What is Medical Billing – an Interactive, Important Procedure
Medical billing is fundamentally an interactive procedure happening between medical practitioners, registered medical institutions or healthcare providers, and legal insurance companies. It incorporates the giving and follow-up of medical claims that have been made from the medical entity to the insurance company so as to get payment (monetary compensation).
The process of medical billing has existed for a number of decades. For most of that time, it was hugely unorganized and unregularized, and was completely performed on paper. Owing to the huge amount of paperwork and the great quantity of medical claims to be handled daily, the medical billing process came to be tedious, time consuming, and lengthy.
Basic Requirements from Medical Billing Software
Medical billing softwareused for medical billing applications should necessarily offer the following usual features:
- Completely customizable ledger screens.
- One platform for charges, adjustments, and payments.
- Proficient processes for follow-up.
- HIPAA compliant and superior backup management and data security.
- Web-enabled capability.
- Full control over transaction.
- Streamlined payment posting.
- The capability to transmit claims, and post payments and charges on a regular basis.
- Easy, fast access to demographic and financial details of individual patients.