Modern healthcare is a complex system that integrates different services and activities not necessarily entirely pertaining to medical and by all means, not free of charge. Health costs money, so regarding medical side, practices must organize their finances and management.
In this article
The medical billing process is an intricate interplay between the health care providers and the insurance companies. Medical billing is a procedure which involves lengthy process of documentation and flow of these documents between the concerned parties. Therefore, the procedure for finalization up till release of payments, frequently, gets quite perplexing and time consuming.
Optimal billing management system is a vital necessity for cost efficiency and the revenue flow for healthcare providers. Handling all billing documentation and account receivables manually is an overwhelming activity that consumes staff, resource and time and includes a massive amount of paper records, hard copy mailings and hours following up balances.
Reimbursing the practices in due course for the services provided is essential to keep them rolling on. The quality of the medical care now-a-days depends, to great extent, on the finances invested and hence, the shortage of receivables can decrease the physician’s productivity and efficiency.
Reducing Risk of Errors
Eligibility verification of patient can also be time wasting, if done manually. Denials or rejection of claims especially due to technical faults such as incorrect personal data, truncated procedure code, invalid diagnosis codes, etc. is commonly observed where billing is performed manually.
Productive and Profitable
Practices find different solutions to optimize their billing process. Many of them, outsource this activity to medical billing companies, regardless the billing method they use – manual or automatically. This is not always practical enough due to the controversy of the different software the practitioner and the billing company may use, thus making the IT products incompatible.
The best solution, however, to resolve the above billing issues is to implement medical billing software. The healthcare IT market is constantly developing, thus providing the health care practices variety of tools to optimize their productivity and profitability. Either using just billing module or integrated practice management system, digitizing the billing data spares enormous amount of time and reduces the “turn over” period from the patient’s visit to the claim being received.
Stand-alone or integrated systems, like EMR, increase the efficiency of the practice management and eliminates the error cases. By quick and easy access to the summarized and up dated patients’ record and generating automatically a billing document that the medical staff can obtain a prompt claims dispatch to the respective payer. The complicated exchange of forms and files between the health care provider and the payer is much facilitated by the billing software. Electronically generated bills and claims are easier and quicker to transmit to the insurance institution, which enhances the process of reimbursement.
The most recommended approach is the integrated management system especially for big practices. Consolidating all administrative, billing and medical operations in one computer software is practical, provides good coordination of all information and document flow within and out of the practice. Accessing several software programs multiple times a day is time consuming, costly and less efficient than using just one- to accumulate or create data.
Why medical billing software?
The health care today is a constant competition between practitioners to provide efficient, time sparing and high quality services. They are entitled to use modern instruments to perfect their performance, while being profitable enough. The IT industry furnishes the medics with up-to-date solutions and it will be a waste of time and money not to take the advantage.