Post Covid-19 pandemic, the scenario for the healthcare facilities and private practices changed drastically, and they are struggling to maintain their financial viability. The overall administrative expenses for American medical practices, government health agencies, and insurers account for nearly $360 billion annually. And functions related to billing are a large part of the expenses. And the solution is, guess what? Electronic billing solution
Talking about medical billing, electronic medical billing is getting adopted by hospitals, healthcare facilities, and medical offices on a large scale. Even third-party medical billing services and companies are opting for digital and electronic medical billing services on behalf of the providers. It not only pace up the process of the revenue cycle but also increases patient payments and clinic revenue, reduces administrative costs, and drives results in patient satisfaction.
So, What is Electronic Medical Billing?
Electronic medical billing is a swift process of submitting a bill or claim electronically by a healthcare provider or third-party medical billing company for reimbursement.
The healthcare provider assigns diagnosis and treatment procedure codes to the interaction once the patient visit is completed. These billing codes are specified to help insurance companies to evaluate and assess the claim and any coverage associated. Claims and bills are submitted via an electronic ANSI 837 file, a specified format to meet HIPAA requirements to insurance companies. The Health Insurance Portability and Accountability Act of 1996 has some requirements for the healthcare claim information electronic submission and billing systems for healthcare.
Adjusters review submitted medical claims and are reimbursed if approved, all based on recognized percentages for each medical procedure. The claims denied are returned to healthcare facilities and practitioners for further clarification and information.
The benefits of electronic billing are listed below:
Hassle-Free And Paperless Management
Electronic billing systems are an initiative towards a paperless concept that lets you eliminate the need to manage massive data in the form of hard copies and files.
The patients’ data is linked up automatically with the billing system when recorded in EMR. It eradicates redundancy and disseminates information quickly to the required EMR modules.
Real-Time Eligibility Check
Electronic billing since linked with EMR; it allows doctors, practitioners, and other healthcare providers to check the patient’s insurance eligibility instantly. This helps in providing valid insurance information proof.
A wide range of reporting charts can be accessed by hospital managers and link up the billing consequently to their existing accounting systems.
Electronic Medical Billing is comparatively more cost-effective than paper-based billing. Submitting electronic claims require less staff and space, and it is too hectic to manage paper-based medical data.
Focus on Patients
Electronic medical billing lets providers focus on their patients and what they actually should. The medical data is available efficiently with point-and-click technology to the providers, so it is easy to use.
It allows patient medical and personal data to be customizable, including medical history, diagnosis location, insurance policy information, and other essential patient data and information.
Electronic Medical Billing is really a time saver for medical professionals. It spares them a lot of time to be up-to-date with changing laws, rules, and regulations of the medical field, patients’ insurance, etc.
Electronic medical billing is really helpful in cost reduction, saving time for doctors and providers, and improving the overall patient experience for their satisfaction. However, many healthcare facilities and institutes have been sluggish in adopting digital billing, and these organizations are putting themselves at risk. GreenSense Billing is among the best electronic medical billing companies empowering healthcare organizations to embrace electronic medical billing to let them have competitive advantages. And it is indeed crucial during these difficult economic times, especially. Feel free to contact us for further details.