For insurance organizations, billing is a crucial aspect of running a successful business. Inefficient billing processes can cause disruptions in cash flow, poor job satisfaction for staff, and unhappy customers. Today’s insurers face mounting responsibility to accelerate billing and administrative tasks to focus more on their customers’ needs and expectations.
Proper billing workflows can increase revenue, improve operational efficiency, and create an ideal customer experience. In today’s fast-paced world, insurance billing software can help insurers manage ever-increasing demands while providing exceptional customer service.
Selecting an insurance billing system is an important decision with many factors to consider. When evaluating potential options, keep these capabilities in mind:
- Manage the full insurance billing lifecycle. First and foremost, you should make sure that the insurance billing system you’re considering has all the financial features you need. Look for a solution that offers Accounts Receivable (AR) and Accounts Payable (AP) management, installment creation, invoice creation and distribution, and notifications for late warnings, cancellations, late fees, and other important updates.
- Design workflows based on your specific needs. Every organization has unique requirements for internal processes, including billing. With a configurable insurance billing system, you can tailor workflows to align with your preferences and goals. Workflow configuration can help improve efficiency, allowing your employees to focus more on customer service and outcomes.
- Improve productivity and efficiency with automation. The insurance billing process can be highly complex and often requires significant manual work. Imagine creating a policy, and as soon as you click the “bind” button, a billing workflow starts instantly. Now you can automate tasks like creating installments, posting and distributing invoices, sending late notifications, and processing cancellations. Automation can result in a strong return on investment by reducing manual data entry, monitoring payments and deadlines, and triggering key actions promptly.
- Maintain security with custom user profiles. Within your organization, and even within your billing department, you may want to grant specific access permissions to different users based on their roles. Look for insurance billing software that allows you to configure settings for users to control access levels and delineate responsibilities.
- Improve transparency and outcomes with robust reporting and dashboards. Reporting is essential to the insurance billing process, and creating reports manually can be tedious and time consuming. Your insurance billing system should have an extensive library of standard reports that can easily be modified to suit your needs. The solution should provide user-friendly dashboards and ad-hoc reporting options to generate key metrics at a glance and on demand.
- Enhance flexibility with access from any device. Today’s software users expect the ability to access a solution from mobile devices along with desktops. Look for an insurance billing system that can adapt to the device preferences of your users, whether they choose to use a desktop, tablet, or smartphone. Users will appreciate having the option to use different devices depending on the circumstances.
- Provide self-service payment intake options for your customers. Self-service payment is a must-have for many insurance customers. Offering self-service options can improve customer satisfaction and help ensure that you receive payments promptly. Now you can provide your users with a portal to make self-service payments via EFT, credit card, check, cash, lockbox, and more.
- Improve communication with a messaging center. Sometimes your bill payers will have questions that can be answered quickly and don’t warrant an entire conversation on the phone. If your insurance billing software has a messaging center, your staff and bill payers can communicate in real time with instant messaging and internal comments in the portal.
- Integrate with other systems easily. Depending on the nature of your business, you may need your insurance billing system to integrate with your policy administration software, claims administration software, risk management information system, and more. You likely have other internal systems that are essential to your day-to-day operations. By selecting an insurance billing solution that easily integrates with other systems, you can ensure seamless workflows and gain a more holistic view of your data.
- Ensure data security and integrity. Insurance organizations manage a significant volume of sensitive data and personally identifiable information. Processing payments and managing financial information adds another element of data security to consider. When choosing a software provider, be sure they have the necessary security measures in place to protect your data. It’s important to consider whether your software provider hosts in a public or private cloud. A private cloud can provide an additional level of security and more personalized service.
- Have access to training and educational resources. When you’re implementing a new software program, having proper training can set you up for success. The right provider will tailor training sessions to your particular insurance billing needs and objectives. Once you get acclimated with the system, you may want more advanced tips and best practices. Your software provider should have educational resources readily available for you at every stage of your journey.
- Receive exceptional customer support. Choosing new insurance billing software is a big decision, and a major factor to consider is the quality of customer support. Look for a provider that is committed to customer success and takes the time to understand your unique billing requirements and goals. Ideally, you should have a single support person who can be your advocate and point of contact.
An insurance billing solution can help organizations meet key business objectives while improving satisfaction for staff and customers. To learn more about the versatility of billing software and the impact it can have on the customer experience, check out our recent blog, 4 Ways to Improve Payment Flexibility with Insurance Billing Software During COVID-19.
If you would like more information on billing solutions for your business, please contact our Billing Product Manager, Morgan Barlet.