What is Medical Billing?
Medical billing is a financial procedure of the submission and following of claims with health insurance companies in the United States to receive payments. Traditionally medical centers, hospitals, and clinics used paperwork systems to handle billing processes.
With advancements in technology healthcare systems have adopted the Medical Billing Electronic Medical Records Software or billing solution to automate financial processes for quick claim submission and to increase the collection process.
How does the Medical Billing EMR Software facilitate hospitals and healthcare providers?
The Medical Billing Services (EMR) Software helps to streamline financial workflows and procedures to improve efficiencies. The Medical billing solutions help in the management of collections, create financial reports and generate a detailed account of patient statements. The Medical Billing Software helps to reduce any errors associated with paperwork handling of finances and also provides cost benefits to users. Reports can be quickly produced by setting up a template offered by the billing solution. Medical Billing EMR may integrate with Practice Management (PM) software or Electronic Medical Records system. The option of a standalone purchase is also available for clinicians which work well with practitioners who want to save costs and also realize financial benefits. The billing software also helps to improve ROI by tools like electronic eligibility, EHR, and clearinghouse. The Software also ensures through specific in-built coding that claims are accepted and paid after the first submission. Financial performance improves and A/R days reduces with the help of medical billing and Revenue Cycle Management (RCM) Software solutions.
The key features that make up a good Medical Billing Services (EMR) Software
We have devised a list of key features that should be present in a top-rated Medical Billing Electronic Medical Records Software.
- ICD-10 The feature of ICD-10 functionality and in-built coding helps to accelerate the claims process and therefore receive quick payments.
- Patient Statements This aids to prepare and send detailed financial patient statements having information like payment options and amount owed.
- Insurance Eligibility Checker The Insurance Eligibility verifies and confirms a patient’s insurance coverage before the doctor’s visit and appointment. This helps to reduce denied claims.
- Online Bill Pay and Payment Plans These features help to free up staff time and streamline workflows.
- Robust reporting tools and intuitive dashboards – The functionalities facilitate performance evaluation
- Claim Review and Scrubbing Claim scrubbing helps to review medical claims for accurate coding and billing
- Claim Follow-Up Helps to track and resolve any claim denials
Automating healthcare billing is the future
The use of Artificial Intelligence (AI) technology has helped to regenerate bills quicker and also enhances customer satisfaction as bills can be presented on time to the patients. With automated billing practices can streamline their financial processes by reducing staff time spent on tedious billing tasks and also reduces postage associated costs. If practices want to bridge the gap between patient collections and outstanding revenue then they should implement a medical billing software solution.
