What You Need to Know about Medical Billing Software
Advanced technology has allowed health care providers to digitize the processing of medical bills. However, not all medical billing software is created equal. If you run a health care facility, you want medical billing software that accurately prints invoices and logs payments to the correct patient accounts.
The data processed within medical bills is considered privileged information, which means health care providers must understand what you need to know about medical billing software.
Benefits of Using Medical Billing Software
Remember the good old days before technology dramatically changed the way we did business? Well, for health care facilities, the good old days meant processing heaping mounds of paperwork just to send out monthly statements.
Medical billing software offers health care facilities several benefits.
Physicians and hospitals no longer have to spend time going through records to send out patient statements in a timely manner. The latest software automatically sends out bills, which gives health care providers more time to do what they are supposed to do — tend to patient needs.
Bye Bye Paperwork
Electronic billing turns the heaping mounds of paperwork into a few pieces of paper that sit at the edge of your desk. Every type of document from patient claims to medical bills is sent via digital technology
Quick Access to Information
Instead of fumbling through a heaping mound of paperwork, medical billing software provides you with instant access to patient records. Type in a patient’s name and immediately access all the information you need to expedite billing.
Lower Office Expenses
The cost of purchasing medical billing software seems high, but the software pays off in the long run because you no longer have to pay for recurring expenses such as paper and postage. Health care providers can also save money on the purchase of medical billing software by taking advantage of manufacturer discounts.
The most important benefit from using medical billing software is the significant decrease in the number of clerical errors. Most software that processes health care claims include built in protections that catch human errors.
The Best Features of Medical Billing Software
Deciding to purchase medical billing software is one thing. It is an entirely different matter to decide what features to incorporate into your new electronic billing system.
Here are the best features of medical billing software.
You must have the capability to process claims electronically. Otherwise, you can expect to spend much of your time trying to send and collect bills. Processing a medical claim by hand is akin to hiking up Mount Everest by crawling on all fours. The best electronic billing systems validate claims in real time to prevent fraud and human error.
Verification of Health Insurance Eligibility
Fraud in the health care industry costs providers and government agencies billions of dollars each year. The best medical billing software not only verifies health insurance eligibility, it also allows patients to learn about their insurance status before appointments. Electronic verification saves you time and as they say, time is money.
Do you wonder why employers encourage employees to sign up for electronic paycheck deposit?
The reason is electronic deposit ensures prompt payments, without incurring the expense associated with processing money through paperwork. Electronic payments for health care providers work in the same manner. Even better, recent technological advancements have created alert systems that notify health care providers of overdue bills.
Automatic Payment Reminders
The good old days also required health care providers to work the phones in attempts to collect late payments. The latest software includes a feature that automatically sends out payment reminders at time intervals designated by the health care facility This means you no longer have to wait on hold to remind a patient that a bill is past due.
Popular Medical Billing Software
Medical billing software has revolutionized the health care industry during a time when health care costs have skyrocketed. To get the most out of the money saving technology, you have to select software that offer the best features created by renowned medical billing software companies.
The method for determining the most popular medical billing software involves reading customer reviews and researching the different systems mentioned by health care industry experts.
As Microsoft is synonymous with operating systems, Medisoft is associated with medical billing software. The commonly used medical billing software program not only operates in countless hospitals and medical centers, it also is used by medical schools for the training of aspiring health care professionals. Standard billing functions such as payment tracking and past due account alerts complement automatically configured features that send patients outstanding balance statements every month.
Lytec leads the medical billing software industry in protecting patient and health care provider information. The popular software program encrypts its database to prevent identity thieves from stealing financial information and unscrupulous organizations from learning more about patient histories. Any health care provider concerned about the theft of proprietary data should consider installing Lytec to protect highly sensitive data.
Patient Information Management Solutions
Application variety is what makes Patient Information Management Solutions (PIMS) popular among health care providers. The software offers billing solutions for clinics, hospitals, pharmacies, and private practices. Another benefit of the software is the seamless integration the application creates among different medical facilities. A hospital that receives a new patient can quickly access patient account information from the private practice that originally managed the patient’s health care.
Also designed to improve back office productivity, CollaborateMD allows health care providers to spend more time with patients and less time going through medical billing paperwork. Super fast submission of insurance claims reduces the amount of time between providing health care services and getting paid for providing the services. The software maximizes billing effectiveness by implementing real time medical practice solutions to billing management.