The numbers are in, and have been since the Obama administration’s encouragement to transfer over to medical billing software and EHRs: from 2012 to mid-2013, the percentage of physician EHR use has increased from 17% to over 50% according to a figure by the U.S. Department of Health & Human Services. This number is continuing to climb as more products emerge on the market for EHRs and software to optimize the revenue cycle management (RCM).
There’s no doubt that when used correctly, medical billing software can be a cost-effective and time-saving tool for all your practice’s needs.
From the time an appointment is scheduled with your patient to the claims process and final bill for reimbursement, medical billing software can cut steps and be beneficial to your entire RCM system. Here are a few ways how:
We always hear how costly implementing electronic services can be—but there are also savings on the horizon upon adopting medical billing software. The combination of paper claims and phone calls are archaic and inefficient – nowadays, “electronic eligibility and benefit verification” has potential to save health plans and healthcare providers $3 each per transaction according to the 2013 U.S. Healthcare Efficiency Index.
Your medical billing software will save you hiring extra employees and their benefits, as well, not to mention the time it takes to train them, which will drain resources and productivity from your current staff. Also – did you know software is tax deductible? Transferring to an EHR will be hugely advantageous on paper costs and save you time to focus on being with patients, and thus, generating more revenue for the practice.
Convenience and Automation
Remember those paper files, where you had to manually look up each patient and delineate the paperwork to determine the amount owed? This takes valuable time that most staff in a medical practice can’t afford to waste, especially in today’s healthcare world. Expectations are high to deliver high-quality service instantly; this goes for patient information and invoicing, too. When you can quickly access a patient’s information electronically, it is a huge advantage.
This also goes for the claims process—forget having to manually fill out a form every single time you need to send a claim. With software, you have updated, HIPAA compliant forms programmed in so you can have ease-of-use accessing your correct form. Not only that, but with a few simple clicks, you can have all of your patient’s information automatically generated and ready to send. It’s easy to change if a patient has a different insurance company or relocates.
Updates and Reassurance
Most likely, with your software you will have a vendor or service provider that is responsible for keeping your system up to date and applying changes to keep up with industry changes. If your software is web-based, you have a slew of other benefits including constant access to your information on any device with an internet connection. These online databases are highly secure, and block out unwanted users, so your patient confidentiality is assured and guaranteed.
Also, most medical billing software offers back-up services, so if your medical practice experiences a natural disaster such as a fire or flood, your records aren’t permanently lost in the aftermath.
Many uncertainties of the past can now be wiped away due to the advantages and conveniences that exist with medical billing software. Make sure you do your research and consider all the factors that comprise your RCM to see what constitutes the perfect EHR system for your medical practice. If you don’t have an EHR, consider contacting us at PracticeForces, and we can help you with a fully integrated EHR and even help with your medical billing and transcription services!