August 4, 2023
Today’s technology-driven era inculcates what can be the epitome of digital efficiency in all commercial industries, specifically healthcare. Both public and private sector healthcare institutions agree that technology has provided an outlet to formulate innovative and profitable strategies in healthcare.
Therefore, as opposed to other technologies, the question of whether a healthcare practice or institution requires medical billing is long gone. Technologies like medical billing are a necessity for every single or multiple specialty practice today.
Medical billing solutions help eliminate inefficiencies in practice financial workflows and remove roadblocks to create seamless profitability. In order to fully understand the scope and function of medical billing technology, let's discuss its purpose.
Medical billing technology in healthcare functions around the generation of successful and accurate medical claims for patients and practices. This ensures prompt and successful reimbursements for practices by insurance companies.
Medical billing software is packed with features that ensure physicians are no longer stressed with the tedious claim filing, submitting, and reviewing processes by allowing medical billing software to handle these tasks efficiently.
Although there are several options available on the market, it is important to research the best options. TalkEHR’s medical billing software provides a wide array of features for medical practices to streamline their financial operations.
The following are some of the benefits of integrating TalkEHR’s medical billing:
TalkEHR’s medical billing software acts as a mediator between the practice and the insurance company. Therefore, whether it is checking claim status or reaching out to insurance companies for unanswered claims, this technology handles it all.
Physicians, therefore, no longer need to hire a large medical billing team to tackle multiple financial tasks. A single technology focused on producing profitability can handle a myriad of tasks, reducing administrative overheads for the practice.
According to statistics, almost 30% of all claims filed are either denied, lost, or ignored. Additionally, out of all denied claims, 65% are never reworked. Therefore, integrating a medical billing solution helps multiple revenue streams by ensuring claims that go unanswered or are denied are reevaluated for errors and filed again.
While this is a time-consuming process, medical billing technology ensures this function is performed efficiently and effectively. Therefore, the practice receives timely reimbursements as a result of the technology’s integration.
TalkEHR’s medical billing performs the same function by evaluating errors in claims prior to submission and ensuring all patient information entered is accurate and complete.
Medical billing technologies, like TalkEHR, can assist physicians by ensuring front desk time is reduced. This can be done when robust technologies can evaluate a patient’s insurance status as well as the procedures that are likely to be covered by the patient’s insurance company once these details have been entered into the technology’s system.
This helps eliminate the possibility of future misunderstandings, as physicians can discuss treatment options according to the insurance coverage information. Additionally, patients can be informed before the treatment whether the procedure is covered by their insurance or whether they would prefer a co-payment plan.
Such processes, when streamlined, can ensure transparency on both the patient's and professional's ends and ensure payments are hassle-free.
Sources claim that physicians spend 49.2% of their time doing paperwork; this, along with other practice operations, includes filing medical claims for patients.
With the help of a powerful medical billing technology, such as that offered by TalkEHR, physicians can save countless hours during the week filing and submitting claims and instead utilize their time treating patients.
As with most powerful technologies, medical billing software contains a robust, secure framework that can save large amounts of data without the risk of security breaches.
This is of specific importance when it comes to medical billing. Patient financial information is valuable and confidential information that, if lost, can cost the practice millions.
Therefore, ensuring security is supremely important with Medical Billing technologies. TalkEHR’s medical billing ensures information is accessible to only a few authorized personnel of the practice.
Additionally, this access to information saves time for repeat patients at the practice, reducing front desk time substantially since information is already present in the medical billing system.
Medical billing technology is undoubtedly a Godsend when it comes to healthcare finances. Therefore, leveraging a powerful technology like TalkEHR Medical Billing is a great step towards productivity and profitability for the healthcare practice.
Finally, it is imperative to remember that although several options for medical billing technologies exist today, there is no ‘one-size-fits-all’ technology. Therefore, ensuring you choose the best technology with regard to the needs of your practice is of utmost importance.