Electronic medical insurance billing is no longer optional. Doctors will not only assume you are capable of filing medical insurance claims electronically, but expect you to provide this service; if you conduct your billing service using only paper claims you will have a hard time convincing potential clients to hire you for their billing needs. In order to get the proper features, you will need to thoroughly examine the many different electronic medical billing options, training and how they factor into your choice of software and medical billing clearinghouses.
Benefits of Electronic Medical Insurance Billing Service vs Paper Claims:
- Faster Reimbursement:Electronic medical insurance billing eliminates time wasted on snail mail. Instead of the typical 45 day turnaround to receive payment, you can receive your money and an EOB (Explanation Of Benefits) in as little as 7-14 days. In addition, more insurance companies are following the lead of Medicare and trying to mandate the electronic filing of medical insurance claims. Your software company or clearing house should provide the electronic medical billing training you need to get insurance billing service started.
- Reduced Costs:You will eliminate postage, envelopes, CMS 1500 claim forms, printing and the labor expense associated with mailing your medical insurance claims.
- Increased Productivity:Push a button and your claims can be transmitted electronically directly to your Clearinghouse. No need to stuff envelopes and you won’t have to wait weeks to find out if a claim is rejected by the insurance company. By using electronic medical insurance billing software your insurance claims will not only get there faster and with fewer errors, but also will usually receive priority processing. Many sources confirm as much as a third of all paper claims are lost or rejected vs just a 2 to 3 percent rejection for claims filed electronically.
- Immediate insurance Claims Confirmation:Acknowledgment of successful electronic transmission assures you that the appropriate insurance companies received your medical claims.
- Electronic Remittance Advice:Another key benefit of electronic claims software is the electronic posting of payments. Most of the top web based billing programs give your medical biller the option to replace tasks which used to take hours posting explanation of benefits by hand, with tasks that can now be done in minutes electronically with participating insurance companies.
Looking for Medical Billing Software? Get multiple quotes and let companies compete for your business:
- Electronic Patient Statement Processing:This service can be a big time saver for your medical office staff; If your clearing house offers this service you simply upload your patient statements electronically to the clearing house who will then print the statements, fold, stuff, put them in a stamped envelope and mail them all for about same cost as your billing staff doing it themselves. A good clearinghouse will provide enough training to get you up to speed quickly.
- Patient Eligibility Verification:This is another service that your business could save time and frustration if your software and clearinghouse allow you to check patient benefits through electronic eligibility verification. Again, when you need to verify with medical insurance companies about whether or not a patient will be covered for a procedure you won’t have to do it over the phone. You can do all of your insurance verification through the computer without having to sit on hold all day. An electronic medical billing software system automates this process and could save a busy medical billing service hours each day.
The good news is that most medical billing software packages include the ability to file your claims electronically to a clearinghouse with very little additional electronic medical insurance billing training.
The bad news is that many electronic medical insurance billing software programs limit or are only compatible with a few inferior/overpriced clearinghouses. Be sure to choose a medical billing software that is compatible with a larger number of clearinghouses.
If you find yourself stuck with software which has limited electronic insurance claims submission options, consider filing some of your claims directly to the insurance carrier. In many states you are allowed to file Medicare and Medicaid claims, as well as other select insurance carriers, directly for free.
While the FREE part may sound enticing, of course there is a catch. Training might be very limited and in most cases you will need to do “double entry” since the free electronic medical insurance billing software is typically not compatible with your billing program. You will need to enter the claims info in your medical practice software so you will be able to generate your monthly reports and follow up on unpaid insurance claims. You will also need to key much of the same information into the free direct billing product.
Choosing the best electronic medical insurance billing software for your new medical billing service is an important decision that should be well researched. Be sure that your billing system has all of the features you need and also consider the many web- based billing options that are available.