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The Complete Guide on Medical Billing Software for Hospitals

The process of medical billing involves three parties – the patient, the medical service provider and the insurance provider. The insurance provider ideally reimburses the medical service provider for his services through medical billing. The bills are structured into a standardised format by coding the patient data and treatments into standard universal codes which are easy to follow.

Additionally, the billing process must also take into account the various policies of specific plans and providers along with the treatment preferences that the medical practitioner and the patient specify. Medical Billing Software helps you navigate through all these complexities.

Medical Billing Software has made the payment processes in Hospitals fast and easy. It has reduced paperwork, and made the billing process simpler for patients, doctors as well as health insurance companies. Moreover, medical practices have now implemented electronic health records as mandated by law. Considering that medical data is now being captured and stored electronically, adding medical payment software is also a good investment. For one, it reduces the probability of losing and interchanging records of patients and streamlines the billing processes of patients by allowing for bills and claims to be sent on time.

What are the advantages associated with Medical Billing Software?

In simple terms, it helps the hospital administrative system stay organized. Some of the top benefits that medical billing software can bring are:

 

  • Saves time in claims submission and billing
  • Increased the efficiency of practice management systems
  • Pays off in revenue by cutting submission costs in half and increasing cash flow
  • Helps track patient invoices from a centralized location and reduces paperwork
  • Gives more control over processes
  • Helps you stay compliant with HIPAA, ICD and CPT standards
  • Connects the EMR billing system with HL7.
  • Offers meaningful data to measure the financial performance of the facility.

Choosing the right Medical Billing Software

Given the several benefits that tag along with medical billing software, several vendors are offering various options in medical billing and coding software and choosing the right software can be time consuming. Below are the featured that you need to look for while making a choice amongst the available options:

  • Claims processing and scrubbing: The fundamental requisite of any medical billing software is to be able to process claims efficiently. It must be able to send all claim applications electronically. But before that, the claims that are created and submitted must be clean so that resubmissions can be avoided and claims can be paid off the first time around. Billing systems must come with a validation functionality that can spot rejections prior to submission.
  • Choice of Clearing House: A good medical billing system must allow you to choose a clearing house of your own where you can upload the created claim files, instead of forcing you to use their own clearing house services.
  • Support and training: If you do not have certified or trained coders, you will need the vendor to provide training to your staff. Also check if he provides support in case of any issues. Verify the same by asking for references and contacting them. You should also check for reviews on the internet.
  • Ease of Use: Check out the user interface before you finalise upon a system. It must have proper branching logic with user-friendly features accessible with a few clicks. It is preferable if the features can be customised for each user’s system. The interface of the medical billing software is very essential in making processes easier for the administration. The dashboard must be easy to navigate and keep all the data structured. The dashboard must have interactive tools displaying daily updates with periodic comparisons of MTD and YTD.
  • Filing and Reporting: The software must be able to submit the claims within the time limits along with proof which is essential for insurance. It is important that insurance aging reports must be run for billing. Hence, the software must come with reporting features that monitor the final performance of the practice. It should allow you to select date ranges, for customisation of reports, and display data by payer or receiver.
  • Electronic Remittance: If the insurance provider is offering Electronic Remittance Files, it can save a lot of time for posting payment information. The medical billing software must be able to import these files and post the payment information for all the claims for which payment has been made.
  • Patient Tracking and verifying eligibility: The ultimate aim of the using medical billing software is that it should help the administration keep track of every patient’s history simultaneously giving them access to patient records, claims, and billing history. All the patient data must be organized in files. At the same time, sometimes the staff encounters patients who are not aware of their insurance status. The medical billing software must be able to verify the same for them and provide the latest updates.

Types of Medical Billing Software

There are primarily two categories of medical billing software: Web-Based and Cloud Based. In the beginning the software was based on internet servers but with the advent of cloud storing technology, medical billing software is also adopting the same.

  • Web-Based Technology: In the traditional web-based medical billing software, it was not possible for everyone to access the data and records. Moreover, it took more time and involved higher costs. They were less secure and needed to be installed on each individual system.
  • Cloud-Based Systems: Given the limitations of the web-based systems, it is better to shift to modern technology based on cloud applications. Cloud Based applications are can be accessed by anyone using a Google account from any laptop or desktop without the need for installing it on each and every system. These are easier to update and save data in a more secure manner. Even if data is lost, it is easier to restore it. It cuts down on the time and money expenditures that are incurred in a web-based system.

Overall cloud-based systems make the working process more efficient and are certainly the better choice of medical billing software.

What is the Cost Involved in Making a Medical Billing Software?

Web-based systems, as discussed earlier, are more expensive than cloud-based systems. On an average, the cost involved in developing a billing software with all the given features ranges anywhere between $50-$150 an hour. Some local developers may even charge up to $250. The development time and cost greatly varies based on the features that you choose to integrate. It is best to outsource the software to a professional development company as software development is a complicated task. If you do not have the technological expertise several things can go wrong and it can cost you more than it can save. Professional developers have a good understanding of your requirements and the required expertise and experience in developing a software that caters to your needs.

Bottom Line:

Although the implementation can be expensive, the benefits of installing medical billing software are huge. It enhances productivityPsychology Articles, helps you overcome the loopholes of a paper-based system and can save you a ton in the long run.

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Bhavesh Koladiya is currently a Software Analyst at SoftwareSuggest, CallHippo. He is passionate about payroll management system, marketing automation, real estate CRM and all things digital. When not working, you can find him either listening to Music or reading Tech stuff. Connect with him on Twitter @bhavesh9040.



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