What is Medical Billing Software?
Aside from wanting to make their medical offices more productive, physicians also want to make things easier for their staff to manage their day-to-day tasks and paperwork. As a result, a lot of healthcare providers are turning to medical billing software to make things faster, easier and more efficient. Medical billing software handles the billing process, ensuring that medical professionals have precise, up-to-date financial records. This software is also where healthcare professionals input patient records, submit insurance claims, and manage patient receivables.
Medical practice management software, more commonly known as a medical billing software, is a category of the healthcare software that deals with the day-to-day operations of medical practices. It makes any medical providers’ work easier and faster because the software allows its users to capture and encode patient demographics, schedule appointments, maintain lists of insurance payers, perform billing tasks, and generate different types of reports.
In the United States, most medical billing software for billing companies are designated for small to medium-sized medical offices and clinics. However, some of the software is designed for, or used, by third-party medical billing companies. A medical billing software is usually divided into three main categories - desktop-only software, client-server software, and internet-based software.
Desktop-only server can be used by only on one computer with a handful of users sharing access.
Client-server software allows multiple users to share the data and the workload. However, it is costly because you need to pay more in order to run the server.
Internet-based software eliminates the need for a practice to run its own server, but it can potentially compromise confidential patient information.
Also, medical billing software programs is often connected to an electronic medical records system (EMR). Both softwares are generally used to assist medical practices with clinical, administrative, and financial matters. And when it comes to obtaining billing software, there a ton of different EMR and medical billing software vendors to choose from.
Best Medical Billing Software: What should you look for?
A software for medical billing ensures that the right billing statement goes to the right patient is extremely important. Why? Because it impacts your bottom line. If you don’t send patient statements to the correct patients, how will you ever get paid? Plus, it just looks bad on your part if you can’t even bill the correct patient. So, you want to ensure that choose a reliable billing software.
Interested in acquiring the best medical billing software for your practice? Honestly, it’s a good idea. However, there are a few things that you should look for when you’re software shopping:
By integrating and streamlining the software in a cloud-based data, there will be less contractual errors, data migration will be eliminated, it increases the software’s visibility and payment turnarounds.
Putting all of your patient’s data that is used by your EHR and practice management system into one software makes both your clinical and administrative workflow smoother. The office staff will no longer have to stop working on one task in order to open another task just to find a piece of specific information. Now, it will all be in the software. In addition to increasing efficiency, it would also be easier for a practice management system to identify and correct improperly coded procedures. It would be advantageous
Lastly, consolidating patient data into one software increases the accuracy and precision of the reports generated - this lead to greater insight.
Easy administration and generates fast reports
Generating reports should be fast and easy. As healthcare technology evolves, digital systems for medical documentation has been the norm, especially in US healthcare. The transition to paperless documentation has proven to make the lives of medical practitioners a lot easier. With the information stored in one software, there is added efficiency and generating in reports. Expanding the software’s reporting capabilities can deliver better key numbers for the business drivers.
Security & Compliance
Securing leverage and platform capabilities can eliminate a headache if the software is connected to the cloud database. Plus, any HIPAA compliant medical billing software that you choose should be compliant with the HIPAA guidelines and be updated for the seven-digit coding system.
Online invoices for faster payment
Setting up a web page and sending it online through a link is an easier way for patients to edit invoice write ups, easily access their invoices, and they can pay instantly through the invoice without visiting their bank website or calling.
Electronic tracking and transparent payment processing
When it comes to tracking payments, this must be transparent. It is important that it provides users with the ability to log and communicate the correct steps in order to get the claim processed. And when it comes to payment collection, the software should be able to verify a patient's healthy insurance eligibility and set up automatic payment plans.
Mobile invoicing through phone or tablets
Software with an extensive mobile app can generate smart online invoices that can keep track of the payments made. When looking for the best software for your company, this is something important to keep in mind. Additionally, there are a lot of on-the-go patients, and they prefer to pay instantly through their credit card, debit card, automated clearing house, and direct debit. This can hasten transaction methods by 30%. So a medical billing system that accepts credit cards and other fast payment methods is ideal.
Automating an invoice reminder can keep persistency level high by sending out a gentle reminder to customers of their payables without the hassle of constantly reminding them for their payables. It will be easier for both the medical practice and the patients if there is a generated system that can keep track of unpaid invoices that are due and past due.
The total administrative cost of processing a medical claim can be as high as $10/claim, yet an average of 30% of these medical claims are sent to insurance companies and not get paid.
|Size of Organization||Single Facility||Multi-Facility||Third-Party Medical Billing|
|Overhead Savings||$ 7,155||$ 27,315||$ 120,300|
|Staff Savings||$ 30,140||$ 90,419||$ 301,395|
|Space Savings||$ 55,181||$ 151,144||$ 465,413|
|Workflow Automation Savings||$ 32,452||$ 97,356||$ 324,519|
|EOB Management Savings||$ 30,829||$ 92,488||$ 308,293|
These are a few important things to keep in mind when it comes to the return on investment.