Reimagine Radiology Billing: Leveraging STP for Seamless Medical Billing Software
Radiology is an intricate field, and patient billing can be complex—making powerful-yet-intuitive medical billing software a must. Your software solutions can make or break your practice’s medical billing process. It can make your life easier or be frustrating for everyone who stops by your office.
Today’s most efficient and reliable medical billing software solutions rely on proven principles from the financial industry: straight-through processing (STP). By selecting software that leverages STP—the same solution that powers Visa and Mastercard—you can upgrade your billing and achieve seamless transactions.
The Role of Medical Billing Software in the Expanding Healthcare Sector
Healthcare spending has increased dramatically.
In 2021, US healthcare spending reached $4.3 trillion—nearly $13,000 per person.
With that much value at stake (and overwhelming amounts of patient data to handle), efficient medical billing solutions are essential. Patients expect obstacle-free billing, and administrative teams don’t have the bandwidth to handle financial transactions manually. When you add precise insurance codes and complex, ever-changing healthcare regulations into the mix, it’s clear that software for medical billing needs to evolve.
Today’s medical billing software should be flexible and a dynamic fit for each transaction. It needs to be cloud-native, so it can be universally accessible and quick to update. It must be scalable, quick, and accurate. As a result, it will help your team tackle today’s challenges—such as integrating with various healthcare systems and handling diverse insurance plans—and set your practice up for long-term growth.
Let’s explore how STP plays a pivotal part in that necessary evolution.
STP: A Game Changer in Radiology Medical Billing Software
Straight-through processing (STP) is a fully automated electronic process used in financial transactions that allows for the complete, end-to-end processing of transactions without manual intervention. As it’s made its way from the financial sector to radiology medical billing software, STP has enabled real-time billing confirmations, accurate billing transactions, fewer denials, and less headaches for admin teams and patients alike. STP also allows for:
STP simplifies and speeds up the handling of financial transactions. It does so by automating routine tasks such as eligibility checking, insurance discovery, automated coding, and user-friendly patient billing itself. When these tasks are automated, people don’t need to do them manually, which saves time. And because automated tasks result in less required manual work, STP ensures that billing experts need only work on exceptions instead of having to touch every claim.
Ease of Compliance
STP can help healthcare providers adhere to regulatory standards by ensuring accuracy in the interdependent coding and billing processes, supporting smooth cash flow and adherence to key regulations like HIPAA.
With STP, practices and patients can rest assured that their data is handled securely. The best STP systems incorporate advanced encryption methods and security protocols. This helps shield all financial transactions and patient information from unauthorized access. (The fact that STP minimizes necessary human contact with data helps with security too.) This not only assists with compliance, but also helps patients feel more comfortable trusting practices with their sensitive data.
STP Can Help Your Practice Optimize Revenue Cycles
Effective revenue cycle management is critical for financial stability in any medical practice. STP can help you enhance your revenue cycle in several ways:
1. STP can reduce the duration of Accounts Receivable (AR).
Because STP automates the billing process, STP accelerates the rate at which A/R clears, fueling quicker resolution of account balances through insurance payment reconciliation, contract adjustments, and patient payments.
2. STP can increase the likelihood of pre-service collections.
A well-designed and properly implemented revenue cycle management (RCM) system hinges on pre-service or point-of-service payment collection. STP streamlines this process so patients can pre-register, schedule appointments, and make payments from the comfort of their own home well before their appointment. Moving these processes pre-service has a significant impact on clinic efficiency, patient satisfaction, and significantly higher pre-service collections.
3. STP can help practices use data to inform business decisions.
Analyzing data can allow practices to glean insights into the efficacy of their billing processes. (Most legacy systems aren’t built to supply meaningful analytics, which forces practices to operate without these critical insights.) As an important part of RCM software for medical billing, STP can help analyze data related to reimbursement, denials, appointments, charges billed, and more. All of this data can help practices identify patterns and trends before determining any areas for improvement, which can also help optimize revenue cycles.
Excited to Leverage STP in Your Practice?
If high-quality revenue cycle management and simple, seamless transactions are a priority for your radiology practice, straight-through processing can help you achieve your goals.
Royal Solutions Group is here to help you stay ahead of the curve with innovative, cloud-native solutions that leverage STP. Are you ready to discover how STP and custom medical billing solutions can propel your practice into a more efficient future? Explore our revenue cycle management solutions today.