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.  

Kareo Introduces Online Healthcare Billing Services Payment System

This past week, medical billing software company Kareo launched a new online healthcare billing services payment option, according to their blog.  The new service sends billing statements to patients via email and provides them an opportunity to conveniently pay them online.

Kareo, a web based software service, geared the online billing option toward small practices to increase self-pay collection. “The rapid increase in medical costs paid out-of-pocket by patients is now resulting in a cash flow crisis for small medical practices.  By making it easy and affordable to accept credit and debit card payments, send electronic patient statements, and give patients the option to pay online, we are helping medical practices take control of their growing patient receivables in order to get paid faster and more efficiently,” said the founder and CEO of Kareo, Dan Rodrigues.

According to the blog post, patient email addresses would be obtained by the medical office staff at registration and patients pay their co-pay at checkout.  The insurance company is then billed and the patient is notified by email of the remaining balance they are to pay.  Patients are able to then make a payment online, if payment is not received within a short time period, they will be sent a printed bill through the mail, giving them the various options for methods of paying their bill.