An efficient revenue cycle solution is highly dependent on the quality of your company’s clearinghouse. First and foremost, in order to identify which clearinghouse is the best fit for your company, it’s important to recognize what your billing system may be lacking. Here are some key features
you should be on the lookout for.
Automation is Everything
After submitting a claim, you might feel a little helpless as you wait days, even weeks, to see if it was accepted or rejected. When claims aren’t paid promptly, you experience a postponement in cash flow, causing your company’s finances to suffer. If you only had electronic claim processing, your clearinghouse could show you within minutes whether your claims were accepted, rejected or denied and what further actions should be taken. This is undeniably important to help your business get paid faster and run more efficiently.
Thorough Claim Scrubbing/Editing
If your clearinghouse used a high-tech scrubbing service, it could fix the errors that were uncovered during the claim scrubbing process. Not only that, but it could show you what mistakes were made and ultimately help reduce payer denials in the future. Be sure your clearinghouse gives you the option to edit claims in real-time, guaranteeing you’ll receive payments more quickly.
Powerful Reporting and Analytics
Reporting and analytics are critical for evaluating the financial performance of your business and measuring staff productivity. Make certain your clearinghouse offers a variety of comprehensive reporting on a daily basis. This will keep you actively involved in connecting your payers’ systems and performance data and help identify key areas for improvement.
Convert EOBs in to ERAs with Ease
If your workday consists of wading through stacks of paper EOBs, and then manually entering the information into your practice management system, stop the madness. There’s a better way!
Finally, your clearinghouse should offer Electronic Remittance Advice (ERAs). Electronic ERAs enable you to download 835 files directly into your practice management system for auto-posting. This could save you a tremendous amount of time and reduce data entry errors. With information for individual claim tracking and analysis, you could work smarter!
As you can see, when it comes to your revenue cycle, there’s a lot to consider. Remember, not all solutions are created equally! If you're interested in a clearinghouse that offers the features above, take a few minutes and see how eSolutions' clearinghouse can help make a difference for your company.