Is it accurate to believe that electronic claim processing is simplifying the process of claim submissions and beneficial for healthcare organizations? If not, then why IT companies are developing tools just to deal with the claims electronically, why medical groups and healthcare practitioners are spending huge amount of money in purchasing them and why today around 75% of the claims are submitted electronically?
Answer to all, this is the benefits which is offered by electronic claim processing. As this is easy to implement and make whole procedure of claims creation, claims processing and claims submission quicker and uncomplicated. Along with these features, electronic healthcare claim processing has much more to offer and we have unveiled a few here:
Cut Down the Cost:
AMA has revealed that cost of processing can be reduced from 14% of the revenue to 1% by using electronic claim processing. This is the result of less paper work involved, comparatively less manpower is required and above all administration cost is also declined to a certain level. And all of this relieves the medical groups and other health practitioners from spending high on claims processing every year.
Less Cooks Improves the Broth:
Indeed, involvement of many, expands the chances of errors in claim processing. But, with the introduction and usage of electronic claim processing, we are no longer required to make a large number of team to handle claims. A couple of efficient professionals can manage the whole cycle. And, all this stimulates the chances of lesser errors and cleaner claims. Along with fewer errors, these systems enable the professionals to identify the recurring mistakes and correct them then and there.
Claims Processing - Future Trends
- Integration of Big Data to Analyze Claim Errors
- Elimination of Fraud with Block Chain Technology
- Incorporation of Voice Analytics and Chatbots into Processing
- Integration of AI to Improve Customer Experience
- Automating Manual Processes for Filing Claims
This is Faster:
Digitization gives you the power to process the claims faster. Due to this shift from manual processing to electronic, numbers of steps involved are reduced and major part of the work is done electronically which overall reduces the time to a great extent and claims can be processed and submitted very early and comparatively in lesser time.
Towering Revenues:
By implementing electronic processing and executing it successfully, organization’s revenue will also shoot up in positive direction. Technology used here if leveraged properly can lead to better figures in the accounts book at the end of the year. This might be the indirect effect of Electronic Health Records(EHR) and electronic claim processing, but surely the important one. This is the reason why electronic claim processing is creating a buzz in the healthcare sector.
No to Claim Denials:
Effective claim processing is directly proportionate to better reimbursements and lesser claim denials. If the steps involved in claim processing are all correct with right codes and other essentials, then there are no chances of claim denials.
So, it’s tangible that Electronic Claim Processing, if implemented and handled efficiently, can help you deal better with claims. And if you want assistance in driving the whole process then OutsourceRCM can back you. We are a premium offshore medical records indexing company that can provide end-to-end support and deliver with sharing and implementing our knowledge of the process. Contact us today and discover the advantage of outsourcing medical records indexing and claims processing services to us.