Medical billing software is the vehicle your healthcare practice brings revenue to the bank. Every aspect of the revenue cycle is touched through the EHR, electronic health records, or software. Reducing the need for billing staff dollars, showcasing the most valuable codes being billed, and finding shortfalls within the practice all come from the billing software. To reduce errors, expand profitability, and drive the practice forward, medical billing software must address the practice’s current and future needs.
The Importance of Medical Billing Software
Medical billing software is one of the medical practice’s most utilized and pricey essentials. Minimizing the need for paper and time-consuming manual work, the software provides time-saving tools for more precise billing. Unfortunately, errors have held up revenue for years. However, once educated, the billing staff can embrace their medical billing software and drop error rates dramatically.
As administrators have many questions, needs, and number-based decision-making opportunities, accounting is at your fingertips. Maintaining regulatory integrity is mandatory, and federal laws protect the privacy of patients with ease through medical billing software. In addition, patient satisfaction is enhanced by implementing ease in medical billing, paying bills, and ensuring insurance information is correct at every visit.
Medical documentation by the providers, backend operations, and excellent communications with the electronic clearinghouse makes the software well worth its price. First, ensure you know what you need and what to look for in features. Then, be sure to research and find software with support that does not cost you an arm and a leg.
Seven Must-Haves in Your Medical Billing Software
User-Friendliness
Ease of use and minimal education are crucial considerations for medical billing software. Reception staff, providers, and billing departments must be able to navigate the software. Wasted time is wasted. Patients who can pay bills online and check their test results and appointment notes must find the navigation simple.
Pre-Registration and Scheduling Capabilities
The revenue cycle begins with pre-registration, and your medical billing software needs to be efficient and easily navigated by registration personnel. The patient’s demographic information is received and entered with smooth workflows, and insurance info is checked for eligibility. When the software is user-friendly, patient satisfaction scores are consistently increased.
Scheduling personnel need access to valuable information registration has entered into the software. Medical billing software touches on each aspect of the patient experience. Therefore, the software must be multi-faceted and consider monitoring patient no-shows, collections balances, and other vital components of the revenue cycle. Scheduling is the determining factor in revenue flow.
Reporting Capabilities
Do the ready-made and available reports within the medical billing software meet your needs? Do you have to pay more money to build specific reports? Reports are essentials, not a luxury. Daily, weekly, monthly, and yearly accounting reports must be accessible at any time. Reports need to encapsulate information regarding revenue, coding practices, insurance benefits, patient demographics, and more. Be sure to understand what report capabilities your practice needs to run smoothly.
Medical Claims Management and Clearinghouse Capabilities
Working in harmony with the healthcare clearinghouse, medical billing software reduces the time for the claim processing. It has to interface with the healthcare clearinghouse without hesitation. If they don’t jibe, time is wasted, and revenue can be delayed. As the clearinghouse receives and scrubs claims, the medical billing software is preparing more to send. Payment information is also exchanged between these two facilitators.
Medical Claim Rejections and Denials
Whether the rejections are through the insurance company or the clearinghouse, cleaning up errors immediately will reduce the time claims process. Records of denials and reasoning for both rejections and denials will help to maintain correct claim information in the future. Insurance demands change regularly, and the clearinghouse will keep up with those changes. Your software should remember these changes once identified.
Security and Encryption
Private patient information and medical records are protected by HIPAA and federal regulations. Therefore, this data must be protected.
Medical practices have a legal and ethical obligation to their patients to be sure their most personal information is secure. So ask plenty of questions about this crucial factor. For example, how are passwords changed, monitored, and supported?
Features, Add-ons, and Support
Future needs are always a consideration for any practice. For example, will your software grow with the practice? Will the software be updated to meet the growth in medical technology? Essential considerations are also the price of support. For example, how many training hours will support give for no cost? If the volume of the practice grows, will the software be able to keep up? Consider collections, patient statements, reminders, and mobile access options before making a final decision.
Find Help in Choosing Your Medical Billing Software in Florida
When your practice is ready to determine what new billing software you will purchase, we can help. Contact Bloom Consulting in Florida and allow our professional healthcare consultants to guide you through the process and share their insights. You may not be aware of available options today, so call us and spend some time exploring what we can offer. Medical billing software is an investment for your future, so contact us today.
