Even before the emergence of practice management technologies, medical billing software and coding have all been time-consuming and frustrating realities for medical practices. However, the numerous amount of tiring paperwork can be reduced with medical billing solutions and there are new options that help reduce the number of administrative tasks that cost practices millions of dollars.
Though advancements in medical billing solutions are in a hype, most industries are now using Cloud-based solutions to streamline their medical billing. It is much simpler to be able to store, maintain and access data via the internet instead of specific local hard drives or devices. Although there has been some kick-back in the medical field about using cloud-based medical billing software due to privacy and security questions, when using quality technology partners, Cloud-based options are even more secure than their alternatives.
Cloud-based medical billing software offer a number of benefits for practices. It Improves efficiency by moving everything to software that exists in the cloud. As a result it improves efficiency in coding, submitting claims, claims follow-up, and more. Meanwhile when compared to on-site options, Cloud-based programs are less expensive and your practice won’t require the IT infrastructure needed for on-site solutions, reducing the need for costly repairs, regular upgrades, and many more. With cloud based solutions, professionals have the ability to access information from anywhere, boosting productivity and accuracy.
While paper claims were originally standard across practices, but more providers are beginning to use electronic medical billing, coding, and claims processing today. With a quality system, software is able to help code claims to best fit the patient encounter, and electronic systems can often help pinpoint some of the most common mistakes to prevent claims denials. The ability to file claims electronically allows your practice to file more claims faster, and software developers continue to improve the electronic process.
By introducing electronic claims submission to practices, identification of any claims issues early and the ability to resolve issues before processing while reducing the resources and time devoted to manual administrative practices. As a result, it reduces the cost of supplies and postage for mailing while enabling to easily track the progress of a claim.
The integration of electronic health records (EHR) are becoming a new trend today. It comes with a variety of excellent benefits for practices, while enabling to transform practices of any size. One of the key benefits this offers is significantly less time spent on data entry. As it is both time consuming and frustrating to manually enter data into electronic systems, but when medical billing and EHR software are integrated, you’ll cut back on this work by removing the need to double enter patient data.
When the role of integrated solutions reduce the data entry burden and the potential for typographic mistakes, it decreases errors that can lead to costly denials. Integrating these systems also gives a central management solution that will take care of all your practice management needs instead of jumping back and forth between different systems. Integrated and interoperable systems also improve communication between the various internal systems of a practice. As a result, is becomes much easier to swipe or find information between all systems, reducing the risk for human error. Integrated EHR and billing systems provides a more transparent workflow that lets practices track patients, claims submitted, unpaid claims, claims denials, paid claims, and other information at one time.
Another upcoming trend is the outsourcing of revenue cycle management, billing, and coding services to a trusted company which offers a number of advantages. It frees up resources, energy, and time for providers enabling them to spend more time dealing with patients. Choosing to outsource these tasks also helps reduce costs while giving your practice improved results. Most practices find that outsourcing results in improved clean claim results, an increase in on-time payments, fewer claims denials, and an increase in practice revenue.
All of these medical billing trends are here to stay, and they will continue to grow this year. It’s important to pay attention to these trends and the benefits they have to offer to a medical practice.