Medical Billing Software and Your Practice

Medical Billing Software and Your Practice

Healthcare practices across the nation follow the same process for `reimbursement treat the patient, submit the claim to the insurance provider/ patient for treatment, receive reimbursement. This process is known as the revenue cycle and is something every practice is familiar with. In the past, claims for treatment were submitted through paper and required professional billers to thoroughly inspect the claims for any errors. With paper claims, a normal revenue cycle may take up to a month and if a claim has any errors it could take much longer. Lengthy revenue cycles can result in tight cash flow and make other office purchases delayed. Today, through the use of electronic medical billing software, physician practices are able to eliminate many of the inefficiencies that accompany paper claims.

Over the years, physician practices have handled their billing procedures in varying ways. Some practices outsource their medical billing to a service provider, who may use medical billing software, and reimburse the service provider via percentage of the money that is reimbursed to the physician. Other physician practices use designated medical billers, who perform the same services as the billing companies in exchange for a salary. In both instances, medical billing software can be used without impacting the normal operations of a medical practice.

With Electronic Medical Billing Software, the use of paper claims is virtually eliminated. Medical billing software can perform the tasks of many medical billers, which can result in time spent just in collections and not in the process. Medical billing companies can access the medical billing software and perform their duties as normal. Additionally, physician practices may be able to negotiate a lower cost from the billing service by utilizing their own technology instead of the billing company's. Many electronic medical practices that transition from paper claims are able to reduce the number of resources necessary to handle medical billing and also use medical billing for other tasks. Moreover, many insurance payers offer monetary incentives just for sending claims electronically. Utilizing medical billing software not only improves office operations but can be monetary gain for a medical practice management.

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