The true value of the EMS, emergency medical services is never really appreciated until it needs to be used. In the perfect world, it would be optimal if patients were able to prepay for emergency services or pay as soon as the services are received. Of course, it is impossible to do this. Ambulance Billing Software
EMS agencies don’t typically get paid until after the patient has left their care, and that is under the assumption that the patient has adequate insurance coverage and financial means to cover these services.
EMS agencies need a reliable and steady stream of income to enable them to keep saving lives. Without that cash, they can’t pay for staff, their equipment, or other bills. And this is why it is incredibly important that agencies use a billing system.
But not just any billing system. It should be a billing system that supports accurate recordkeeping, automated tracking and updating codes, tracking patient accounts to spot delinquents, and collect on them.
As well as identification of patient insurance coverage. It should highlight those patients who do not have insurance – for transparency.
There are a number of options when it comes to your medical billing software, but you need to decide which processes need automation, and which don’t. And ideally, you want something that is specifically designed with EMS agencies in mind, or with EMS agency experience.
Here is how you choose ambulance billing software.
Increased revenue collection
Of course, you would like to see an effective revenue collection. And that starts with a very precise recording of patient data and insurance information. Quickly analyzing patient demographics against the coverage eligibility will maximize an EMS agency’s claim.
The software also has to have access to the most recent Medicare and private insurance payment schedules. It must also be able to automatically update this as needed.
A verification process that is quick and easy is essential when it comes to increasing revenue collection.
An efficient workflow
Ideally, you want an ambulance billing software that will come with workflows that are purpose-built for your requirements. These workflows should give staff-
- Automatic management of your Medicare fee schedule, as well as Medicare administrative contract coverage, and all of the definitions and updates that you will require
- Fast insurance for verification process
- An intuitive layout with a simple procedure for data entry
- Account invoicing, collections, and traffic tracking.
A clear view of your finances
It can often be the case that the billing officers don’t get a clear view of their cash flow until a set period has been closed at the month-end. But with the right feeling software in place, you’ll be able to see all of this information any time you choose. Each time an invoice is sent out, and payment is made, you will have the data in your hand.
It is also more simple for you to be able to see real-time information on write-offs, refunds, and any other revenue adjustments. This will allow your finance officers and your entire agency to monitor everything that impacts how much money is available. It will also give you a clear overview of what is coming in based on calendar dates, and which patient accounts are remaining outstanding and will require your attention.
Access to data is something that is vital for any emergency services agency to be able to make clear decisions. It is important that the EMS managers can make data-driven decisions that are based on operating expenses, acquisition of equipment, and anything that is cash flow affecting In fact, looking at certain patterns of payment, you can even begin to understand why some of those accounts are going to remain unpaid, and how much you can do in order to recover these revenues.
One of the biggest bonuses about EMS billing software is that it can help you guarantee that you are getting the full payment from private insurance companies and Medicare. And that if there are any increases in eligible payments that these two are added to the agency’s billing schedules.
Getting Paid
EMS agencies are designed to save lives and not designed to serve as collection agencies. However, when the right ambulance billing software is implemented, that increases in revenue collection, as well as having a clear overview, can mean that your EMS agency will run smoother.
Effective management and collection of accounts is an essential function for your EMS agency. The tips above will help you to choose the best ambulance billing service for your requirements.
