Revving Revenue: Physician Billing Software In Your Practice
Did you know that in a typical healthcare practice, 30% of all insurance claims are denied? On top of that, it is estimated by the University of Minnesota that 30-40% of all medical bills contain errors. And with the conversion to ANSI 5010 early next year, many more coding mistakes will be made. Imagine what that can do financially for your practice... Implementing physician billing software system simplifies billing process and ensures the fullest revenue potential for your practice.
What is physician billing software?
Physician billing software may be sold in a package with your EMR and patient management software or it can also be sold as a separate platform to be used in conjunction with your previously implemented EMR. The system streamlines patient billing data (such as contact information and credit card numbers), procedure and diagnosis coding and insurance information to simplify the process that results in more accurate billing. Billing software is easily synchronized with practice management and scheduling to send claims and bills out in a timely fashion.
Why is important for my practice to have it?
Physician billing software prevents many of the costly billing errors that may occur. Billing software has the ability to store correct codes for insurance, as they vary from company to company - something a human might not be able to do very easily. In fact, ADP AdvancedMD's Revenue Cycle Management program updated their software so their customers will make fewer mistakes after the switch to the new ANSI 5010 coding. Along with improving the accuracy in coding, billing software speeds up payment rate by both insurance companies and patients. Insurance claims can be submitted electronically through the software. Patient statements can be mailed out electronically and with some platforms like Kareo, bills can even be paid online. Integrated tools such as customized collections alerts and claims denial tracking create prioritized work lists so no opportunities are lost to maximize your revenue.