Medical billing software increases productivity in medical facilities by saving time, resources and enabling efficient patient management. They assist in improving the quality of life for patients and efficiency for hospital staff. This software confer the ability to submit medical insurance claims electronically, send installments, process claims among others. Access to patient’s records is made easier with the use of medical billing software. This makes work easier for the doctors and other medical staff in the hospital.
In today’s healthcare setting, billing software is a necessity for increased efficiency, access to patient information, increase productivity and offer faster turnaround times for processing insurance claims.
The medical billing software has eliminated the need for massive storage space for patient data besides improving patient care. They are expensive investments that are worth the cost. The market is loaded with many billing, but these are the key features that you should look at when selecting the best hospital billing software in 2018.
• Electronic claim submission and verification
An excellent hospital billing system should bear features that allow you to apply the right charges, taxes, and discounts. Besides, it should allow you to generate insurance claims and sent them electronically to the relevant authorities.
Processing and verification of reimbursements and claims should be possible with your choice billing software. The software must also enable you to convert mega bills into claims avoiding double date entry. It should have analytical capabilities to detect red flags in the case of rejected claims.
Patient data is sensitive and should only be available to authorized persons. Careless handling of patient information can land a medical facility into long legal battles and hefty penalties. Any Hospital must take caution to implement a secure billing system. A secure medical billing system must be HIPAA compliant.
• Records and document management
The software must have a document management feature. This allows for organized and accurate storage patient information.
An effective document management system is vital to avoid mix up of patient data, easy access and retrieval of patient data and processing of claims.
Though the billing systems must be secure and foolproof, they must be easily adaptable to users. Most issues raised in regards to this software mostly relate to hardware like maintenance of serves and not the software. But as you select your perfect billing system, ensure it is user-friendly.
• Web-based vs. on premise
Web-based billing systems have become more popular due to greater access, low maintenance costs, and expertise. Any medical facility that has internet access should go for a web-based billing system. Currently, more than 50% of sales for hospital billing systems are web-based systems.
Excellent medical billing software must provide a feature for scheduling appointments between patients and doctors. The latest technology allows for automated reminders send to patients via text, email or phone. This is an essential feature that will reduce time wastage and improve patient care and management.
• Generation of reports
The software must provide for the generation of different types of reports that are necessary for management of the facility as well as the patients.
• Standalone vs. Integrated systems
Most buyers lean toward integrated hospital billing systems though some prefer stand-alone systems. Integrated billing systems are more preferred because they offer three in one feature of electronic medical records (EMR), integrated billing and scheduling.
• Transparency and tracking of payments
An efficient billing system for a medical facility must allow for transparent tracking of payments electronically. It must allow users to make the necessary communications when processing claims, as well as affecting any waivers and adjustments. It should also support different ways of making payments for health services that are secure and efficient.
Besides, your vendor must provide the necessary support and back-up when needed. Though a hospital billing system is an essential tool for patient management and increasing efficiency in medical set up, it must bear all the necessary features that will enable you to tap its full benefits.