In the last decades, the healthcare industry has seen some breakthroughs, both clinical and technology-wise. From Electronic Health Records to advance telehealth solutions, emerging technologies are paving the way for a better healthcare future.   

The current healthcare industry faces a myriad of challenges, and the increasing cost is one of the major issues. Denial in payments, delays, reimbursement issues, billing, and coding errors are potential reasons for loss of revenue and increasing costs. Healthcare providers today have electronic health records to store and organize health data. In the revenue sector, EHR is really helpful. However, the implementation of EHR in medical billing can be costly.   

Barriers in EHR implementation in Medical Billing  

To understand the high cost of EHR implementation in medical billing.  

Barriers in EHR implementation in Medical Billing

Lack of billing-friendly EHRs– If you think a regular EHR system can handle medical billing tasks, you need to think again. Most providers today end up integrating EHR with billing without understanding the capability of their system. Even if you integrate your existing EHR system with billing, the strength of the whole system will be limited. So, it’s a wise decision to implement a billing-friendly EHR. It simplifies your billing tasks without hindering other patient history data. However, this challenge doesn’t end here. A billing-friendly EHR can turn out costly, which again is a barrier. It requires providers and developers to make strategic plans to control the cost.   

Data Migration- In today’s healthcare industry, the real wealth is data. And if data is mishandled or misused, or lost, it can cost billions of dollars. In medical billing software, these data are critically important. Moreover, the transition from existing software to a new one often results in data loss. Hence, data migration is required to smoothly share medical history, improve interoperability, or electronic data interchange. With smoother data migration, medical billing becomes easy and incurs lesser errors.      

Staff Training– Another major barrier that impacts the EHR implementation in billing is staff training. It’s just as important as other aspects of integrating EHR in billing. Since not every staff is tech-savvy, providers must help staff understand different aspects of EMR and EHR in medical billing. Besides, trained staff reduces errors and increases productivity. Thus, training employees about EHR implementation in billing is crucial. Also, providers should ensure seamless communication between employees to keep track of errors.    

High Cost- The increasing cost of EHR implementation is a critical barrier. Let alone be the cost of software, training employees, and additional resources also contribute to the overall expense. Sometimes, providers incur unnecessary expenses like system failure or privacy issues, which require immediate action. Hence, healthcare providers need to plan the electronic health record (EHR) implementation to keep track of costs.   

Privacy– In any healthcare software product development, privacy concerns impact the care delivery and patient experience. Medical billing and coding software applications are prone to errors and privacy issues. With the implementation of EHR in billing, providers must also ensure the safety of the medical data.   

How to Achieve Budget-Friendly and Seamless EHR Implementation in Billing  

In integrated health solutions, medical billing software is a significant one for providers. Manual billing is not an option today. Even regular billing software isn’t enough. Complexities in medical billing require an advanced way to minimize costs and ensure an errorless process. Besides, it’s best to implement EHR in the billing process to increase ROI and efficiency. But the cost of implementation is too high. Here are a few things that’ll help you to achieve budget-friendly and seamless EHR implementation in billing-  

How to Achieve Budget

Prepare a Budget- Just like before you sketch out a plan and budget when buying monthly needful, investing in software applications also requires a proper plan. In implementing EHR in billing, providers need to prepare a budget plan to track the expenses and plan accordingly. Providers must opt for custom healthcare software solutions, as they allow providers to include necessary features. This automatically brings down the costs. Further, the implementation of customized EHR in medical billing ensures better productivity and lesser costs. So, budgeting helps providers decide upon their software expenses as per their requirements.   

Chalk Out the Timeline- The more time required to implement an EHR system in medical billing, the higher the spending will be. Moreover, from development to training staff, it is a long process. Without a set timeline, all tasks would take forever to complete. In any health care management system, the timeline of software development and implementation must comply with the budget also. If the timeline and budget don’t comply, the cost of implementation will increase.   

Find your EHR vendor– Once your budget plans and timeline are set, providers need to find the right vendor. Outsourcing the EHR in billing software is better, as it saves money and reduces the burden off the providers. Moreover, healthcare vendors dealing with practice management solutions or developing customized applications can strategically sketch out a budget-friendly and seamless plan for EHR implementation in billing.   

Consider additional resources and expenses- Just implementing EHR systems in medical billing isn’t enough, not even the set cost. Implementation of EHR requires a myriad of resources and data. And additional resources and data increase the overall expenditure. But including additional resources and data in the budget plan is beneficial for providers in multiple ways.   

Regulatory Compliance- Whenever there is an integration of software or its implementation, the most important requirement is HIPAA compliance. It ensures the safety and security of the software. Similarly, the EHR implementation in medical billing must also ensure regulatory compliance to manage additional fixing costs if the software fails. Compliant software is safe and accepted by the government too. If your EHR software isn’t compliant, you need to spend more money on getting regulatory compliance. So, implementing compliant software is better and affordable too.   

IT and data infrastructure– In EHR implementation in billing, IT and data infrastructure are essential. You can’t implement EHR if your IT infrastructure isn’t capable enough to run the software. It’s like an additional expense if IT and data infrastructure are underdeveloped. So, plan your EHR implementation in billing according to your available resources. Moreover, if your automated healthcare solutions like EHR don’t have a stable infrastructure, then it can cost you a lot in the future.   

Advantages of Implementing EHR in Billing  

EHR implementation in medical billing can turn out expensive without proper planning and budgeting. But with a strategic plan to achieve affordable and seamless EHR implementation in billing, providers can benefit from it largely.    

Reduced Errors- Whether remote patient monitoring solutions or EHR integrated medical billing applications, data is really important. And even minor data errors can increase overall spending. But with proper EHR implementation, providers can minimize billing errors and improve ROI.   

Less Paper-work– Manual billing is too much paper usage, which means missing documents problems. Moreover, there is no paper-based work, as every data is encrypted in the EHR system. But with EHR in billing, providers can extract required data from the system through Medical Informatics or healthcare cloud computing solutions. So, billing professionals can just copy and paste required data in the forms, as they have all the information.    

Increased Efficiency- The implementation of EHR in the medical billing process directly improves the efficacy of billing of healthcare providers. This results in better patient engagement, too, as the staff is less burdened with administrative tasks. Less administrative tasks mean more focus on caregiving.   

High ROI– One of the major benefits that healthcare providers get is increased ROI. EHR implementation in billing helps providers to reduce errors, delays, and denials in payments. And when payments and reimbursements are smoothly transitioning, revenue increases, and providers generate profits. Even insurers benefit too.   

Conclusion  

Now that you know how to achieve a budget-friendly and seamless EHR implementation in billing, you can consider your organizational challenges to overcome them. And then, you can start your planning and implementation. Implementing EHR in billing in an affordable way isn’t a monumental task but a strategic one. So, providers must understand your barriers and devise a plan of action to implement EHR in billing.