What is Medical Billing?
Providing healthcare services requires providers to obtain compensation for the work they do in evaluating, treating and following up with patients. If you’ve been focusing your attention more on the healthcare side of your practice, rather than the business side. Now would be the time for you to familiarize yourself with medical billing. It will give you a better understanding of how the system of payments fits into the art of medicine.
Simply put medical billing, is the process that practitioners use to create and submit invoices in order to receive payment for their services. In the past medical practices and organizations took care of billing by using antiquated paper systems. Now, these transactions can be taken care of through electronic solutions. Billing services and software help to automate these processes to speed up the cash flow in your business.
Medical Billing vs. Medical Coding
You should know that medical billing and medical coding are not the same things. While medical billing is the process of submitting an invoice for payment, medical coding is the process that serves to support the billing efforts.
In order for a medical aid to process and pay a claim, you need to ensure that you have the correct medical coding on the invoice. This includes the diagnosis code (ICD-10) and the procedure or tariff code. These codes are used to inform the scheme of why the patient was seen and what treatment was done during the appointment. Claims will not be paid if the invoice does not have the correct codes on it.
Good medical billing services or software include the codes and processes as there are so many to keep track of.
What is Medical Billing Sofware?
A recent report from the Huffington Post, states that medical billing serves as a bridge between a healthcare provider, the patient and the patient’s medical aid. Using software instead of trying to manage most or all of the details by hand with paper documents drastically speeds up the billing process.
Medical billing software is designed to assist with all aspects of your patient management and billing. When it comes to record-keeping software helps you track the details of each claim that has yet to be paid. Speaking of payments, the software should also include the ability to process payment reminders to assist with overdue accounts. Having the ability to verify patient information before claims submissions also reduces billing or payment delays due to rejected claims.
If you are doing your billing yourself with medical billing software, here are some tips to help boost your efficiency.
- Make the billing terms clear inside your office, perhaps a notice on the wall in reception.
- Make the payment methods accepted at the practice visible to your clients.
- Verify patient information to avoid billing delays due to inaccurate details.
- Ensure that your software allows for direct medical claim submissions (EDI).
- Incorporate appointment scheduling software with your billing software.
Medical billing software helps to ensure a smoother, more professional experience for your patients.
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