Financial wellbeing is extremely crucial for any practice to run smoothly. Medical billing software (such as softwarefinder.com) has revolutionized how practices handle their financial matters by going paperless to a large extent and automating most of the tedious payment management tasks ensuring they get paid and get paid faster.
A good medical billing facility offers providers with increased convenience, less tracking of paperwork and a more streamlined office so that physicians do not have to spend their valuable practice hours searching for records and retrieving past patients’ records from off-site storage units.
Medical billing software enables practices to reduce expenses by preventing claim denials and avoid the possibility of submitting erroneous or inaccurately formatted claims. A 2017 report shows that the average 350-bed hospital was missing $22 million dollars in captured revenue.
While small practices do not capture the same amount of revenue as hospitals, they do have the potential to lose a percentage of captured revenue due to errors in billing.
Considering the vitality of a steady ROI, having specialized medical billing service providers not only save solo and private practices the headache of having to deal with every minute finance-related issue and repetitive, time-consuming data entries but also a whole lot of money, in the long run. Here’s a list of features your medical billing service should come with, in 2024:
Compliance
Data Security is of paramount importance in the healthcare industry not only from a patient/physician relationship perspective but also because it is a legal obligation.
Providers can only take a sigh of relief realizing their information is put away securely and safely in accordance with the latest adaptation of HIPAA compliance guidelines. Healthcare services compliance is a general term depicting the recognition of rules and conventions as well as state and government laws.
it is likewise mandatory for medical billing providers to support ICD-10 codes and hold fast to modern security and administrative regulations.
ICD-10 contains more than 68,000 diagnosis codes (clinical modification codes) and over 72,000 procedural codes just as the propelled technique for exhibiting the codes (the number of characters, for instance) and how they are translated (decoding the characters to realize what specific groupings mean).
Practices, clinics, and other medical facilities typically have staff individuals committed to fulfilling guidelines that secure patients and staff, guarantee the protection of individual data, and institutionalize that data.
HIPAA requires practitioners and clinicians to keep up compliance plans requiring training and monitoring. AdvancedMD billing and practice management offers ICD-10 readiness as well as adherence to the latest regulatory concerns for effective practice.
BI Reporting
Business intelligence reporting (BI reporting) sends and receives data or reports to physicians, healthcare organizations and applications via a BI software solution. It usually comes as a component of BI software that provides comprehensive structured reports for analysis of the operations and tasks performed.
It enables users to identify the performance in every element of their practice. Reporting and BI features allow users to access patient history, financial reports, practice reports, and other custom reports in user-friendly and intuitive physician dashboards.
AdvancedMD billing system offers powerful business analytics and reporting tool for private practices to view real-time progress in every aspect of the practice.
Insurance Eligibility Verification
Eligibility Verification feature saves practices from unforeseen payment denials from insurance companies where patients who are unaware of their recently lost insurance, and only find out once after they have already left or try to make a payment and the insurance company refuses to pay for the services rendered.
This feature allows small practices to acquire patient insurance information prior to the treatment and verify their insurance eligibility. By checking the patient’s insurance information beforehand, small practices can avoid situations where patients are unable to make payments because they were unaware of their current insurance status.
This will spare your practice time since it implies less canceled appointments and can improve your associations with your patients by avoiding any redundant encounters.
Insurance eligibility verification also improves the odds of insurance organizations accepting or processing the submitted claims all the more rapidly. It also guarantees an improvement in the practice’s income. practices can additionally improve patient fulfillment by helping them update their insurance coverage ahead of time.
Claims Management
Electronic claims processing offers little room for errors or discrepancies and more efficient and quicker claims submissions. Medical claims management concerns itself with the organization, billing, filing, updating, and processing of medical claims, directly relating them with patient diagnoses, medications, and treatments.
Robust billing software has the ability to validate your claims and claim codes prior to submission and notifying you of potential problems before sending the claim.
The claims management capability enables medical practices to maintain their existing database and past insurance claims. This tool double-checks all the claims for any errors, significantly reducing the possibilities of denied claims.
By sending patient claims to insurance companies digitally, claims management feature helps medical practices get paid much faster. While it ensures error-free claims, claims management also greatly enhances the overall practice cash flow. This feature prevents rework and redundant resubmissions by boosting your first-time pass-through rate and.
By process claims electronically making the claims collections procedure entirely paperless, everything becomes more streamlined thus preventing chances of important communications from being lost in the mail. This way, all concerned parties can be on the same page where they have access to claim tracking, history, and reconciliations.
Accounting and Financial Management
It is near impossible to run a medical practice at this age without a proper accounting plan in place. Having a dedicated accounting professional is not only extra effort and coordination but a waste of money that most small and solo private practices cannot muster up. Having an accounting software is no less than a blessing in such cases. A vast majority of medical practices can benefit from some form of medical accounting software.
Some EHR software offers an integrated medical accounting module, while some practices prefer a separate, standalone medical billing service solution. Allowing patients to pay for visits and prescriptions online will make their lives much easier, and the functionality for automating the revenue cycle will do the same for your office staff.
This includes features such as Payroll, Timesheets, Accounts Payable and Receivable, Multiple Claims, Outstanding Payments, Write-Off Payments, Online Bill Pay, Credit Card Processing, Revenue Cycle Automation and more.
Key Takeaway:
Make sure your medical billing service provides ample training resources for your staff to be able to make the most of the system.
- If you run a specialty medical practice, go for a provider that offers enough flexibility and adaptability to cater to the unique and changing requirements of your field.
- Make sure the medical billing service provider offers full support for the new ICD-10 codes.
- Opt for a service that offers financial management to oversee insurance credentialing beforehand and save you the hassle of delayed and rejected payments.
- Evaluation is the way forward. Make sure your provider offers powerful Business Intelligence analysis and reports so you can review progress, identify loopholes and rectify any shortfalls for your practice’s long-term sustainability.
