Electronic Medical Billing
Now, a healthcare facility is the one that manages the whole electronic medical billing procedure. When a healthcare facility is done with treating their patient, they assign specific medical codes to the diagnoses and treatments which are further sent to the payer for reimbursements. These medical codes are an integral part of the medical billing procedure and the final product that comes out with the codes is called a medical claim. These medical claims are submitted via electronic ANSI 837 file. Using this specific ANSI 837 is to ensure HIPAA compliance and regulations.
Advantages of Electronic Medical Billing
Transparency
Paper medical billing is notorious for ambiguous details and common errors. Plus the paper record is not accessible to any other party for cross-inspection (i.e. patients). This gives the whole process limited exposure as compared to the process done through electronic medical billing.
Paper medical billing also takes a lot of physical space and costs a lot of stationary. The healthcare practitioner cannot edit, replace, or reproduce information on the same paper.
On the other hand, digital healthcare billing is relatively cheaper, prompt, and more convenient. There is absolutely no consumption of medical stationery (unless you need to print out patient data or other information), the editing process is easy, and the information is easily accessible to the patient so that they can make sure they (or their payer) are being charged a justified amount for the treatment.
Saves Time & Money
Electronic medical billing is preferable because it saves practitioners time and money. According to recent research conducted on procedures and cost-effectiveness of medical billing, it was found that the US healthcare system can save up to $ 32 billion per year just by transitioning its medical billing process from paper to digital.
Using digital healthcare billing also saves a lot of time since it requires fewer people to manage the procedure. Since most of the work is done digitally, the process also cuts off the excessive postage and stationary costs, which spike up the medical revenue by up to 40%.
Easy EHR integration
One of the major advantages of using electronic medical billing is its ease of connectivity with your practice’s electronic healthcare records (EHR) software. Patients can easily align their diseases, diagnoses, and treatments with the billing they’re about to be charged. This also enables smooth and transparent communication between the practitioner and patient regarding their healthcare.
With smooth integration, the whole billing process is reduced to a relatively smaller and quicker process, saving the practice time, money, and energy.
Real-time Analysis
Electronic medical billing helps you understand your practice’s revenue graph, which is also used to predict your practice management’s financial growth. With the help of advanced reporting and real-time analysis that comes with digital healthcare billing, you can analyze your performance and make necessary adjustments (if required) to maximize your reimbursements.
Advanced reporting also helps you formulate and construct critical decision-making strategies that have a direct effect on your financial growth. With reporting, you can also look after your practice’s compliance and other regulatory functions.
Better Security
Electronic medical billing is more secure and well-protected than paper medical billing. Data stored in paper medical billing is at risk and can be stolen for tampering and other mischievous acts.
On the other hand, electronic medical billing is secured by strong encryption methods to protect patient’s sensitive data. This is important to secure data from potential breaches and other data loss incidents. Plus with limited access to data, only verified practitioners, lab technicians, etc. can access data. This further refines the security, accessibility, and data privacy while ensuring the data is safe & secure.
Conclusion
The technological revolution is inevitable, especially in healthcare where rapid advancements are necessary. When it comes to medical billing, a practice should adopt the latest electronic methods to make the billing process smoother. You can either teach your staff to use electronic medical billing, or even better, hire an expert medical billing company that actively uses digital healthcare billing in their procedures.
MaxRemind Inc. is not just a medical billing company that uses advanced electronic medical billing and coding to process claims, but it also offers a wide range of healthcare products & services like healthcare revenue cycle management, electronic health records (EHR), provider portal, etc.
- What is Electronic Medical Billing and how does it differ from traditional paper billing?
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Electronic Medical Billing is the digital process to handle medical billing for a healthcare practice. It’s a faster, clearer, and more efficient way to handle RCM as compared to traditional paper billing.
- How can Medical Billing Services help streamline a practice’s billing process?
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Medical Billing Services automate claims and reduce errors. This frees up time for healthcare providers and helps them focus on patients.
- How does Revenue Cycle Management improve a practice’s financial health?
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Revenue Cycle Management is a process that helps a practice find their inefficiencies. It also speeds up payments, and minimizes claim denials. This all boosts a practice’s financial health.
- What steps are involved in Claim Processing for electronic medical billing?
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Claim Processing involves patient registration, coding treatments, submitting claims, and tracking payments.
- What is the importance of EHR Integration in the medical billing process?
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EHR Integration ensures accurate billing by connecting patient records directly with billing information.
- What is Denial Management in healthcare billing?
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Denial Management refers to the strategies and processes used to identify, analyze, and resolve denied claims to ensure timely payments.