Buyer Guide to Medical Billing Software
If you own and operate a medical practice, searching for practical billing solutions can be exhausting. Medical billing software programs are scalable solutions to handle your practice’s billing and invoicing.
Medical billing is defined as the process of submitting and following up on claims to insurance companies in efforts to receive payment for services. Billing software has gained popularity due to the Health Insurance Portability and Accountability Act (HIPAA) and will continue growth with the 2015 mandate for electronic medical records. This act requires practices to send their billing claims for services electronically. Prior to actually performing medical services on a patient, the provider must use the software to check insurance eligibility of the patient for the requested services. This process uses a universal format that is requiring almost all medical practices to go paperless and digitize records.
Digitizing your practice’s billing process not only makes you compliant with regulation, but it can streamline the processes and help you easily find records without having to dig through thousands of papers. It can also simplifiy a verification system that before required extensive documents and phone calls between insurance providers.
Sometimes medical billing software and medical practice management solutions come as a package. These packages can be extremely costly, however they do provide programs that organize schedules, and provide billing, accounting and invoicing solutions.
Great medical billing software will have a user friendly interface and be able to offer a high first pass claim acceptance rate. A high first pass acceptance rate will lower the amount of rework you have to do to ensure that the claim is compliant.