5 Reasons Medical Billing Solutions Are More Critical Now Than Ever Before
Medical billing solutions like outsourcing and software are more popular now than ever before, and for good reason. Shifts in healthcare, insurance, and compliance have made billing more confusing and increased the demands for speedy and accurate information. Implementing software or outsourcing billing can help to keep practices competitive and prevent costly errors and penalties.
Changes in Patient Demands
Patients are better educated now than at any point in the past and expect to have more information at their fingertips. Medical billing software can help to update patient records faster than manual in-house billing. Patients may also have an easier time understanding medical billing when it comes from software or an outsourcing company.
Regulations and Compliance
Medical offices and hospitals are under pressure to comply with a whole set of regulations that is being altered and updated on a continual basis. The rapid shifts in compliance requirements can be difficult for an in-house billing team to keep up with.
When billing is outsourced, the billers and coders are experts. When billing software is used, the software automatically updates and both takes care of changes and educates staff.
ICD-10 Coding Switch
The ICD-10 coding switch was completed towards the end of 2015, but contained an overwhelming amount of information for many in-house billing and coding departments. Switching to outsourced billing or software may now save more time than before, which can be good for the bottom line.
Using these options can also help to prevent errors that may cost the office money, frustrate patients, or result in compliance issues.
Increased Patient Volume
With more patients having health insurance than ever before and a greater population of seniors than at any point in the country’s history, many practice offices have experienced an influx of traffic. Implementing medical billing software or outsourcing the service can help offices to deal with increased volume and spend more time on customer service. This could contribute to growth and expansion.
May Improve the Future of Care
Medical billing and accurate coding using the new ICD-10 codes make it possible for statistics bureaus and the Centers for Disease Control and Prevention to obtain more accurate statistics and data regarding medical health than disparate records. By being able to glean information about different health conditions, treatments, and outcomes using codes, it may be possible to extrapolate information that could assist with research and education.
If you are considering obtaining software or outsourcing your medical billing needs, call 1-888-783-7818 today.