There is no denying that the overall aspect of the medical billing software has changed over the years. Initially, it was just used for billing and coding purposes, but these days, having all the features in the solution makes all the differences between meeting the expectation and then exceeding them.
So, is your medical billing software everything that it should be? Have you been losing out on revenue due to the software issues? Use the pointers below to check your billing software metrics against the industry’s best practices.
Electronic Health Records (EHR)
Electronic Health Records automate all your practice’s clinical operations. It collects the patients’ health information, stores it in a digital format, and then shares them across various healthcare settings. This feature helps you keep track of SOAP notes, patient medication, history, demographics, and health statistics.
Some of the EHRs work as a standalone solution and offer support with decision support, order entries, increased accessibility to patient data, and clinical reporting. You can find a comparison of medical billing software here.
Considering all the support it provides, we can say that every practice should be equipped with EHR. It will also help you meet the federal and state government’s regulatory requirements.
Whether you or your staff is occupied with maintaining patient records, processing medical claims, or issuing invoices for medical billing services, there is a possibility that you are losing out on other practice activities.
This is where the “claims management” feature of medical billing software can help. It allows medical practices to maintain the database of insurance claims. With this, your staff can submit the claims accurately and keep the details updated at all times.
Without an effective claim management process, patients won’t be aware of what they owe you, and your practice won’t receive any funds.
Coding errors serve as a large percentage of your practice’s lost revenue. Your medical billing software needs to have features that can eliminate errors. As the ICD-10 is coming into action, software that can reduce the errors automatically might help.
If your software is not equipped with this feature, you can consider using GreenBills practice management software that focuses on maximizing insurance payments by processing the provider’s claims properly.
Billing and Collection Feature
Irrespective of the service received by a patient, the administrative staff has to code charges for the performed procedures. They are then given to the insurance agencies for determining the coverages.
Now, there is billing software that streamlines the billing process, sends invoices to patients, and then to the insurance companies. They generate billing statements, send them out, and remind patients to pay on time.
So, how do you manage your billing and collection process? Are you still relying on processing the data on hard copy or upgraded to functional software for collection and denial management?
Regardless of how you have been managing, consider using GreenBills as your practice management software. Since 2004, we have been serving the PIP medical providers and no-fault collections law firm.
With electronic billing compatibility, one-click litigation referral, and smart referral scheduling, we can assist you with collection monitoring and maximizing the billing. Our solution will also help you eliminate paper sign-in sheets that are used for searching manual billing and proof of mail.