Does a medical billing software actually enhance efficiency?

Gone are the days when providers used paper for almost everything, be it prescribing medicine, making notes, mentioning patient symptoms, and billing the patients. With EHR technology becoming more and more popular among providers in the US, a lot of vendors have started integrating Practice Management Software to expedite medical billing in their practices.

Although providers have found EHRs to be very useful for their practices; some of them are still hesitant towards using medical billing software. The reason could be that several medical billing tools are quite complex and costly for practices to handle. Some practices still prefer manual documentation over electronic, in order to protect data from being hacked, stolen or even used for corrupt purposes. After all, the chances of data being accessed by unauthorized individuals are higher in electronic data as compared to paper based data.

However providers must realize that medical billing software are bringing about a new change in the healthcare industry. Now the rate of claims being denied or delayed are decreasing significantly. According to Reviews, electronic medical billing has successfully reduced error per claim ratio with latest technology like Claim Scrubber. Here are some common features of medical billing software that can contribute a lot to increasing practice efficiency:

1.       Access to Patient information

Medical billing software has enabled physicians to run background checks on patients’ medical and insurance history. Now it’s easier to access patient information from anywhere. Not only does this speed up the billing process but also helps practices avoid claim errors.

2.       Reducing claim denials

The biggest problem troubling medical practices is the increase in their claim denial rates. While dealing with several claims directed towards different insurances at a time, mistakes are inevitable. However, with recent upgrades brought by medical billing technology, it has become easier to identify such errors and correct them before sending out the claims. This way more than 90% claims pass through submission in the first go.

3.       Increase in cash flow

Another change observed in practices that have adapted to electronic medical billing is the increase in their cashflows. Medical billing software not only increases the rate of claim submissions, but also helps providers reclaim their fee early by reducing payment time. Some medical billing software even have the capability to auto-generate modifications through which providers can follow up on their claims via regular reports and tracking.

For small practices that have not yet adapted to electronic medical billing because of the pricey and complex software, Outsourcing Medical Billing to a medical billing company is another appropriate solution for improving practice performance.

Rad more: Top reasons to Outsource Medical Billing