How to Boost Revenue at Your Medical Billing Company: 5 Reasons to Consolidate on to a Single Platform TODAY
In today’s fast-changing healthcare environment, it’s harder than ever to make a profit in medical billing. The good news is that one simple move – consolidating onto one software platform – can streamline your business, make life easier for your clients, and increase your revenue stream. Here’s how:
1. Improve efficiency and productivity
Whether you’re a contract biller, a well-established firm or a medical billing start-up, you’re always looking for new ways to do more with fewer resources. A robust platform like Kareo for Billing Companies goes far beyond just submitting claims to insurers. It helps you manage revenue activities, claims reviews, coding, insurance verification, payment processing, regular communications with all your practices – and more – all from a single dashboard. No more bouncing around between different systems, with all the frustration that brings. Your staff members only need to learn one software and can become power users. These efficiencies quickly compound to make a positive impact on your bottom line.
Do you have clients on many different platforms? Unifying your back-end operations onto a single platform ensures that your workflow is standardized and efficient. Previously, being on a different software solution from your clients’ EHR would equate to a lot of manual data input. But Kareo’s robotic process automation (RPA) solutions offer an intelligent, automated solution to pull in all of the information needed to submit your clients’ claims. Billing companies that adopt RPA onto a single billing platform report a 50% improvement in operational efficiency and that 90% of their claims are processed automatically.
2. Bring in payments faster
The less time it takes you to turn around a claim, the quicker you can submit it to payers — and get reimbursed. You also reduce the time before resubmitting claims since you learn about rejections sooner and are able to rework claims from one location. With a single robust system, you can also expect your claims to be cleaner, which leads to fewer rejections in the first place.
3. Help your clients become more profitable
A successful medical biller offers more than just basic billing services. To stay ahead of the competition, you must be committed to improving your clients’ practices and their bottom lines. One of the best ways to do this is by using data analytics and reporting to help clients identify their weaknesses, assess performance and troubleshoot issues. These reports must be generated from accessible billing data and clinical data housed on their EHR. Having your billing software and your practices' EHRs on one platform means that you have access to accurate and real-time data to prepare impactful reports.
4. Save on operational costs
Subscription fees for software products add up fast. Paying only one vendor is almost always more economical than paying several. In addition, operational glitches are less likely to occur when products and features are designed to interface, leading to fewer IT consulting bills and less down time.
5. Grow your business
Every medical biller wants to increase their business volume and bottom line. This is done by continuously increasing your client base while maintaining as low an overhead as possible. Consolidation onto one software solution makes your operations more efficient, which in turn increases your existing staff’s bandwidth to take on additional work competently. This eliminates the need to hire more staff than necessary. Equally important, the improvement of your clients' practices will naturally build a solid reputation for your billing company. A boosted reputation will result in more referrals from satisfied customers, helping your business achieve steady growth.
A logical choice for any billing company looking to consolidate is Kareo, which offers integrated solutions for both medical billing companies and independent healthcare practices. Kareo began as a software solution for billing companies, and now includes claim submissions and review, coding, insurance verifications, payment processing, regular communications with your practices, reporting, plus an industry-leading EHR. Kareo is now used by over 1,600 medical billing companies and 85,000 providers, trusted for its ease of use, cost effectiveness and comprehensive state-of-the-art features.
Learn more about Kareo’s Billing Company Solution online, or schedule a demonstration. To see how consolidating all systems onto Kareo has helped one of our billing clients achieve dramatic growth, check out this brief video.