What is Medical Billing System? Medical billing and management of revenues are what troubles the most. Although medical billing services providers have been providing solutions; sparing health care providers from this cumbersome task of managing bills and following up on payments. Profits have been marginalized due to deficiencies in the system, unpaid bills or delayed payments, and sometimes nonpayment due to objections made by the payers.
The Future of Medical Billing Systems- In most cases, objections are made on unauthorized services billed or incorrectly transcribed ICD/CPT codes. These objections and recurring follow-ups for payment consume a great amount of time of health care service providers and they tended to give up all hopes of getting paid.
However, practice management systems; electronic medical billing solutions, and electronic health record (EHR) systems have solved this dilemma for physicians and health care service providers by automating billing processes, as well as, eliminating deficiencies in the billing process.
The Future of Medical Billing Systems- HIPAA has developed a set of guidelines and standards for electronic transactions to eliminate deficiencies in the system. This enforcement has been instrumental in bridging the gaps and unifying the system to universal standards. By complying with HIPAA standards, claim submission and processing for payment is quick and easy to track.
Chances of a payment denial or claim rejection have been reduced through the precision in claim handling. Details about claim processing are more transparent and payment status is easier to track electronically. Electronic medical billing platform and medical billing service providers work in compliance with the HIPAA rules.
EHR Integrated Medical Billing System Features
Let’s take a look at some of the factors which contribute to the success of an integrated electronic Healthcare billing system.
Pre-Authorization Of Service
Through the electronic billing system integrated with EHR, it is much easier to check eligibility of the patients and get preauthorization from the payer to perform a medical service. Distinguishing between primary or secondary insurance carriers is easier and leaves no possibility of sending the bills to the wrong payer. You can consult a medical billing services provider to discuss the workflow for your practice.
Analysis And Procedural Coding Accuracy
Electronic billing systems have automated the coding process. Physicians just need to click in the predesigned templates and the electronic medical record system automatically imprints the corresponding code for the service. The medical bills are then submitted electronically to the relevant payer.
It is also now much easier to add fresh codes for new diseases or upgrading to a new set of codes. With this integration, health records are not just digital archives of paper records; they are meant to be accessible, available, and shareable through a connected EHR system.
Electronic Tracking And Updates Of Payments
Status of the payments gets updated instantaneously and providers can check it in real-time. The electronic billing system is more efficient and situations like co-pay are easier to manage. The integration of online payment solutions has made the billing process a lot better than before. Interactive electronic health records and their universal availability have the potential to boost preventive health care measures.
Patient Care Process
If patients are provided with focused information about their ongoing care process and recommendations based on future health risks, it would encourage them to take precautionary measures, such as screening tests and immunizations. Both physicians and patients can take better decisions. It is very encouraging to see positive outcomes of patient involvement in the care process which also on the agenda of the Meaningful Use program.
Online Connectivity
An EHR system connected online can bridge the missing connection between patients, care providers, and medical billing resources. All the data of a healthcare facility become centrally available and everyone can access it with role-based access. Through the integrated tools and solutions, data becomes available and easier to manage and archive. Certainly, it would push the healthcare delivery system in the direction of population health management and would have wider public health benefits.
Integrated healthcare billing software are given a new dimension to medical billing. By streamlining the processes of medical billing, it has granted a more than 90% success ratio on returns which is much higher in comparison to conventional practices of sending bills on paper or outsourcing the task to third parties and the ratio of successful reimbursements used to loom around 30% to 40%. Health care providers are now in better control of their financial situation due to the effective electronic billing system.
Conclusion:
Technology plays a pivotal role in improving the workflow of healthcare services providers. The integration of medical billing and practice management software gives better control to physician practices. It not only adds flexibility but also speeds up the workflow of the medical practices.
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