iPatientCare Blog - Improve your Practice Efficiency by Enhancing your Medical Billing Software

Improve your Practice’s Efficiency by Enhancing your Medical Billing Software

Some practices still prefer manual documentation over electronic, in order to protect data from being hacked or stolen. The practices fear that the data can be accessed by unauthorized individuals. Another reason why manual documentation is preferred is because of the assumption that the medical billing software is quite complex and costly for practices to handle.

With better-organized patient records, bookings, treatment processes, and improved efficiency in billing, the profitability of practice is enhanced. With EHR technology becoming more popular, a lot of vendors have started integrating Practice Management Software to expedite medical billing in their practices.

However, the providers must realize that medical billing software is bringing about a new change in the healthcare industry. The rate of claims being denied or delayed is decreasing significantly due to the latest technology like Claim Scrubber. Some other features of medical billing software that can contribute to increasing the practice’s efficiency are:

Access to Patient information makes the physicians 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 the first go.

An 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 the first pass resolution rate that improves the speed of collections and decreases 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 sends an alert if discrepancies occur.

Make a thorough assessment before switching your Medical Billing Software

The billing software system helps to make the best decisions for your practice. It allows to schedule customized reports to be created at certain intervals for ongoing 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 medical practices to get a hand in the process of efficiently collecting money due to the escalated complications of healthcare 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 to determine whether claims are likely to be accepted or denied, and also the software has the 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 the following details becomes easier if a medical billing software is implemented:

  • Insurance requirements
  • Upfront payments
  • Co-payments
  • Billing procedures

By having the above terms of payment easily visible to patients there will be no confusion. Clearly, there are many ways for a medical billing practice to become more efficient and effective.

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