How Healthcare Companies Are Using Technology to Better Manage Finances

​by James Daniels, Guest Contributor

​Healthcare companies have a lot to deal with when it comes to the financial side of things. Dealing with medical bills, customer payments and non-payments, filing, auditing and sending medical claims to insurance companies and keeping track of finances are all hugely important day-to-day tasks involved in the successful running of a healthcare company. When it comes to managing finances, many healthcare companies are increasingly relying on technology in order to ensure that processes run smoothly. 

With more and more technological advancements making this easier than ever before, healthcare companies are not only able to devote more time to other departments but also operate more efficiently and with less risk. 

Medical Claims Auditing

Before sending a medical bill claim to a healthcare insurance company, it’s important to audit and process it beforehand in order to ensure that there are no mistakes and errors involved. Failing to double-check a claim for errors before sending it to an insurance provider can have consequences for a healthcare company, some of which can be hugely expensive. Rejected claims – those which are sent back by the insurance company due to errors – can also hamper a company’s efficiency, taking up time and money to correct before the claim can be processed. Overpayments can also cause a huge problem for healthcare companies, resulting in them needing to refund patients for unnecessary expenses. By using technology for auditing and overpayment recovery, healthcare companies are finding it easier to stay on top of their finances.

​Financial Tracking

Thanks to technology, it’s easier than ever for businesses in all industries to keep track of their finances. This has been of significant benefit to the healthcare industry, with many companies using apps and software to keep track of their expenditure, profits and expected revenue. Thanks to software programs and apps which track finances, it’s much easier to avoid mistakes and take human error out of the equation when it comes to making financial mathematical calculations. Technology and software is also able to make predictions based on current performance, making it easier for healthcare company managers to make informed decisions for the future in regards to finance.

Security

Keeping financial data and documents secure has always been a huge priority of healthcare companies. Not only is it important for businesses to keep their own financial data secured, it’s vital for them to protect and secure any customer or patient financial data which they may have on record. Once protected with locked filing cabinets, safes or authorized-access only rooms, secure storage of financial information evolved electronically, with servers, computers and password-protected hard drives taking over. Today, more and more healthcare companies are using cloud computing to store sensitive financial data, a method which offers security from not only hackers but other risk factors such as storms or fire which could damage physical storage devices.

Technology is changing the way in which many businesses get things done, and the finances of healthcare companies are just one of many, with advancements expected to significantly increase in the future.

James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics. Reach him at [email protected]

IMAGE CREDIT: WALT STONEBURNER