unstructured data that makes it much easier to understand and use.
IDP converts documents with unstructured data into structured data while keeping the original formatting intact. This is possible by applying rules based on defined patterns in the source document. IDP uses machine learning techniques to identify patterns and determine the rules to apply.
Intelligent Document Processing offers rich insights into your business data that can help you make more informed decisions about your products or services. For example, imagine you are using IDP to analyze customer feedback forms.
You can use it to scan every document and identify common themes and trends. You can then summarize those findings in an easy-to-read report and share it with the management to implement the feedback.
If you are looking for a comprehensive Intelligent Document Processing system, VisionERA is your answer. It is a proven software platform that helps healthcare institutions process documents faster. VisionERA also enables healthcare staff to experience 3x productivity and focus their time on revenue-generating activities.
VisionERA is a proprietary AI-enabled technology platform that has zero third-party dependencies. It offers complete document processing sophistication and overcomes medical billing automation challenges, which is ideal for your healthcare business. Trained in real-world medical data, VisionERA offers excellent accuracy and speed. The intuitive plug-and-play and drag-and-drop functions enable swift operations on the platform.
Excited to see VisionERA in action? Contact us today for a free product demo.