Most people have no idea what software is used for medical billing. They assume it is just a way to keep track of payments and insurance claims, but there is so much more to it than that. The right software can help your practice run smoothly and efficiently, from patient registration to claims submission. Here are the most important features to look for in medical billing software.
1. Practice Management
This is the most important feature to look for in medical billing software. Medical billing software should include features that allow you to manage your office. This means being able to easily record patient visits, track payments and sort through insurance claims. You want a system with an easy registration process, so patients can sign in and complete their information without causing too much disruption to your day. Before purchasing medical billing software, you should ask what system comes standard and what additional options are available as upgrades.
2. Insurance Verification
One of the major functions of medical billing software is verifying insurance eligibility and coverage for all patients entering your practice. The best way for this process to work is by having the computer run a quick check on each patient’s insurance coverage, including the member ID number, group number, policy number, and expiration date. Then there are two possibilities-the software can either find a match within your practice’s insurance database or it finds that the patient is not covered by that company. Either way, this feature will save you valuable time by reducing manual checking of patients’ coverage.
3. Billing
After you have determined which insurance carriers each patient has through verification with medical billing software, it’s important to let the system generate an itemized list of services provided during their visit. This means exactly what needs to be billed for each particular service so nothing falls through the cracks. Make sure you choose billing software that offers pre-defined codes for common services, such as 50813 for a routine checkup. The billing feature of medical billing software may also be able to automatically generate insurance claims for patients who are paying out-of-pocket instead of using their insurance company.
4. Collections
Once you have submitted patient claims through your practice management initiatives, it’s important that they are being paid promptly. The medical billing software that reports on outstanding balances and how each claim is progressing through the process is crucial to keeping up with receivables. Look for ways to set customizable reminders so you can follow up with patients whose payments are overdue without having them slip through the cracks. Technology makes the entire collections process easier by allowing you to track down lost checks or bills sent multiple times before payment is received. This ensures you are never out of pocket for the fees you deserve.
5. Online Billing
Finally, look to medical billing software that includes online billing features. This means being able to enter claims information through your practice management system, which is then automatically sent to the carrier electronically instead of having to print and mail them by hand. These days, more and more insurance companies offer this service so it is becoming standard in the medical billing software. Some even allow patients themselves to view claims status and make payments online, which ensures all collections processes run smoothly and quickly without any hassle on the patient’s part.
The software for medical billing is designed to help physicians, clinics, and hospitals streamline their revenue cycle management. It can be a great tool for those who are just starting or looking to improve the efficiency of their office procedures. If you’re interested in learning more about how this program could work with your practice, we invite you to contact us today!