One of the primary challenges that home health and hospice agencies face is collecting payment after services have been rendered. Working with claims, whether it’s through private insurance companies or the Medicare/Medicaid organization can be a grueling process for agencies that are not equipped with the proper tools to succeed. Smart technology has enabled agencies to quickly and efficiently keep track of all outstanding claims, sort them appropriately, and evaluate any next steps that need to be taken in the claims process. Following are a few tips to help make the most of your claims management system.
Automate Revenue Cycle with Electronic Processes
Automation is the key to a well-run home health or hospice agency. Fewer keystrokes leads to reduced errors and a happier staff, which makes it a no-brainer for agency executives. You can almost completely automate your revenue cycle with electronic processes, thanks to the advent and introduction of new iterations of healthcare technology. The American Medical Association notes that electronic processing of claims has a variety of benefits, one of which is a drastic reduction in the cost of processing and submitting each claim. At this stage, home health and hospice agencies really can’t afford to miss the opportunity of implementing technology that will aid in the speedy and comprehensive collection of money they are owed.
Improving Collection Efforts with Electronic Remittance and Enhanced Efficiency
Accepting ERAs (Electronic Remittance Advice Messages) from insurance companies has become a staple for efficient payment collection and accuracy within the claims process. Being able to electronically automate this process reduces the hassle a lot of home health and hospice agencies face in reporting to the insurance companies for claims that need to be paid. It’s much easier to collect on contracts and insurance claims with a fully functioning billing management system that takes care of the automated tasks and ensures that claims are followed up on promptly.
Faster, More Streamlined Payment of Claims
With each aspect of the payment process that can be converted to a simple, yet intuitive automated electronic process, it makes it even easier and more manageable for the agency to get paid in a timely fashion. It is important to evaluate each step of the financial process to identify any barriers to payment so that you can install electronic automation to take the place of a manual process that is ineffective and inefficient.