Medical billing software enables healthcare organizations to digitize the activities in the billing process. Not only does it digitize, but it also helps providers consolidate medical billing and reduce overhead. Medical practice billing software optimizes non-medical administrative activities for healthcare providers, improving revenues and enhancing the overall patient experience.
Why Do Hospitals and Practices Need Medical Billing Software?
Healthcare in the United States is a complicated, multi-layered maze with ever-changing regulations. Compliance with prevailing regulations requires an elaborate process involving lots of paperwork, insurance claims, reimbursements, medical coding, and so forth. All of these activities need time and effort, not to mention the dedicated staff. Mistakes in any of the above processes lead to loss of revenue, re-work, and unforgiving bureaucracy.
In light of this, medical billing and coding practice software coupled with integrated healthcare systems bring all the clinical administration into one integrated interface. In other words, the non-clinical staff can manage all the back-office tasks faster with minimal errors. As a result, the doctors can see more patients, evaluate results more quickly, and deliver better care.
So if you’re a healthcare professional looking for medical practice management software, there are some features that you need to consider –
Top 7 Features To Look Out For in Medical Billing Software
1. Patient Pre-Registration
The pre-registering patient is an elaborate process involving collecting patients’ personal information, entering it into electronic health records, verifying insurance coverage, and so forth. The process involves considerable amounts of paperwork.
However, a medical practice billing software that can streamline patient pre-registration processes results in lesser wait times for patients, faster patient care, and a better patient experience in general terms. Furthermore, the ability to see more patients maximizes revenues.
2. Appointment Scheduling and Rescheduling
A practice management software that can automate the scheduling of appointments will save time for the providers. Such solutions double-up as effective patient engagement systems, making it easier for visiting patients to get consultations. Manual scheduling of appointments has chances of mistakes and incurs labor costs. But an automated digital medical billing system software with this feature allows providers to look at previous appointments, lets patients book them as per their convenience 24/7, and enables a better management system.
The advent of healthcare cloud computing and subsequent mhealth applicationshave made it possible to schedule appointments on the move from personal devices.
The best part, since patients can schedule appointments to suit their time, this feature in a medical billing management platform reduces no-shows. Missed appointments are a primary cause of deaths due to chronic conditions. Automated, patient-friendly appointment rescheduling incentivizes timely medical consultations.
3. Automated Medical Coding and Claims Resubmission
According to regulation, coding translates essential medical information like diagnostic reports, surgical procedures, and others into a form. Proper medical coding ensures that a medical practice or a hospital can get paid without delays. However, there are tens of thousands of codes for procedures as well as diagnostics. Furthermore, many of those codes change.
Errors in the coding lead to the cancellation of claims, which means that non-clinical administrative staff must re-do the work.
On the other hand, a billing medical practice software that can automate medical coding would reduce errors significantly, help highlight anomalies, and generally facilitate quality care delivery. To sum it up, a medical practice billing software with automatic medical coding and claims resubmission would ensure optimal workflows, superior medical records management, timely revenues, and a better patient experience.
4. Claims Management
Efficient claims are at the heart of a steady revenue flow for any medical practice. The entire process of claims involves entering patient information, formalities, submission, tracking, and so forth. Unsurprisingly, it is a highly bureaucratic procedure that’s often prone to errors, delays, and denials.
In light of this, a claims management feature is a must-have for any medical practice billing software or customized healthcare provider solutions.
It would be a win-win situation for –
- Providers, as they’ll have expedited revenues,
- Patients can receive treatments faster, and
- Payers since their workflows would be optimized.
5. EHR/EMR Integration
Integration of medical practice billing software with electronic health records is often a fundamental requirement for efficient electronic data exchange. Having an EMR incorporated with practice management and billing enables providers to access patient information faster and make informed decisions. Furthermore, it would also engender seamless healthcare interoperability with different health systems and easier HIPAA compliance.
Subsequently, care is delivered faster with better clinical outcomes. Moreover, this feature also facilitates integrated care management and allows healthcare analytics solutions to harness essential insights that would help in improving population health management. In addition to that, a medical billing practice management software that’s integrated with an EMR also enables clinical data analytics. This helps providers create care strategies to help patients with chronic conditions manage their diseases better. The benefits of an EHR/EMR integration are many. This is, without a doubt, an absolute must-have for any practice management and billing software.
6. Accounting and Financial Management
As the name indicates, accounting and financial management are central to medical practice management software. Without it, a healthcare organization is sure to get bogged down by a tedious accounting procedure. Managing practice finances would involve looking at overhead expenses like utility costs, accounts receivables, payroll, payment processing, etc. The very thought of trying to manage these activities manually should be encouraging enough for healthcare professionals to opt for a hospital billing system software that includes features for accounting and financial management.
7. Billing Analytics and Reporting
The benefits of clinical informatics solutions in billing analytics and reporting reveal valuable patterns hidden in financial information. This feature will highlight where your hospital is losing money and help you improve workflows accordingly.
Nearly every industry uses analytics to derive more out of its operations. The same holds for healthcare. Custom healthcare solutions that include medical billing with analytics have been shown to maximize providers’ revenues and help them deploy available resources prudently.
In the ongoing push for healthcare automation and IT implementation, the value of intelligent analytics has cemented its position as a must-have for clinicians.
Medical practice billing software was one of the first rollouts of healthcare technology. It helps the healthcare industry with a crucial aspect of its operations – revenues. It replaces conventional manual tasks with highly interactive, user-friendly workflows that save time and overhead. As a result, providers have more time to see patients, who can experience significantly lower waiting times. To sum it up, medical billing and coding practice software is an indispensable part of any healthcare setting. The right one can help bring in more revenues for your organization and benefit all the stakeholders involved.
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Riken's work motto is to help healthcare providers use technological advancements to make healthcare easily accessible to all stakeholders, from providers to patients. Under his leadership and guidance, OSP Labs has successfully developed over 600 customized software solutions for 200+ healthcare clients across continents.