Some practices still prefer manual documentation over electronic, in order to protect data from being hacked or stolen. The practices have fear that the data can be accessed by unauthorized individuals. Another reason of why manual documentation is preferred is because of the assumption that the medical billing software are quite complex and costly for practices to handle.
With better-organized patient records, bookings, treatment processes, and improved efficiency in billing, the profitability of a practice is enhanced. With EHR technology becoming more popular, a lot of vendors have started integrating Practice Management System to expedite medical billing in their practices.
However, the providers must realize that medical billing software are bringing about a new change in the healthcare industry. The rate of claims being denied or delayed are decreasing significantly due to the latest technology like Claim Scrubber. Some other features of medical billing software that can contribute to increase the practice’s efficiency are:
Access to Patient information makes the physicians to run background checks on patients’ medical and insurance eligibility. Now it is easier to access patient information from anywhere and it helps speed up the billing process avoiding claim errors.
Reducing claim denials is another problem faced by the practice. The mistakes are inevitable as the practices have to deal with several claims directed towards different insurance companies at a time. But with the help of billing technology, it has become easier to identify errors and correct them before sending the claims out. This way around 90% of the claims pass through submission on first go.
Increase in cash flow is observed by the practices after adapting to the electronic billing software. It helps to increase cash flow and increase the rate of claim submissions. It also helps the providers re-claim their fee early by reducing payment time. The software has the capability to auto-generate modifications through which providers can follow up on their claims through regular reports and tracking.
In short, the billing software increases first pass resolution rate that improves speed of collections and decrease work for in-house staff. It is sometimes impossible to keep track of every payer contract. So there is no way to know when your practice is being underpaid. The software automatically compares the actual payments received with the payment specified in each contract and sending an alert if discrepancies occur.
The billing software system helps to make best decisions for your practice. It allows to schedule customized reports to be created at certain intervals for on-going analysis, as well as generate custom reports, thus making the tedious manual process automatic. The optimization can be done by creating easily understood reports for better decision making, reducing staff requirements and increasing productivity and finding mistakes and underpayments.
Thus, it is becoming more essential for the medical practices to get a hand on the process to efficiently collect money due to the escalated complications of revenue cycle management. For the medical practices it is making it more important than ever to get a handle on the process to efficiently complete the collections on time. Use this billing software technology to your advantage. By utilizing the up-to-date billing software, practices have the opportunity determine whether claims are likely to be accepted or denied and also the software has capability to update the ever-changing rules of the healthcare system regarding Medicare and Medicaid. This helps the providers to know about new trends in denials and work toward increasing the amount they can collect for the clients. Communication with the patients about following details becomes easier if a medical billing software is implemented:
- Insurance requirements
- Upfront payments
- Billing procedures
By having the above terms of payment easily visible for patients there will be no confusion. Clearly, there are many ways for a medical billing practice to become more efficient and effective.