Managing Your Practice Means Managing Your Billing

Just off the top of your head, how many of your claims have not been paid in the last ninety days

? If you had an opportunity to check your records, would you have a better idea? If your answer to the first question is, I dont know, and your answer to the second question is, Not really, then you probably need to take a long, hard look at how you are managing your billing. Chances are that if you are running an electronic billing software program, you would know the answers to both questions, and that your answers would be dramatically different from the ones you would be giving if you are still billing with a paper system.

The statistics on this topic are disheartening consider these points:

Only about thirty-percent of paper claims are ever paid.

Another thirty-percent of paper claims are pended or put aside until the payer receives additional information from the provider.

It costs the average provider upwards of $10.00 per claim to file it the old-fashioned way with paper.

Paper claims can take up to ninety days to be paid.

Now consider the same issues when billing via an electronic medical billing software program:

Roughly ninety-eight percent of electronic claims are paid.

Less than five-percent of electronic submissions are pended while the payer contacts the provider for additional information.

Electronic claims can cost between nothing to fifty-cents to file.

Bills that are submitted using medical billing software are typically paid within twenty days of submission.

So, managing your billing by implementing the best medical billing software you can afford is an incredible first (and probably) last step to take to appropriately manage your billing. There are countless programs on the market these days, so look for those that will combine your billing function with other functions of managing your office. Look for those that also offer an electronic health record (which will be required by 2014, in any event), medical scheduling software, and programs that come with built-in protections against HIPAA violations. Technology has made it much easier to manage your entire practice, and the proof will be in the increased payments you receive.

by: JStacy

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