If your medical billing software isn’t up to date, it may make the whole process more of a headache than it needs to be. New software makes billing to both insurance companies and customers more efficient and easier to organize, not to mention more convenient for your patients.
Updating your medical billing software not only allows you to evolve with your patients, but keeps you updated on new insurance eligibility requirements and revised regulations on billing practices.
Updates in eligibility
When a patient's insurance eligibility changes, the information is not updated into the system automatically. By updating your medical software, the system will always reflect the most recent and important information such as overall patient coverage or general requirements for services.
- New software includes electronic claim filing and editing, and automatically distributes CMS- 1500 or UB/04 claims to intended insurance companies on a daily basis. This can make processing claims easier on your practice by helping eliminate errors and optimize the amount paid by insurance companies to your business.
New information and regulations
The Health Insurance Portability and Accountability Act (HIPAA), passed to ensure the security and safety of confidential records, changed the rules and regulations applicable to healthcare providers.
By updating your medical billing software, you can be sure that your practice complies with all new acts and regulations, all the while making your records more secure. Updating medical billing records regularly will help to ensure that your practice is current, and could help you to avoid possible lawsuits as a result of out-of-date information on regulations. This may not seem like a concern for your small practice, but is important to be wary of:
- Healthcare fraud is a federal crime that can result in penalties and jail time. According to a 2011 study published in the New England Journal of Medicine, 7.4 percent of doctors were subject to malpractice claims annually -- though it is likely that some of these claims were fraudulent. Regardless, many fraudulent claims are based upon unethical decisions, some of which may be a result of negligence.
Manage more efficiently
Your office likely processes a large amount of paper and records a day, which can not only be time-consuming but take away from quick and efficient patient care. New software can manage large amounts of claims at a time so that employees are not burdened with the task themselves. Electronic filing also makes it easier to retrieve and label documents clearly and efficiently.
Updating your medical billing software will keep your practice evolving with patient needs, an important aspect of today’s business world. And, with a simpler billing process and updated patient information, you can be sure your patients, employees and business as a whole will work more efficiently and effectively.
Kate Webster writes for lead generation resource, ResourceNation.com. She focuses on a variety of topics including medical software. You can follow Resource Nation on Facebook and Twitter.