Billing software, especially when it’s built into your practice management system, matters each given day that you run your business. Chiropractors play a pivotal role in the healthcare vertical regarding the identifying, diagnosing, treating, and managing of various injuries and medical conditions. Providers can achieve financial stability by developing and implementing specific guidelines and policies. Chiropractic billing strategies are part of those processes and strategies. Chiropractors can streamline the process using billing software, like ChiroSpring, and achieve accurate and appropriate collections.
How Software Billing Solutions Improve Collections
No matter the size of your practice, having a built-in software billing solution is vital for improving collections. It’s challenging to create invoices quickly, ensure that payments come in on time, know which payments have been received, and keep track of what’s still outstanding. Software billing solutions ensure that no invoices fall through the cracks by generating and tracking payments faster and easier.
For example, in ChiroSpring, as soon as a SOAP is signed, the software automatically generates a claim. It also pre-scrubs every claim for errors. After the claim is generated, you have a two-click submission to the clearinghouse of your choice via a secure FTP. Accounts-receivable tools make it easy to track accounts and ensure that claims are getting paid. Furthermore, the automated ERA reconciliation has denial management built in to streamline the process further.
The Benefits of Chiropractic Billing Software
There are several benefits to using a chiropractic billing software. When chiropractors can keep pace with the rapid changes occurring in the digital age, it leads to a more successful practice. The principal reason is that there are fewer billing and coding errors, ultimately optimizing the practice’s financial and administrative activities. Here are additional benefits of using billing software for improving collections.
1: Improved collections
Improving collections means practices can increase their bottom line. Statistics from 2020 show that expenditures, including the average billings, amount to $649,400, with average collections being $448,000 and the reimbursement rate being 69%. These statistics demonstrate that when chiropractors have a sound billing system in place, it helps their practices increase the amount of money that they can collect. Billing software like ChiroSpring also helps practices manage payments by:
- Incorporating a cash register that allows staff to ring up charges on demand
- Having one-click claims processing
- Filtering statements with outstanding balances
2: Paying for fewer hours or staff
A sound billing system automates almost all processes, reducing the need for staff. Improving collections means the staff doesn’t have to spend as much time tracking invoices or following up on missing payments. Software like ChiroSpring streamlines the bill-paying process by automatically creating monthly statements and processing payments. Here’s how:
- Organization: There’s no longer the need to generate reports and manually calculate the information that the staff needs.
- Categorizing payments automatically according to their status: These include not signed, not submitted, and submitted.
- Payment monitoring: Billing software allows staff to see unpaid insurance charges in one area and act on them as necessary.