Benefits of Updating your Medical Billing Software

by | Last updated May 15, 2023 | Published on Jul 12, 2013 | Medical Billing

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The use of effective medical billing software is crucial to medical practice efficiency.  Upgraded medical billing software is now available, improving competency and making it easier to bill insurance companies and patients. Upgrading medical billing software can provide medical practices with the following benefits:

  • Efficient practice management – As a healthcare establishment, processing a large number of documents and records every day can be time consuming and take away time from your core activity − patient care. Upgraded billing software is designed to manage a large volume of claims at a time, freeing up your staff for other important tasks and allowing you to focus better on patient care. Electronic filing capabilities also make it simpler to retrieve and name documents efficiently and accurately. Web-based medical billing software is also automatically upgraded, which means your staff does not have to spend time installing software, plug-ins, patches and security upgrades on your systems. More time devoted to productive tasks enhances the productivity, cuts costs, and enhances the revenue of your practice.
  • Easy data entry – With automated medical billing software, data entry is quick and easy. Codes are checked even as you type and all the patient, provider, payer and other information is applied from the system’s database. This reduces errors and simplifies the charge entry process.
  • Automatic eligibility updates and claim filing –  New billing software is also designed to automatically update changes in the patient’s insurance eligibility. Upgraded medical billing software reveals important and recent information such as general service requirements or overall patient coverage. New software comes with electronic claim filing and editing tools, and can automatically distribute claims to insurance carriers on a regular and daily basis. This minimizes errors and optimizes your reimbursements.
  • Compliance with the latest industry rules and regulations – The Health Insurance Portability and Accountability Act (HIPAA) has changed rules and regulations related to safety and security of confidential records. By updating your medical billing software, you can ensure that your practice complies with the latest HIPAA rules. The regular updating of medical billing records will ensure that your medical practice stays current to avoid facing lawsuits because of non-compliance.
  • Easy coding –  Only the right medical billing codes can ensure reimbursement. Advanced billing software comes updated with latest CPT, ICD and HSPCS codes to help billing staff find the relevant medical codes easily and avoid claim denials.
  • Enhanced forecasting and tracking capabilities –  New software can provide you with user-friendly graphs, charts and reports which simply forecasting, auditing and optimization. Just a few clicks can help you track and manage your billing and collections data from any computer with an internet connection.
  • Interface with pharmacy – Updated billing software with latest features includes pharmacy interface, using Electronic Data Interchange (EDI) systems to send orders to the pharmacy. The software may also include a comprehensive drug database, real time inventory control, patient history, prescriber and prescription tracking, receipt printing facility, and much more.

There is no doubt that updating your medical billing software ensures that your medical practice evolves with patient needs. Nevertheless, the easiest way to benefit from the latest billing practices is to outsource your medical billing and coding tasks to a reliable medical billing company. With a competent team of medical billing specialists and the latest in billing software, an established company can provide you with solutions to easily enhance the bottom line of your practice.

Julie Clements

Julie Clements, OSI’s Vice President of Operations, brings a diverse background in healthcare staffing and a robust six-year tenure as the Director of Sales and Marketing at a prestigious 4-star resort.

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