The medical billing involves a healthcare provider submitting claims with health insurance companies in order to receive payment for services rendered – such as testing, treatments, and procedures. The process involves not only submitting claims but oftentimes, repeated follow-ups and appeals to those claims. With the widespread digital adoption in the healthcare industry, these days it involves receiving payments through electronic health software and patient record management applications that are meant for this very purpose. They facilitate submitting bills and following up for payments and much more. According to a recent study, we see a CAGR of 6.5% in the global medical billing software market for the period 2017-2023.
Important Factors Influencing The Growth Of Medical Billing Software
- Increasing expenditure in healthcare
- Increased use of internet
- Increased need for risk management
- Compliance management requirements
- Increased digitalization in the healthcare industry
Following are some of the most compelling reasons why you should invest in a medical billing software of your own
The very first and obvious reason is automation. The most important functions related to billing that otherwise you will be performing manually are done automatically. This means you no longer need to send reminders to anyone about their past due bills. Automatic payment reminders can be easily set. You can also verify the insurance of the patients before they arrive. These applications also let you submit claims on the go electronically, and this way you get paid faster. You can further save time by not having to call insurance providers and go through so many menu options to verify a patient’s insurance. A reputable medical practice should be able to reduce their costs and efforts by filing and organizing libraries of patient billing records within a software. They will also be able to automate self-validation of claims to ensure entry of accurate codes, thus reducing the possibility of claim rejection.
2. The Payment Options You Get
It is so easy for patients and doctors as well when the former can send the latter electronic versions of the industry-standard bill. The same way a hospital or medical practice can provide their patients with fully customized forms that are more appropriate to their needs and services sought/rendered. Patients will be able to pay for those services online. There will be absolutely no need for anyone to be present in the office for the patients to come in, make payment arrangements and submit the amount in person. Several medical app development companies even allow you to create payment plans for your regular patients. This way you can set up automatic payments for them for the long term.
3. Significant Reduction In Paperwork
Whether you like it or not, you will have to stop using paper. We know many practitioners are habitual of pens, paper records, and multicolored binders, but their era is coming to an end and fast. Those who continue to use the old school billing methods will have to make this switch to electronic medical billing. They need to understand that by reducing paperwork they are also going to simplify their tasks and reduce their carbon footprint dramatically. Medical billing services make use of electronic medical software to store and safeguard patient records, their bills, claims, and treatment details, etc. Everything is going to be more organized and cross- referenced and also saved date wise for your convenience.
4. Lower Your Office Expenses
It is a given that at this point in time, the costs associated with implementing and owning an electronic medical software are relatively high. However, when you compare this cost with that of hiring additional resources and manpower, you will realize that paying for their salaries and a portion of their social security and also their insurance costs, in addition to managing and creating more space and time for them in the office, coupled with the amenities they will end up consuming would amount to a lot more than the cost of a medical billing or medical records software. Needless to mention when you associate with a reputable and reliable hospital records management software developer, you can also avail discounts and package offers.
5. Uninterrupted And Easy Access To Patient Information
This is a very big and one of the most compelling reasons to opt for a robust medical app development program or electronic health record system because you gain access to your patients’ information with just a few clicks and taps, securely, and from absolutely anywhere. You can access several practices and all the details in one central location and all the billing information can be updated from any office location.
6. Say Goodbye To Human Error
Because there is a less human factor involved from here on out, there is little scope for errors in web-based custom healthcare software. You can effectively reduce error margin by employing a reliable electronic medical software or patient record management application. This is because an application can easily catch common mistakes and of course you can personalize the software as well for your specific billing needs. Pre-programming the software will further eliminate any chances for mistakes and save you more time and money in the long haul.
By using a dependable and customizable medical billing software you can prevent mistakes,enhance patient experience and give them access to their critical information from anywhere in the world. They get better decision-making capabilities when it comes to managing their health and also selecting the right treatment for their ailments and more. You can even add more features to your medical billing software to turn it into a full-fledged application that provides them with a streamlined interface for managing all their medical treatments and expenses. You are improving the efficiency of your medical staff and also simplifying care for your patients – all of which most importantly leads to more profitability for you.
Drop us a message at healthcare to connect with a healthcare software specialist and discuss the ways your healthcare billing process can be automated and optimized.